Covering business liability risk with commercial insurance is a complex process. That is why it is important to work closely with your agent at H2M Insurance serving Winder, GA and the surrounding area. Talk about the specifics of the business and make note of any unusual risks that are not industry norms.
An agent from H2M Insurance will assist a business owner in determining the risks that might exist, calculate a probability analysis of having a catastrophe, and suggest the adequate level of insurance. Different types of commercial insurance are offered, which are designed to go together, in order to provide a kind of tapestry of insurance coverage protection.
To be safer, an agent conducts a complete commercial insurance review. He or she looks for insurance coverage “gaps.” Gaps are things that might occur to cause a loss, which is not insured. These risks may be mitigated by adding proper coverage.
Categories of Commercial Insurance
A single commercial insurance policy, which covers everything, does not exist because not all types of businesses need all types of commercial insurance.
Here are some of the types of commercial insurance to consider:
- Workers’ Compensation: This insurance is mandated by the State of Georgia and is required for almost all businesses with employees operating in Georgia. It protects employees who experience on-the-job accidents and pays a death benefit to the surviving members of the family of an employee who lost his or her life on the job or due to job-related injuries. There is a certain level of benefits for employees and legal limits for an employer’s responsibility.
- Business Liability: This kind of insurance may offer protection for a claim made about a defect in a product, negligent acts made by employees, and lawsuits about slip-and-fall accidents. There are special policies for commercial vehicle insurance, crime insurance, glass insurance, marine insurance, cyber-security insurance, terrorism insurance, key person insurance, business interruption insurance, and more.
- Professional Liability: This group includes malpractice insurance, errors and omissions insurance, fidelity bonds, construction bonds, and umbrella insurance to extend other policy limits and cover things not covered by other policies.
It just takes one serious, costly, lawsuit that results in a huge judgment or award to bankrupt a business. Business owners need to understand liabilities and prepare for them by conducting an insurance review with their insurance agent at H2M Insurance in Winder, GA. Call now for an appointment for an insurance review.