As a business owner, you need the same kinds of insurance coverage for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. W.A. Watson and Sons can help explain all the options to you.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. Property Damage coverage for the physical damage to property of others or the loss of use of that property. Examples of coverages include:
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against claims from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
Workers compensation laws were created to ensure that both employees and employers are protected in the event of an on-site injury. This eliminates the need for litigation and creates an easier process for everyone. It also helps control the financial risks for employers.
In most states, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities.
Do I need workers compensation insurance?
Employers have a legal responsibility to their employees to make the workplace safe. Accidents can happen even when every reasonable safety measure has been taken however. We can help you determine the risks and needs for your business.