Insurance to Protect the Business
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These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc.
Business Owner Policy
BOP offers business property for 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. Notably they do not cover any workers’ compensation, professional liability, or business vehicle coverage.
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, workers comp coverage is the largest part of its insurance expense.
Other requirements are ownership by a corporation, use in hauling goods for hire and gross vehicle weight of the vehicle. Commercial automobile insurance policies are not regulated in pricing, as are private passenger policies.
Additional Business Insurance
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, let People Insurance assist in creating the best suited protection package for your Business.