About Commercial Insurance

What is business or commercial insurance? It includes:

Business Owner's Policy (BOP) - multi-peril policies for small-business owners that combine property and liability coverage in one policy
General Liability - protect against the cost of a lawsuit and possible judgment.
Property - protects businesses, farms and ranches against damage to their buildings and contents.
Garage Liability/Dealers Blanket Protection - liability and physical damage for dealerships, used car operations, repair shops, body shops and service stations.
Flood - for your buildings and business property
Workers' Compensation - To meet state statutory requirements
Professional Liability / Errors & Omissions (E&O) - available for the professional liability exposures of druggists, veterinarians, funeral directors, optometrists and other professionals
Directors & Officers (D&O) - offers protection from personal liability and financial loss arising out of wrongful acts committed or allegedly committed
Fleet Automobile - for most commercial vehicles used for business purposes.
Inland Marine - available for both usual and unusual business exposures
Umbrella (Supplemental Liability) - broad limits of liability ($1 million and up) to cover your business liability exposure in excess of your primary policy limits
Business Interruption - reimburses the policyholder for business income lost when a covered cause of loss damages or destroys a building or its contents.
Key Person Life - life insurance that a business carries on its valued and skilled employees to partially indemnify the business for the loss
Travel

How Commercial Insurance Rates are Determined?

Insurance companies evaluate potential policyholders in terms of the risk of loss that they pose. Businesses that appear to be relatively high risks generally will pay more for insurance coverage, and may have trouble obtaining coverage from some companies. Businesses that appear to be relatively low risks generally will pay less for insurance coverage and find it easier to obtain.

Saving Money on Business Insurance

Eliminate obvious fire risks
Ask your agent if you qualify for any discounts.
Examine your business carefully for any factor that could contribute to insurance claims
Use proper employee safety equipment and procedures
Improve security and inventory management to reduce the risk of theft
Change the building layout to shield customers or visitors from dangerous equipment(and your business from costly lawsuits).
Consult with a loss control expert to identify potential risks within your business and eliminate them.