What is Commercial Insurance?
Starting a business involves many risks, which is why it is essential to get business insurance to protect yourself and anyone involved in your business. Getting your business insured involves a lot of factors which is why we provide you with the best plans which offer the most coverage in areas like employment, liability and damages.
As a business owner, you invest money into your business and employ people to work for you, which may later cause a significant financial loss when an accident happens. It is always wise to protect yourself, your employees, and your finances from such incidents. Having the right insurance is an essential element of financial protection.
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Types of Commercial Insurance
- Commercial Auto & Truckers Insurance
- General Liability Insurance
- Worker’s Compensation Insurance
- Professional Liability Insurance
- Errors and Omissions (E&O) Insurance
- Commercial Property
- Business Owner Property (BOP)
- Hired and Non-Owned Auto Insurance
- Cyber Insurance
- Business Insurance
What is Commercial Auto Insurance?
Commercial auto insurance is essential to protect your business from unexpected expenses if you or your employees are involved in an accident. Whether you have a single work truck or a small fleet of delivery vehicles, your commercial car insurance policy can provide coverage up to your policy limit for:
- Expenses for claims related to emergency care
- Medical bills
- Property damage
- Damage to your vehicle
- Legal fees
- Gap coverage on financed and leased vehicles
You can upgrade a new policy with Next Insurance to include hired and non-owned auto insurance when you purchase a new policy. This coverage provided extra protection when you or an employee use rented vehicles or if an employee sometimes uses a personal vehicle for work.
Why is Commercial Auto Insurance Important?
- You may be required by law to have commercial auto insurance
- Business car insurance can provide more coverage.
- Commercial auto insurance can help you attract customers
What does Commercial Auto Cover?
- Liability protection
- Driver Protection
- Vehicle Protection
- Specialty Coverage
- Tow specific
We Offer Customized Truck Coverages
In addition to some of the common coverages shared by all commercial vehicles, we also offer truck-specific coverages including:
- Motor Truck Cargo
- Motor Truck General Liability
- Non-Trucking Liability
- Rental Reimbursement with Downtime
- Trailer Interchange
Why is General Liability Essential?
- It helps you get more jobs
- It lets you run a legal business.
- Your commercial lease might require general liability insurance
- It lets you focus on growing your business.
What does General Liability Cover?
General liability insurance protects you from unexpected expenses related to many of the most common types of accidents that can affect your business and lead to lawsuits:
- Injuries to people who are not your employees
- Damage to property you don’t own
- Accusations of libel or slander
What is Professional Liability Insurance?
Professional liability insurance protects your business against civil lawsuits and negligence claims related to professional mistakes, whether you made them, or a client thinks you did.
Many companies sell a stand-alone professional liability policy, while others sell it as part of an insurance package with general liability insurance. One advantage of buying both policies together is that you don’t need to worry about whether something should be covered as part of your general liability insurance or part of your professional liability insurance. You just get it covered.
Who needs Professional Liability Insurance?
Most businesses need professional liability coverage because it protects against unexpected expenses if you are accused of a professional mistake. Let’s say you’re a plumber installing a sink. You drop your heavy wrench and scratch expensive antique furniture, and most general liability policies would cover that property damage.
Now, say you installed the sink with no issue, but a month later, the customer says you caused plumbing damage, and they must replace all their bathroom pipes. That’s where professional liability comes in.
Professional Liability Can Help Pay the Following
- Professional negligence (actual or alleged)
- Legal defense costs
- Legal judgments
Who Needs Errors and Omissions Insurance?
Most businesses that provide a service or offer professional advice can benefit from an E&O policy. Common business types that purchase a policy from Next Insurance include:
- Insurance agents
- Real estate agents and brokers
- Home inspectors
- Property managers
- Nurse Practitioners
Here are some other benefits of errors and omissions insurance:
- E&O insurance can help you get more clients
- E&O can cover costs to defend your business
Some other areas where errors and omissions insurance can provide coverage include:
Disciplinary proceedings – Costs to defend yourself in cases brought against you by a professional review board or licensing organization.
Crisis management – Expenses for retaining a public relations firm after an accusation of professional negligence.
Subpoena assistance – Costs to produce documents and testify in response to a subpoena.
Additional Benefits of BOP Insurance
- You save money by bundling two policies into one
- You get coverage that’s tailored for small businesses like yours
- You can easily manage your coverage, add additional insureds, and share certificates online 24/7
What Does a BOP Cover?
A business owner’s policy helps to protect your business from unexpected expenses related to property damage, medical payments, and lawsuits. It can also help shield your business from accidents that can hit you where it hurts the most — your bottom line.
Since a BOP is a combination of general liability and commercial property insurance, it includes all the coverage available in those two types of insurance.
A business owner’s insurance policy might be right for you if:
- You have a physical location for your business
- This could be a leased or owned office, store, garage, or home.
- You interact with customers and the public.
How do I get a Business Owner’s Policy?
Here’s how the process works. We’ll ask you some basic questions about your business and operations, including:
- Your industry
- Where you do business
- How many years have you owned the business?
- Number of employees
- What kind of property do you own or lease?
- Expected annual revenue
- Recent insurance and claims history
Who Needs Hired & Non-Owned Auto Insurance?
- Construction Trades
- Real Estate
What Does HNOA Cover?
- Rented Vehicles
- Use of a Personal Vehicle for Work
- Defense Costs and Legal Judgments
What is Not Covered by HNOA?
- Damage to the rented vehicle
- Damage to your employee’s vehicle
- Goods or equipment you are transporting
- Accidents that happen during a commute to or from work
- General Liability Insurance
- Workers’ Compensation