Your Insurance Questions Answered

Yes, many insurers offer package policies like a Business Owner's Policy (BOP) that combines general liability with property insurance.

It covers legal defense costs, settlements, and judgments related to third-party bodily injury, property damage, and personal or advertising injuries like libel or slander.

It doesn't cover employee injuries (workers' compensation), professional errors (professional liability), auto accidents (commercial auto), or intentional acts.

Premiums are based on factors like business size, industry risk level, location, coverage limits, and claims history.

Occurrence Limit: The maximum amount the insurer will pay per incident. Aggregate Limit: The maximum amount the insurer will pay during the policy period.

A COI is a document that proves your business has insurance coverage, often required by clients or landlords.

Consider factors like your industry risks, contract requirements, and potential exposure to claims when choosing coverage limits.

It can, but businesses that manufacture or sell products may need additional product liability coverage for adequate protection.

General Aggregate Limit: The total limit for all claims during the policy term. Per-Project Aggregate Limit: Separate aggregate limits apply to each project, which is beneficial for construction businesses.

It's an agreement where your insurer waives the right to seek reimbursement from a third party responsible for a loss.

CSL is a single limit of coverage for both bodily injury and property damage, offering more flexibility compared to split limits.

Yes, sole proprietors can be held personally liable for business-related claims, making general liability insurance essential.

Implement risk management practices, maintain a safe work environment, train employees, and shop around for competitive quotes.

Yes, you can add clients or partners as additional insureds, extending coverage to them under certain circumstances.

Notify your insurer as soon as possible, provide detailed information about the incident, and cooperate fully with any investigations.

No, professional mistakes are covered under professional liability insurance, also known as errors and omissions insurance.

Generally, yes. Premiums paid for business insurance are considered a legitimate business expense and can be deducted from your taxes.

Claims-Made: Covers claims made during the policy period. Occurrence: Covers incidents that occur during the policy period, regardless of when the claim is filed.

Typically, small to mid-sized businesses that meet specific criteria regarding size, revenue, and industry risk profile are eligible.

Yes, you can add endorsements or riders for coverages like cyber liability, equipment breakdown, or professional liability.

It includes non-physical injuries like libel, slander, copyright infringement, or wrongful eviction that result from your business activities.

A BOP combines general liability insurance and commercial property insurance into one package designed for small to mid-sized businesses.

It includes general liability insurance, commercial property insurance, and often business interruption insurance.

It covers lost income and operating expenses if your business is temporarily shut down due to a covered peril like a fire or natural disaster.