If you own a business that relies on motor vehicles in order to operate the business, your vehicles should be titled in the business name and covered on a business auto policy. Every vehicle on the road must be covered for the minimum state-required coverage. Liability is compulsory for the majority of states. Federal law requires businesses that move goods or individuals across state lines have certain limits of liability insurance in place to operate.
You may need commercial auto insurance for vehicles:
⇒ Used for business.
⇒ Carry a commercial license plate or tag.
⇒ Over 10,000 pounds gross vehicle weight (GVW)
⇒ Box Trucks
⇒ Carrying passengers for a fee
⇒ Tow trucks
If your business and its personnel frequently use vehicles for business-related tasks, you should consider getting commercial auto coverage. These tasks could be:
⇒ Delivering goods
⇒ Going on sales calls
⇒ Taking packages to a shipper
⇒ Transporting equipment to job sites
Perform services like tree trimming using vehicle-mounted equipment
You may need specialized coverage if you utilize a vehicle for certain activities, such as:
⇒ Acting as a chauffeur, taxi or limo service
⇒ Transporting flammable or hazardous materials
⇒ Carrying equipment
⇒ Towing vehicles
⇒ Trucking and moving freight
⇒ Moving household or office goods
If you own a business that relies on motor vehicles in order to operate the business, your vehicles should be titled in the business name and covered on a business auto policy. Every vehicle on the road must be covered for the minimum state-required coverage. Liability is compulsory for the majority of states. Federal law requires businesses that move goods or individuals across state lines have certain limits of liability insurance in place to operate.
You may need commercial auto insurance for vehicles:
⇒ Used for business.
⇒ Carry a commercial license plate or tag.
⇒ Over 10,000 pounds gross vehicle weight (GVW)
⇒ Box Trucks
⇒ Carrying passengers for a fee
⇒ Tow trucks
If your business and its personnel frequently use vehicles for business-related tasks, you should consider getting commercial auto coverage. These tasks could be:
⇒ Delivering goods
⇒ Going on sales calls
⇒ Taking packages to a shipper
⇒ Transporting equipment to job sites
Perform services like tree trimming using vehicle-mounted equipment
You may need specialized coverage if you utilize a vehicle for certain activities, such as:
⇒ Acting as a chauffeur, taxi or limo service
⇒ Transporting flammable or hazardous materials
⇒ Carrying equipment
⇒ Towing vehicles
⇒ Trucking and moving freight
⇒ Moving household or office goods
Worker’s Compensation Insurance pays for all state mandated benefits, including medical expenses, a percentage of lost wages, replacement services for daily self- care, and even household chores if the employee is unable to provide for themselves. Most states include Employers Liability coverage in the Workers Compensation policy. Employers' liability protects the employer from lawsuits claiming an employee’s injury occurred due to the negligence of the employer.
Worker’s Compensation Insurance pays for all state mandated benefits, including medical expenses, a percentage of lost wages, replacement services for daily self- care, and even household chores if the employee is unable to provide for themselves. Most states include Employers Liability coverage in the Workers Compensation policy. Employers' liability protects the employer from lawsuits claiming an employee’s injury occurred due to the negligence of the employer.
1. Trucking firm’s employee hits an icy spot on the interstate and slides into a vehicle which then hits the vehicle in front of them and so on. Multi-vehicle pile-up, many people injured and vehicles damaged. The trucker's liability limit of $1,000,000 is exhausted quickly, luckily this trucking firm had a $25,000,000 Umbrella.
2. Manufacturer's rechargeable battery component, in the laptop computers they build, is defective. The batteries can cause the laptops to catch on fire. One client’s computer caught on fire in the middle of the night, burning down his house and injuring his family. The manufacturer’s product liability in the primary general liability of $1,000,000 was not enough to pay the jury awarded a judgement of $5,000,000 to the family. The manufacturer had also purchased a $10,000,000 umbrella which paid the additional amount of judgment.
