(See also our Commercial FAQ section.)
Whether you are an established business looking for the best rates for your company’s business insurance or have just launched a new business, Phillips Insurance can help you find the best solution available. With multiple A-rated carriers to choose from, rest assured that we will find you the protection you need at the best price available. Start saving on your business insurance today!
What Business Insurance Do I need?
The answer depends on your particular business. Once we gather the appropriate information, the professionals at Phillips Insurance will use our experience and resources to put together the right insurance solution for your company.
Liability Insurance for Your Business
A broad commercial policy that covers general liability exposures of a business. Coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury. We recommend that all operating businesses have general liability coverage in place.
Business Owners Policy (BOP)
A business insurance policy that combines property, liability and business interruption coverages for small to medium-sized businesses. This packaged set of coverages is generally less expensive than if each coverage was purchased separately. A BOP is typically available to businesses and industries that are viewed as having relatively low liability exposures.
Workers Comp & Employers Liability
This coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally, this coverage protects an employer from being sued by an injured worker in most cases.
A commonly overlooked exposure for companies who employ mostly office workers is the potential injury to employees while driving their own vehicles on company business. This could be as simple as an employee driving to a sales call, the bank or office supply store. If you have employees, it is critical that you consider this important coverage.
Professional Liability (E&O)
E&O covers professionals for negligence and errors or omissions that injure their clients. This covers licensed professionals such as accountants, attorneys, insurance agents, architect and engineers, as well as technology companies, which frequently have a professional liability exposure due to the fact that the general liability policy excludes damage to data. Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data. We recommend that all professional and technology companies have E&O coverage.
This business insurance policy provides coverage for losses above the limit of an underlying policy or policies such as General Liability, Employers Liability and Automobile Liability. Due to the unpredictable nature of jury awards, Phillips Insurance recommends that your business insurance program have this coverage.
Employment Practices Liability Insurance (EPLI) for employers that covers employment-related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these is well over $200,000. If you have employees, we recommend considering this coverage.
Directors and Officers liability insurance (D&O) covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There are a variety of D&O coverages.
Commercial Auto Liability
This business insurance policy provides for bodily injury liability and property damage, as well as for injuries/damage the policyholder causes to someone else when operating a company automobile. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car are also covered.
Hired/Non-owned Auto Liability
This provides a business with business insurance coverage for certain liabilities arising from the use of a rented or leased vehicle (hired) or a non-owned vehicle (employee using their own vehicle on company business). This can often be inexpensively be added to the commercial auto policy or in some cases a general liability policy.
Commercial Property Insurance
If you own a commercial building, you need replacement cost coverage. Although cost estimators are available, Phillips Insurance recommends that you secure an appraisal from a third party to accurately determine the current replacement cost of your building.
Most commercial property policies and homeowners’ policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from damage due to a flood.
Business Personal Property
This provides you coverage for your business personal property at a specified location and covers furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater) to cover this property.
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered event, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities’ coverage may start after a waiting period and last for two or more weeks. We strongly recommend that all businesses acquire this coverage.
Electronic Data Processing coverage is separate property coverage specifically designed to protect your computer-related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and, in some cases, virus attacks.