Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Business auto liability insurance covers the financial responsibility if you or an employee is at fault in an accident and people are injured or property is damaged. Minimum amount of commercial auto liability insurance (or proof of financial responsibility) is required in most states. Some states also require underinsured motorist and uninsured motorist coverage to protect you when the other driver at fault is unable to pay the total cost. Collision or comprehensive insurance is often optional.
Commercial Liability Insurance is the most detailed resource available on commercial general liability, owners & contractors protective liability, liquor liability, products completed operations liability, railroad protective liability, pollution liability, and umbrella liability insurance.
Business Owner Policies
Insurance policies that combine protection from all major property and liability risks in one package. A Business Owner Policy or BOP is an insurance package that assembles the basic coverages required by a business owner in one bundle. It is usually sold at a premium that is less than the total cost of the individual coverages. Business Owners Policies usually target small and medium-sized businesses and typically contain business interruption insurance, which provides reimbursement for up to a year of lost revenue resulting from an insured property loss.
The specialty lines insurance market is the segment of the insurance industry where the more difficult and unusual risks are written. Because specialty lines insureds tend to be more unusual or higher risk, much of the specialty lines market is characterized by a high degree of specialization. Insurers participating in this market have specialized expertise and experience in underwriting and rating insurance for a wide range of risks. These insurers usually work with brokers who are experienced in specialty lines insurance. Much of the new product development comes from the broker community in their quest to protect insureds with new and different coverage needs.