Business Insurance
Businesses
present unique exposures for insurers, so it is harder to generalize
about coverages. The categories of policies listed below are only an
outline of the coverages available through our insurance carriers.
Whatever your commercial insurance needs, we can design a protection
program that's right for you.
Kelly Insurance provides the following types of business insurance
protection:
Commercial Auto
A commercial automobile insurance policy is required under most circumstances
when the vehicle is used for business purposes and meets certain other
requirements. It is not just the registration that determines the requirement
for a business automobile insurance policy. Other requirements are ownership
by a corporation, use in hauling goods for hire, and gross vehicle weight
of the vehicle. Some small trucks can be owned and insured under a personal
automobile insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated in pricing,
as are private passenger policies. There is price competition between
insurance companies for good commercial automobile insurance.
BOP (Business Owners Package)
Business
Owners Package policy, commonly called a "BOP" contains many
of the insurance coverages needed by most small businesses. While these
policies are not standard, there is great variation from insurance company
to insurance company; there are certain common elements. The basic BOP
offers business property both building and contents, and liability insurance
protection for the operation of your business. This liability protection
will generally include both the operation of your business, at its established
location, and the liability from your products or completed operations.
Some, but not all of the policies, will also offer business income and
extra expense protection after an insured loss. BOP policies do not contain
all of the coverages needed by a small business. Notably they do not
cover any workers compensation, professional liability, or business vehicle
coverage.
Get a Business Owners Package Quote
Business Interruption
If your business suffers a property loss it could cause the business
to slow or close down while repairs are made. This may mean a complete
or partial revenue loss depending on the time frame and the damage. From
the time the loss occurs until your business is running again, insurance
can replace your lost profits, and provide a source of money to pay your
necessary continuing expenses, like rent, payroll, taxes, etc.
Commercial Property
Commercial Property protects your business against the loss or loss
of use of company property. "Property"
can include a variety of types: lost income or business interruption,
buildings, computers, money, and valuable papers.
Commercial Umbrella
Most package policies provide a liability insurance limit of $1 million
for any one loss and $2 million in any one year. For many businesses,
this limit is inadequate for real economic security. As a result, additional
layers of protection in million-dollar increments are readily available
in today's insurance market for most businesses.
Employment Practices Liability (EPLI)
Employment Practices Liability Insurance otherwise known as EPLI is
insurance that helps protect you against claims from your employees that
result from the general conduct of your business. Common examples of
employee related claims include claims relating to:
- Discrimination
- Wrongful Discharge
- Sexual Harassment
- Hostile Working Environment
- Wrongful Termination
- Lack of Advancement
Property / Liability
The general or public liability policy provides protection for claims
of liability that are made by third parties. The policy provides defense
protection even if the allegations are groundless. In addition the policy
will pay any judgment up to the policy limit of coverage.
Surety Bonds
We work with many of the country's top-rated surety companies to secure:
- Contract Payment and Performance Bonds
- Fidelity Bonds on Employees
- Code Compliance Bonds
- Judicial and Court Bonds, including estate guardianship and repletion
bonds
- Professional Service Bonds
Workers Compensation
Workers
Compensation insurance protects employers from claims resulting from
injuries to employees. It protects your business from lawsuits and provides
employees with compensation for on-the-job injuries.
By law, most employers are required to provide coverage for lost wages
and medical bills incurred as a result of on-the-job accidents or illnesses.
For many businesses, this coverage is the largest part of its insurance
expense.
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