Business Owners & Commercial Insurance
Business Owners Insurance: It's Not How Much it Costs but How Well You're Covered
As a business owner, you need the same kinds of insurance coverage for the car you use in your business as you do for a car used for personal travel:
If you are like many business owners, you use the same vehicle for both business and pleasure. Here is what you need to know: if your business owns the vehicle, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or someone files a claim against you.
- Liability insurance coverage
- Medical payments and personal injury protection
- And coverage for uninsured motorists
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. As thorough independent agents, we will ask you many details about how you use vehicles in your business, the people who will be driving them, and whether employees are likely to be driving their own cars for your business.
While the major coverage policies are the same, your business auto policy differs from your personal auto policy in many technical respects. Ask your Union Colony Insurance agent to explain all the differences and options.
Get general liability insurance for your small business
Unfortunately, for small business owners, the chances of someone suing you have dramatically increased in the last decade1. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business comes under fire for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.
We work with programs that extend far beyond the provisions of typical policies, with broadened coverage and increased limits that serve you and your small business best.
The Broad Range of General Liability to Protect Your Business:
Learn the details of workers compensation and get your insurance quote
- Bodily Injury plans help with the cost of care, the loss of services, and the restitution for any death that results from injury at your business.
- Property Damage covers physical damage to property of others or the loss of use of that property on your business premises.
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policies limit) if an injury ever resulted from something your work place made or service your company provided.
- Products Liability is a more specialized liability insurance that protects your company against lawsuits from product-related injury or accidents.
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts for your professional ventures.
- Other coverage plans you can include: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types.
Workers Compensation laws require you to provide employees injured on the job fixed monetary benefits, and policies help businesses pay these benefits. As a protection for employees, most states (including Colorado) require that you, the employer, carry some form of Workers Compensation Insurance. Even in non-mandatory states, Workers Compensation Insurance is a good idea if you have many employees or if they are engaged in hazardous activities.
This eliminates the need for litigation and creates an easier process for you and your employee. Workers Compensation Insurance also helps control the financial risks for you, the employer, since many states limit the amount an injured employee can recover from you.
To note, Workers Compensation Insurance is not health insurance for your employees, but rather designed specifically for injuries sustained at your business on the job.
Do you need workers compensation insurance? Most likely yes!
You must purchase your Workers Compensation Insurance as a separate policy with your business insurance. Although in-home business and Business Owners Policies are package policies in other areas, they do not include coverage for your workers' injuries.
1 - Source : Fulbright & Jaworski LLP 2012 Litigation Trends Survey
- You as a professional have a legal responsibility to their employees to make the workplace safe.
- Accidents can happen even when you and your workers have taken every reasonable safety measure.
- Workers Compensation Insurance covers workers injured on the job, whether they are hurt on your workplace premises or elsewhere, in auto accidents while on business, and covering workplace illnesses.
- These insurance policies provide payments to injured workers with no regard to who was at fault in the accident, for time lost from work, and for medical or rehabilitation services for your company.
- Workers Compensation can also provide death benefits to surviving spouses and dependents of your employees should the worst occur.