There are many forms of insurance that fall into the category of Business Insurance which is a risk management tool that enables businesses to transfer the risk of loss to an insurance company.
A thorough review of your business will determine your company's exposure to a loss that can be mitigated by insurance protection. Only then can a specialized insurance plan be created for you.
||What It Protects
|General Liability Insurance
||The first need that a business owner/contractor should address as it covers claims arising from an insured's liability due to damage or injury (caused by negligence or acts of omission) during the performance of his or her duties or business.
|Business Property Insurance
||Protects the real property/assets of the business against losses resulting from fire, theft, vandalism, etc.
|Business Owner's Policy (BOP)
||A combination of both liability and property insurance. This type of policy is attractive to small and mid-sized businesses as the packaging of the two types of coverage into one policy reduces the cost.
|Worker's Compensation Insurance
||Worker's Compensation Insurance is mandatory in most states and provides medical disability coverage for all job related injuries and illnesses to employees. In some states, the worker's compensation laws are two-fold and can also hold the employer liable for additional compensation if the injury or illness occurred due to employer negligence or an unsafe work place.
|Business Interruption Insurance
||Rarely considered by business owners when seeking protection; however, it can play a larger role in the continuation of the business should a property loss occur that disables the daily operation of the business. While property insurance covers the cost of repair or replacement to buildings and equipment, it will not cover the loss of income or continued expenses such as salaries, loan payments, etc. during the downtime. Business Interruption Insurance provides a company with the difference between its normal income and its income during a forced shutdown.
|Commercial Vehicle Insurance
||Protection for vehicles owned by and/or used for the business. This can encompass a salesman’s car, a contractor’s van or a semi-truck and everything in between. This coverage provides for liability, repair or replacement of the vehicle should it be disabled due to a claim. In addition it can extend coverage to an employee’s personal vehicle if used in the course of employment.
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Not guaranteed by Standard Bank and Trust Co. Not a deposit of Standard Bank and Trust Co. Not FDIC insured. Not insured by any federal government agency. May lose value. *Coverage availability and prices may vary by company.