What types of business Insurance are available?
Whatever your commercial insurance needs, we can design a protection program that's right for you. The categories of policies listed below are only an outline of the coverages available through our carriers.
Bayeast Insurance provides the following types of business insurance protection:
- Auto - Commercial
- BOP (Business Owners Package)
- Business Interruption
- Commercial General
- Commercial Property
- Commercial Umbrella
- Contractor's General Liability
- Directors & Officers Liability
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.
Business Owners Package policy, commonly called a "BOP" contains many of the insurance overages 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.
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..
Determining the appropriate type and amount of insurance coverage for your business is a delicate balancing act. A commercial insurance agent with the right knowledge and experience in your industry can help you identify risk exposure and suggest strategies to mitigate your risk, whether it is through insurance, loss control techniques or other risk management alternatives.
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.
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.
Contractor's General Liability insurance is for residential and commercial builders, general contractors, construction managers, design and build firms, specialty contractors or subcontractors, owners or public and private construction projects.
We offer contractor policies for every type of project:
- Builders risk insurance and course of construction
- Liability insurance
- General liability insurance
- Contractor insurance
- Commercial auto
- Workers' compensation
- Railroad protective
- Equipment insurance
- Contractor bond
Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.
Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management. Generally it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.