3. A demolition contractor takes a job to renovate an older building that has asbestos present. He sends his crew to start tearing out walls & fixtures, without providing any type of personal protective equipment as he also is unaware of the asbestos. The employees later get very ill, with breathing issues, pulmonary distress, and the beginning manifestation of lung cancer all caused by the exposure to asbestos. The employees sue the employer for gross negligence and win. The $1,000,000 employer liability limit included on the worker's compensation policy is not enough to pay the awarded damages. An Umbrella policy would contribute to pay the rest of the damages in this type of situation.
1. Trucking firm’s employee hits an icy spot on the interstate and slides into a vehicle which then hits the vehicle in front of them and so on. Multi-vehicle pile-up, many people injured and vehicles damaged. The trucker's liability limit of $1,000,000 is exhausted quickly, luckily this trucking firm had a $25,000,000 Umbrella.
2. Manufacturer's rechargeable battery component, in the laptop computers they build, is defective. The batteries can cause the laptops to catch on fire. One client’s computer caught on fire in the middle of the night, burning down his house and injuring his family. The manufacturer’s product liability in the primary general liability of $1,000,000 was not enough to pay the jury awarded a judgement of $5,000,000 to the family. The manufacturer had also purchased a $10,000,000 umbrella which paid the additional amount of judgment.
3. A demolition contractor takes a job to renovate an older building that has asbestos present. He sends his crew to start tearing out walls & fixtures, without providing any type of personal protective equipment as he also is unaware of the asbestos. The employees later get very ill, with breathing issues, pulmonary distress, and the beginning manifestation of lung cancer all caused by the exposure to asbestos. The employees sue the employer for gross negligence and win. The $1,000,000 employer liability limit included on the worker's compensation policy is not enough to pay the awarded damages. An Umbrella policy would contribute to pay the rest of the damages in this type of situation.
⇒ Injury from slips and falls on owned or rented premises.
⇒ Property damaged during work performed.
⇒ Foodborne illness from eating at a restaurant.
⇒ Faulty work or product which causes bodily injury or property damage.
⇒ You place an advertisement in a publication and unknowingly use a logo that is trademark protected.
⇒ Injury from slips and falls on owned or rented premises.
⇒ Property damaged during work performed.
⇒ Foodborne illness from eating at a restaurant.
⇒ Faulty work or product which causes bodily injury or property damage.
⇒ You place an advertisement in a publication and unknowingly use a logo that is trademark protected.
Any business that owns business property such as a building, stock/inventory, equipment, office furniture, computers, and supplies needs this type of insurance. The owner of an IT office with several computers and office supplies can purchase the insurance to protect the office contents. Other small businesses like restaurants and retail stores can buy Commercial Property Insurance policies for protection against unavoidable perils.
Any business that owns business property such as a building, stock/inventory, equipment, office furniture, computers, and supplies needs this type of insurance. The owner of an IT office with several computers and office supplies can purchase the insurance to protect the office contents. Other small businesses like restaurants and retail stores can buy Commercial Property Insurance policies for protection against unavoidable perils.
Typically small to mid-sized, low risk “main street” ventures are considered for this type of insurance. Different insurance companies have different eligibility guidelines, some may limit the number of employees, others will put limits on revenue or payroll. Some automatically include business income coverage, some require you to purchase this valuable coverage as an endorsement.
Retail stores, business, and medical offices, some classes of artisan contractors (electrical, painting, lawn care), small restaurants, various types of service providers may all be eligible -depending on the insurance company.
Typically small to mid-sized, low risk “main street” ventures are considered for this type of insurance. Different insurance companies have different eligibility guidelines, some may limit the number of employees, others will put limits on revenue or payroll. Some automatically include business income coverage, some require you to purchase this valuable coverage as an endorsement.
Retail stores, business, and medical offices, some classes of artisan contractors (electrical, painting, lawn care), small restaurants, various types of service providers may all be eligible -depending on the insurance company.