Business Insurance for Companies in Greenwich
Every business needs a business owners policy insurance as it can assist in covering the costs associated with liability and property damage claims. Without this policy, you may have to pay out of pocket for legal claims and costly damages linked to your personnel.
While every incident is different, your business insurance policy from Daigle & Travers ensures that this doesn’t devastate your operations or run you out of business. Below is a look at some of the policies you should consider when running a small business.
1. Professional Liability Insurance
Popularly known as errors and omissions (E&O), professional liability insurance protects your business against negligence claims that may arise from failure to perform. You should note that there doesn’t exist a one size fits all errors and omissions insurance policy.
Every industry will have separate concerns, so you need to have customized business insurance in Greenwich. Professional liability insurance is recommended for professionals such as:
- Doctors (chiropractors, medical, psychological, and dental)
- Investment firms (banks, financial advisors, venture capitalist firms, and hedge funds)
- Insurance agents
2. Property Insurance
Property insurance assists in providing protection against many of the risks that may affect a property, such as a climate damage, theft, and fire. Some of the properties that you can insure include:
- Contractor tools
- Office equipment, e.g., chairs and desks
Apart from the normal property insurance, it’s possible to insure the items mentioned above against earthquakes and floods. You’ll find that Daigle & Travers will typically add the two under a separate insurance policy.
Alternatively, the insurance agent may add them as an endorsement to your existing property insurance policy. For business owners who already own mobile equipment, it’s advisable to have this insured under an Inland Marine policy.
3. Commercial Insurance
Commercial insurance or commercial general liability insurance assists in protecting your business from claims that may involve the following:
- Completed operations
- Defense in case a customer or visitor gets injured at one of your sites
- Product liability
- Medical expenses to a client
- Advertising errors
- Property damage to any one of your clients
- Personal injury
While you can never pay enough to have complete peace of mind, getting a commercial insurance policy is much cheaper than dealing with a lawsuit. As a business owner, you should consider bundling this policy with a business owners policy or a business property coverage policy.
4. Fleet and Commercial Automobile Insurance
The 1K and commercial auto insurance policy helps protect any vehicles owned and operated by your business. It covers liability claims and physical damages for usage, situations, and amounts not included in the personal auto policy.
If your business vehicle gets involved in an accident, this policy will pay for:
- Repairs to your truck or car when it’s damaged in an accident, vandalism, and theft
- Property damage
- Bodily injuries sustained by another person
Every business that uses a vehicle for commercial purposes should protect itself using a commercial auto insurance policy. It comes in handy when you have employees running errands using the said vehicle.
5. Employee Benefits Liability Insurance
Employee Benefits Liability refers to a type of professional liability insurance that covers the business in case a claim arises out of errors in the management of the business benefit plan. Examples of such errors and omissions include:
- Failing to enroll, maintain, or terminate employee beneficiaries
- Clerical errors like missing employee records or files related to their benefits
- Failure to advise your employees of eligibility rules
Coverage for this policy gets added by endorsement to a fiduciary liability policy or general liability policy. Some of the benefit plans covered under this policy include profit-sharing plans, maternity leave, unemployment benefits, social security, and dental insurance plans.
6. Workers Compensation Policy
It’s a policy designed to cover any and all employees working for your business. The policy will pay medical and hospital expenses that can assist in diagnosing and treating any work-related injuries.
A worker’s compensation policy can also provide disability payments for employees who cannot work. The payments will typically be about two-thirds of what the employee usually earns. Please note that this policy only pays for injuries related to the workplace.
For more information on business insurance in Greenwich, please call or send a message to (203) 655-6974) or email email@example.com Mon-Fri: 8:30 am-4:30 pm.