Could your Business survive a Million Dollar Lawsuit?
In today's environment, a million dollar lawsuit is not uncommon. Companies of all sizes are vulnerable to lawsuits and judgements, and the standard liability limit of a million dollars may not be good enough. Selling goods and services increases the likelihood of lawsuits related to your products/services, customer injuries and automobile losses.
Large, Small, or Home Business, insurance is an important part of the equation. All business's can suffer the same and need many of the same coverages. Insurance Companies package many these coverages together into a package known as a "Business Owners Package or BOP" this is a very simple way to get multiple coverages at a very low premium.
This is a list of some, but not all of the coverages available. A "BOP" policy usually contains all of the coverages listed below and the General Liability. Their are additional coverages that can be added to suit your specific needs.
Property Coverage:
- Buildings
- Business Personal Property
- Business Income & Extra Expense
- Business Computer
- Valuable Papers
- Accounts Receivable
- Peak Season
- Off Premises and Transit
- Signs
- Property of others
Commercial General Liability (CGL) Coverage :
- Premises and Operations Liability
- Products and Completed Operations Liability
- Personal and Advertising Injury
- Fire Damage Liability
- Medical Payments to others
- Contractual (Optional Coverage)
The Most Overlooked Coverage
Hired and Non-Owned coverage is often overlooked. If you or your employees rent vehicles or use personal cars for business use, you need this coverage. Of course, if your business owns automobiles, you need Business Auto Insurance.
Business Auto Insurance
Provides comprehensive liability protection including bodily injury, property damage, medical payments and uninsured motorists as well as property damage protection for fire, theft, vandalism and more.
