Business Coverage Tips From Tristate Insurance

Every business comes with its own unique risks and exposures. Fortunately Tristate insurance company understands these issues and can provide coverage for every conceivable risk almost any business might face. If you own your own business you should discuss your specific business risks (and the types of insurance available) with a qualified insurance agent or broker such as Tristate.

Depending on the type of company, this agency can advise you on the exact types of insurance you should consider purchasing. Most businesses can benefit from most of the following coverages:

  1. General Liability insurance (GL) – Business owners purchase general liability insurance to cover legal issues involving incidents where an accident, injuries, or claims of negligence occur. These policies provide payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or any judgments required during an appeal procedure.
  2. Product Liability insurance – Product liability insurance protects against a financial loss as a result of a defective product that causes injury or bodily harm. Companies that manufacture, wholesale, distribute, and retail products may be liable for its safety and the safety of consumers. The amount of insurance that should be purchased depends on the products sold or manufactured.
  3. Professional Liability insurance – Professional liability coverage protects your business against malpractice, errors, and negligence in providing services to your customers. For example, physicians are required to purchase malpractice insurance (a type of professional liability policy) as a condition of practicing in certain states. Depending on your profession, you may also be required by your state to carry this policy. Commonly referred to as Errors and Omissions insurance.
  4. Commercial Property insurance – Property insurance covers everything related to the loss and damage of company property due to any of the following events: fire, smoke, wind and hailstorms, civil disobedience and vandalism. The definition of property can be broad, and generally includes loss of income, business interruption, and damage to buildings, computers, company papers and lost or stolen cash.

Property insurance policies are available as an all-risk policy, covering a wide-range of incidents and perils, less those that are exempt in the policy, and a peril-specific policy that covers losses from only those perils listed in the policy. For example, peril-specific policies include fire, flood, crime and business interruption insurance, while all-risk policies generally cover risks faced by most small businesses. Consult a Tristate insurance agent or broker about the type of business property insurance best suited for your business.