Your Insurance Questions Answered

Yes, but you need to list them as drivers on your policy or ensure they have their own insurance that meets your coverage requirements.

Yes, it's recommended for businesses of all sizes to protect against common risks that can result in costly lawsuits.

General liability insurance protects your business from financial loss due to third-party claims of bodily injury, property damage, and personal or advertising injury.

The commercial auto insurance policy covers accidents caused by your employees while driving company vehicles for business purposes.

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.

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

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

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

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

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.

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

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

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

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

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

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

Report the incident to your insurance provider promptly, provide necessary details and documentation, and cooperate with any investigations.

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.

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