Having the right insurance in place is a key to your company's success. It helps protect your profits by protecting you from sudden, catastrophic expenses, like after a natural disaster or a major lawsuit.
#5 What is a Business Owner’s Policy?
A business owner’s policy or “BOP” is insurance coverage
designed specifically for small or medium-sized businesses. A BOP combines
several types of insurance coverage in a packaged format, and can be customized
to suit a particular business.
#4 Does Insurance Cover Lawsuits Brought Against Your
Business?
Business insurance will cover legal expense from lawsuit up
to your liability insurance policy limit.
To be sure that enough liability coverage is in place for extreme
circumstances lover $1 million in damages, many businesses buy a commercial
umbrella liability policy. Certain liability exclusions also apply, such as if
an injury or damage was expected, or was caused intentionally. Most policies
also have something called a “workmanship” exclusion, and some exclude coverage
of punitive damages, so you may need Errors & Omission Coverage for “your
work”.
#3 What Types of Business Insurance Do I Need For My
Business?
Each Business is different and depending on your
operations, you may be legally obligated to carry certain coverages. In addition, the following types of business
insurance should be considered essential:
General liability: Coverage
against accidents, injuries and negligence
Product liability: Coverage
against product defects
Professional liability: Covers
professionals against malpractice, negligence or errors
Commercial property: Covers
damage to your business property, such as fire or a severe storm
Business interruption:
Protects your business if you are no longer able to conduct your operations
because of a loss
Home-based business: Covers
general and/or professional liability.
#2 Is Business Insurance Tax Deductible?
Business insurance is tax deductible, as long as the
coverage is for the purpose of operating a business, profession, or a trade.
#1 How Does Business Insurance Work?
Business insurance is a contract between an insurance
company and a business. The insurance company agrees to share the risk with the
business entity in exchange for premium payments. In the event of a covered
loss, the insurance company pays for the financial losses the business incurs
up to the limit of the policy after the deductible amount is paid by the
business filing a claim.
Angelyn Treutel
Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and
licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com,
(228) 385-1177, or azeringue@southgroup.net.
We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…
We serve Mississippi, Louisiana, Alabama, Florida, and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy. We help you save money on insurance!
#trustedchoice #southgroup
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