1. Do I need both general liability and professional liability coverage?
Although both have “liability” in their name, they cover very different things. For example, if your place of business suffers property damage from a fire, that would be covered by general liability. This is recommended for businesses of every size.
Whether you need professional liability may come down to your line of work. If your business involves advising others’ business decisions (based on your knowledge or opinion, not fact), you may be subject to a professional liability claim, and will want to be covered.
2. What about a business owner’s policy?
This type of policy, often called a BOP, is essentially a package that includes several types of policies that are customized to fit your business. These normally include general liability and at least one other type of coverage that are grouped together to provide coverage unique to you at a convenient price. An independent insurance agent like Premier Risk Advisors can help you determine if you need this type of policy.
3. How is the cost of workers compensation coverage determined?
Worker’s compensation, often referred to as WC, is required coverage for almost every type of company or business in the United States. Since it is tied to the amount you spend on payroll, the rates can vary widely from business to business.
4.Do I need special insurance for my vehicle?
If you have company-owned vehicles, both hired and non-owned liability auto insurance should be built into your BOP. This is important because it ensures you can be covered whether your employees are driving a business-owned vehicle or their personal vehicle to fulfill their job duties.
5. I keep hearing about EPLI – do I need that too?
EPLI, or employment practices liability insurance, covers you for a range of employee activities. Losses for a third party, harassment, unfair hiring/firing practices, discrimination and safety concerns are not covered by general liability, so EPLI is designed to supplement that in these instances.
6. Why is getting a quote so complicated?
It isn’t! Thanks to our easy-to-use online form, our experts can evaluate your request within a few hours. Contact us today.