There are a number of Commercial Insurance Companies a business can choose from. Travelers Commercial Insurance offers the primary commercial insurance products such as General Liability, Umbrella Excess Liability, Commercial Property coverage, Commercial Auto and Workers Compensation. Travelers services the following three tiers in their Business Markets:
The Swine Flu pandemic of 2009 was one example of a crisis that not only caused global concern on a personal level, as individuals strove to protect their health, but also posed problems to businesses without crisis coverage or pandemic provisions, as sickness took a toll on staffing. By the first quarter of 2010, over 59 million Americans had been infected, and 265,000 were hospitalized, according to CDC estimates.
If your business is one that is heavily dependent on personnel, you might consider adding an endorsement for crisis coverage or a pandemic to your commercial insurance.
Business Interruption insurance takes many forms, and while some elements of a pandemic or other crisis may be covered, this addition may not apply to interrupted workflow due to mass absences.
Workers Compensation coverage should always cover at least your moral obligations to employees and your state requirements, but it might be insufficient crisis coverage for something as particular as a pandemic.
Umbrella Coverage should be a consideration for any operation with the potential for risks that exceed basic limits; in the case of some crises, it could turn out to be a business-saving move to invest in the additional coverage it provides.
Nothing in life is certain, and a crisis like a pandemic is not always predictable, however, one thing that you need to be able to count on is the ability of your business to continue operations in case of an emergency–or at least continue to be able to pay your obligations. Crisis coverage that provides for business interruption protection should be a standard, if it’s possible that something like a pandemic could slow down or halt your productivity.
Speaking with an experienced insurance professional who understands the risks faced by businesses is crucial to ensuring that your company is protected to the extent you need in case of a crisis–don’t wait until it’s too late.
Risk management is an art, and our business at CommercialInsurance.net is helping you protect your business. Call us today at 1-877-907-5267 to speak with one of our specialists about your insurance needs and how to determine if your company needs crisis coverage.
This video series by Liberty Mutual Commercial Insurance draws an interesting comparison by making the statement, “When people do the right thing, they call it being responsible. When an insurance company does it…they call it Liberty Mutual.”
The insinuation is that insurance companies aren’t expected to be responsible, or protective of their customers, like an individual would be, and that when they are, it’s out of the norm.
It’s true that an insurance company makes money by evaluating risk, and will examine claims thoroughly before paying them. But it could be argued that by doing this, they’re actually forcing a level of consciousness on their customers that they might not have otherwise.
Knowing that engaging in certain endeavors may result in higher premiums because they involve increased risk is information that a business owner should be glad to have. Even if you’ve painted, or done construction/remodeling for years, you may not have considered some of the risks involved with particular jobs to the same depth as an individual has who is working for an insurance company, and who has the sole purpose of investigating all the things that can go wrong with a line of business.
It may seem like a pain in the neck in the short term, but being covered for a risk–and being able to pay a judgement against you because of insurance coverage, should the need arise–is something that could save your business some day.
Insurance coverage may seem like just another bill to pay, but it’s actually a relationship–one that ultimately serves the best interest of your business.
Risk management is an art, and our business at CommercialInsurance.net is helping you protect your business.
Whitney from INN The Dog House is a great example of how there is no “One Size Fits All” when it comes to entrepreneurship.
This unique business model–a doggy day care–was born because, like most entrepreneurs, Whitney had a dream.
However, her dream was a little out of the ordinary; she wanted her dog to be able to go to work with her every day.
Whitney has made her dream a reality by building a business that not only serves a need in the community–care for pets–but also provides jobs. (Rewarding jobs, at that; lunch and the chance to work with animals are great perks!)
A unique company often needs a unique vehicle, and Whitney’s needs are especially singular; she needed a roomy mode of transportation that would also be safe for carrying animals. She got what she was looking for in the Volvo XC90, and found a company that could meet her insurance needs in Progressive, after shopping and comparing coverages and rates.
Whitney feels that she’s able to run a progressive business thanks in part to the coverage she gets through Progressive…click on the link below to learn more…
This is the first post for Commercial Insurance.net. This site will be launching on 11/12/08 and will service the needs of consumers searching for Commercial Insurance.
Business owners need the same type of auto coverage for use at work as they do for personal use. Some of the different forms of commercial car insurance include liability, collision, and coverage for uninsured motorists. Many business owners use the same vehicle for both business and personal driving. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than a personal name; this will avoid confusion if you need to file a claim or a claim is filed against you.
While the major coverages are the same, a commercial auto policy differs from a personal auto policy in many respects. Your insurance agent will be able to explain the differences. Personal Umbrella Liability policies usually have an exclusion for business related liability. Double check your liability coverage on an annual basis.