Commercial Insurance Options for Your Business

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Commercial Insurance Options for Your Business

At Staples & Associates, we’re a local business, just like you. So we understand that you take pride in your business, and want to help you make the best choices possible when it comes to insuring your business, your employees, and yourself.

Allow the insurance experts at Staples & Associates to shoulder some of the burdens, so you can focus on putting your energy into what matters most- running your business.

Our Business Owners Policy joined with our Business Owners Advantage and Plus Endorsement provides an economical insurance solution for you. They add more liability coverage along with coverage that is unique to your industry. By bundling several insurance coverages together, we can offer you customized protection at a lower premium cost.

Business Liability Insurance

Business liability insurance will protect a company and/or business owner in the event of a formal lawsuit or sort of third-party claim. Coverage will include any financial liability, in addition to expenses related to the company’s legal defense.

Small business owners, especially partnerships and sole proprietorships, put their personal finances at risk in the event of a business-related lawsuit. Business liability insurance will protect a company’s assets, and pay for legal obligations, such as medical costs incurred by someone that gets hurt on company property.

Business liability insurance also provides protection against property damage or injury caused as a result of action by the company or its employees that are operating on behalf of the company. Business liability insurance also covers claims of false or misleading advertising, including libel, slander, and copyright infringement.

A business with higher risks that exceed the coverage that conventional business liability insurance may opt for umbrella insurance that increases coverage limits.

Business Property Insurance

Business property insurance protects your company’s building and its contents, as well as exterior fixtures, such as a fence or outdoor sign, from unforeseen circumstances. These circumstances include; fire, explosions, burst pipes, storms, theft, and vandalism. Earthquakes and floods are typically not covered by commercial property insurance unless they were added to the policy separately.

Business property insurance covers your building, and everything inside of it and just outside of it, including;

  • Computers
  • Furniture and equipment
  • Exterior signs
  • Fence and landscaping
  • Important documents
  • Inventory
  • Others’ property

Business Auto Insurance

Whether your business depends on a single car or a small fleet of trucks, your business’s auto insurance should match your needs. This is why at Staples & Associates, we offer business auto insurance that could include liability, physical damage, non-owned cars, and many other coverages that are specifically designed for small businesses like yours.

Complete your business insurance by pairing your Business Auto Insurance with one or more of our other policies, including Business Property Insurance or Workers’ Compensation Insurance.

Professional Liability Insurance

Even experts make mistakes sometimes. And if you’re in business, you’re likely to make a mistake or two over the history of your company. Unfortunately, if your client or customer thinks that the mistake that you have made has impacted them financially, you can be sued.

Professional Liability Insurance (also known as errors and omissions insurance), can help to cover you and your company if you are found negligent in the professional services that you provided. Professional Liability Insurance can help to protect you and your company against a claim that professional advice or services that your business provided, caused a client or customer financial harm due to mistakes on the part of your business, or because your business failed to perform some necessary service.

If you work directly with customers by providing services, consider opting in for a Professional Liability Insurance policy. A customer or client can sue even if you’ve done nothing wrong. A customer or client can make a claim or sue if they believe that;

  1. They received inferior service.
  2. Your company made mistakes.
  3. They received bad advice from your company.

Professional Liability Insurance also helps to cover common claims such as negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. Depending on the terms of the policy, it might also help to cover privacy violations.

Workers’ Compensation Insurance

Workers’ Compensation Insurance is a system of insurance that reimburses an employer for damages that must be paid to an employee for an injury occurring in the course of employment. As a business owner, you must be sure that you provide workers’ compensation insurance to cover a request in the event that an employee would injure himself or herself during work hours.

Understanding Workers’ Compensation Insurance can be complex and confusing. What makes it even more difficult is that these insurance requirements often vary by state and industry. In the States of Maryland and Delaware, every employer with one or more employees is required by law to provide Workers’ Compensation Insurance from any insurance company that are licensed to write Workers’ Compensation Insurance in each state.

The entire cost of Workers’ Compensation must be borne by the employer in both Maryland and Delaware. Any employer who deducts any portion of this premium from the wages of his/her employee will be guilty of a misdemeanor.

Head over to our Insurance Safety Tips for more information regarding Workers’ Compensation Insurance.

Commercial Umbrella Coverage

Commercial Umbrella Insurance essentially provides an extra layer of liability protection by covering costs that go beyond your business’s other liability coverage limits. In other words, Commercial Umbrella Insurance complements your other liability coverages by taking over when their limits have been reached.

Commercial Umbrella Insurance covers the same types of costs as Business Liability Insurance, such as medical expenses, attorney fees, and damages when your company faces a lawsuit.

Additional Commercial Insurance Questions?

At Staples & Associates, we understand that understanding Commercial Insurance options can be confusing, which is why we’re here to help! Please Contact a Staples Agent with any questions about Commercial and Business Insurance options.

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