What is Business Insurance?
Protect Your Investment with the Right Business Insurance Policy
Business insurance is a generalized name for a range of different coverages available to business owners. The goal of business insurance is to protect you—the owner—against potential losses and to ensure the continued operation of your business.
Depending on the type of insurance you require, business insurance can help protect your investment by minimizing potential financial risk associated with unpreventable and unexpected events such as the death of a partner, injury to an employee, a lawsuit, or even a natural disaster.
What Are the Major Types of Business Insurance?
General liability is a standard business insurance policy designed to protect organizations against liability claims for bodily injury and property damage arising out of premises, products, operations, and completed operations, as well as advertising and personal injury liability.Commercial Auto Insurance
Commercial auto insurance covers all vehicles owned by or operated within a business, including cars, trucks, motorcycles, and other road vehicles. Primarily, commercial auto insurance is designed to offer financial protection to the business against physical damage, bodily injury, and/or liability resulting from auto accidents. It may also provide financial protection against the theft of a commercial vehicle. Some policies may also cover damage to the vehicle from non-traffic related events.Commercial Property Insurance
Commercial property insurance covers the risk of loss to a business’ buildings or personal property. Policies usually include buildings, personal property of business owner or insured business, and personal property of others on business premises and in the policyholder’s possession. Usually, coverage can be offered on an all-risk basis or on the basis of specific perils.
Commercial Umbrella Insurance
Commercial Umbrella Insurance is a liability policy offering coverage in excess of specified other commercial insurance policies, as well as potentially primary insurance for losses not covered by other policies. When a business covered by a commercial umbrella insurance policy is liable to someone, the insured’s primary insurance covers up to its limits, while any additional amount is paid by the umbrella policy (up to the coverage limit of the umbrella policy).
Professional Liability Insurance
Professional liability insurance (PLI) is a type of liability insurance that helps protect professional advice and service-providing businesses from the full cost of defending themselves against negligence claims, as well as damaged awarded in a civil lawsuit. It may also provide for defense costs, including in situations when legal action is proven groundless. PLI is also called Professional Indemnity Insurance (PII) and more commonly Errors & Omissions (E&O) Insurance.
Business Owner’s Package
Usually referred to as a BOP, a Business Owner’s Package is a general policy that combines protection from all major property and liability risks into one bundled package. Typically, the package cost of the combination of coverages is less than the total cost of each individual policy. A BOP usually contains business interruption insurance to offer reimbursement for up to a year of revenue lost due to an insured property loss. BOPs are usually best for small and medium-sized organizations.
Workers’ compensation insurance provides wage replacement and medical benefits to employees who are injured in the course of employment. These benefits are usually offered in exchange for mandatory relinquishment of the injured employee’s right to sue the employer for the tort of negligence.
Group Health Insurance
Group health insurance is purchased by an employer in order to offer eligible employees and potentially their family appropriate health insurance as a benefit of working for that organization. Group health insurance is often a major part of an employee benefit package offered by the company.
Group Life Insurance
Also called wholesale life insurance or institutional life insurance, group life insurance offers term coverage for a group of people, usually employees of a specific organization, members of a union or association, or members of a superannuation fund or pension fund. Insurance is usually based on the size, turnover, and financial strength of the group, not individual proof of insurability.
Group Disability Insurance
Group disability insurance is a type of group insurance that offers regular income replacement to an insured member of the group in cases of eligible disability, usually stemming from illness or injury. Group disability usually offers two types of coverage: short-term disability (STD) and long-term disability (LTD).
Business owners may purchase extra or additional insurance to help cover services and out-of-pocket expenses not covered by standard insurance.
At SunGate Insurance Agency, our goal is to provide you with the right business insurance policy to meet the legal requirements of your state and to offer you peace of mind! Contact us today find the policy that works for you!
SunGate Insurance Agency Coverage
Home Insurance, Auto Insurance, Group Insurance, Property Insurance, RV Insurance, Renters Insurance, Event Insurance, Insurance Bonds, Life Insurance, Business Insurance, Workers Comp, Flood Insurance, Umbrella Insurance and more!
Located in Lake Mary, Florida (serving clients Nationwide and locally in Orlando, Heathrow, Longwood and surrounding Central Florida areas.