Businesses present unique exposures for insurers, so it is harder to generalize about coverages. The categories of policies listed below are only an outline of the coverages available through our insurance carriers.
Whatever your commercial insurance needs, we can design a protection program that’s right for you. Clark Insurance Agency, Inc. provides the following types of business insurance protection:
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 coverages 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.
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.
Employment Practices Liability Insurance otherwise known as EPLI is insurance that helps protect you against claims from your employees that result from the general conduct of your business. Common examples of employee related claims include claims relating to:
The general or public liability policy provides protection for claims of liability that are made by third parties. The policy provides defense protection even if the allegations are groundless. In addition the policy will pay any judgment up to the policy limit of coverage.
We work with many of the country’s top-rated surety companies to secure:
Clark Insurance Agency, Inc. provides a range of business insurance solutions tailored to unique commercial exposures. Our offerings include Commercial Auto, Business Owners Package (BOP), Business Interruption, Commercial Property, Commercial Umbrella, Employment Practices Liability (EPLI), Property/Liability, Surety Bonds, and Workers Compensation. Whether you need protection for your vehicles, property, liability, or employees, we can design a program that suits your business needs.
