If you own a business, that business likely needs to be covered by two types of commercial insurance. Not all small businesses need these coverage types, but it's vital that you have them if they are required for your business. If you need commercial insurance for your business, call us at Smoller Insurance Agency in Newton, MA to find out more.
Commercial Insurance for Vehicles
A vehicle that is owned by a business has to have a commercial auto policy on it. This coverage comes with a number of required coverage minimums. These include a set minimum for the amount of liability coverage for bodily injury for one person who is injured. There is another minimum amount required that is for all the people injured. The policy must also contain a specified minimum for property damage liability. In addition, many states require a set minimum amount of uninsured motorist coverage for one person injured and another amount is required to cover everyone injured in an accident. The state may also require a small amount of coverage for personal injury protection.
Get Your Commercial Insurance
If your business doesn't have the commercial insurance it needs, call us right away at Smoller Insurance Agency in Newton, MA.
Commercial General Liability
If you were to be liable for property damage or injury caused by your services, business operations, or employees, a commercial general liability policy would cover your legal fees and the cost of damages up to your policy limits. This may be one of the most important commercial policies, considering both the extreme negative impact of and the frequency of lawsuits.
A commercial general liability policy with Smoller Insurance Agency will keep you from worrying about those “what-ifs”.
Commercial General Liability Coverages
This policy has three major areas of coverage:
- Bodily Injury and Property Damage Liability Protects your business against losses from bodily injury (physical or emotional) or property damage arising out of non-professional negligent acts or for liability arising out of the premises of business operations.
- Personal and Advertising Injury Essentially protects your business’s “name” from offenses such as libel, slander, and malicious prosecution, to name a few.
- Medical Payments Covers payments for injuries sustained by non-employees that occurred on your business’s property or by your operations.
Depending on your type of business, there are additional liability coverages you can add on.
We know this information may at first be overwhelming. Be assured that the Smoller Insurance Agency team is dedicated to making your commercial insurance experience both comprehensive and comprehensible. That way, you can focus on what matters -- your business!
Commercial Professional Liability
Also known as errors and omission liability (E&O), commercial professional liability offers your business extra protection from claims that general commercial liability does not cover. These include negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice.
Claims-made vs. Occurrence
There are two types of professional liability policies to choose from: claims-made and occurrence. Claims-made policies guarantee you coverage from claims that are filed during the period of your policy. Occurrence policies, on the other hand, will cover claims that took place during the period of the policy even if the claim is made after the policy ends. If you anticipate shifting career paths or retiring soon, this may be a good option.
Do I need commercial professional liability insurance?
Businesses that offer clientele service or counsel are the prime candidates for a commercial professional liability policy. If a client could suffer a loss and attribute it to what your business did for or advised to them, this policy will help protect you.
The Smoller Insurance Agency team will help determine if your business needs commercial professional liability insurance and what kind of policy would work best for you.
Of course, situations may arise where the limits of your other commercial policies may not give you enough protection. That is where commercial umbrella insurance comes in.
Commercial Umbrella Coverage
After you have exceeded the limit on any of your commercial policies, your commercial umbrella policy kicks in and offers you additional coverage. Like a personal umbrella policy, this policy functions like a real umbrella -- the same way an umbrella gives you extra protection from rain, an umbrella policy gives you extra protection from losses.
Commercial umbrella policies can be written very specifically to address all your needs, so it is crucial to work with a detailed agent that understands your business and its risks thoroughly. Smoller Insurance Agency prioritizes building connections with our clients so we can provide you a policy that is perfectly suited to your needs and budget.
The last thing you want to worry about in an emergency situation is money. With a commercial umbrella insurance from Smoller Insurance Agency, all you have to worry about in an emergency is contacting us.