Auto Insurance for Business
A business owner needs the same kinds of insurance coverages for the car used in your business as for a car used for personal travel; liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured/underinsured motorists. Many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, be certain the name of the business appears on the policy as the "principal insured" rather than your personal name. This will avoid confusion if you need to file a claim or a claim is filed against you.
Whether you need to buy a business or personal auto insurance policy will depend on the kind of driving you do. The agents at Hecht & Hecht will ask details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. We will explain all the differences and options.
General Liability Insurance for Business
General liability insurance pays losses arising from real or alleged bodily/personal injury and property damage at your business location or resulting from your operations.
A personal umbrella liability policy generally excludes business-related liability. Make sure you have sufficient auto liability (personal or commercial) coverage. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
Broad Range of Business Insurance and General Liability Protection
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury.
- Property Damage coverage for the physical damage to property of others or the loss of use of that property.
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized products 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.
- Other coverage includes: 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 for Business
Workers compensation laws were created to ensure that employees who are injured on the job are compensated. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer. Workers Compensation Insurance is designed to help employers pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities. The agents at Hecht and Hecht will be pleased to help you understand this insurance.
Do I need workers compensation insurance for my business?
Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken. To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents, in almost every state, businesses are required to buy workers compensation insurance. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses. Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
Workers compensation insurance is a separate policy. Although BOPs (home business and business owners policies) are package policies, they do not include coverage for workers' injuries.