Worker's Compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
A business owner policy packages all required coverage a business owner would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
Cyber Liability is a must these days. We have all heard about the huge corporations that have been hacked! Small to medium size companies are hacked everyday and are too small to make headlines. If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Cyber Liability / Data Breach policy will provide protection against the loss.
Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products / services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
D&O coverage protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
WHAT IS IT?
Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.
BREAK IT DOWN FOR ME
It is especially important for small & medium size business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker. That's Pacific Insurance Agency!
HOW DO I GET COVERED?
This is where we come in! We have access to all of the top insurance carriers across the United States. Whether your situation fits the most ideal risks or you have been turned down, we can help. Whatever your situation is, our knowledgeable agents can find the solution.
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