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We have the experience and the necessary resources to analyze and recommend the correct amount of Business Liability Insurance for your small business. Our exposure analysis will help you identify potential risks your business is exposed to. We will recommend combination of following coverages to mitigate the risk
General or Business liability insurance can cover expenses related to non-employee injuries that might occur on your premise, damage you cause to someone else’s property, libel, and slander. In other words, it can cover some of the most common lawsuits that arise from everyday business activities. It will protect your business from possible huge payments for bodily injury or property damage to a third party and for medical expenses resulting from the underlying incident. It will also absorb the cost of defending lawsuits that may include investigations or settlements, and for any judgments or bonds required during an appeal.
Commercial Property Insurance pay for business property that is stolen, damaged, or destroyed. It also reimburse loss of income and necessary extra expenses due to the property damage. Commercial property typically includes… Building – This usually means the structure, but it can include permanently installed fixtures, machinery, equipment etc. Contents of the building – This includes items that can be taken out, like inventory, office equipment, and other supplies. Business Property In Transit- This includes business property at trade shows, or temporarily at locations you don’t own or lease. Other people’s property. This includes items that are left in your care, custody, or control. For example, a customer might use an outlet on your premises to charge her laptop. Once it’s in your care, you could be responsible if it’s damaged.
Workers’ Compensation Insurance covers medical bills, recovery costs, and partial missed wages when an employee is injured at work. Most states require employers to buy Workers’ Compensation Insurance as soon as they hire their first employee. Depending on state laws and contract requirements, employers need this policy to cover employees, contractors, and freelancers. Workers’ Comp Insurance pay for work injuries and illnesses without the rigmarole of a lawsuit. It can help your business comply with state’s worker compensation laws, cover medical expenses, pay for replacement wages, and pay for legal expenses.
A Business or Commercial Umbrella Insurance policy protects you in a claim when your general business liability limits are exhausted, and you are faced with expensive lawsuit and potentially millions of dollars in liability exposure. For example, if a covered lawsuit maxes out your General Liability Insurance policy limit and you still owe money for damages, Commercial Umbrella coverage can provide additional funds to make up the difference. There are many reason to buy commercial umbrella policy. Following are some of the reason to consider it…. More protection for less – Increasing limits of your General Liability policy often costs more than getting a commercial umbrella. Need higher liability limits required by big client – A commercial umbrella policy can often satisfy their requirements. Lots of contact with the public – The more foot traffic a business has, the greater its liability risks are.
Even if you take every precaution to remove all possible hazards from your business, you still could be sued for events over which you have minimal control like carelessness of any visitor. In modern day business, Business Liability Insurance is a mandante. It serves to protect against the unknown risks posed by your products, company directors & officers, errors & omissions, discrimination and other such liabilities. It protects you and your business from financial devastating claims.
The Commercial Package Insurance Policy (CPP) enables you to have almost all your coverage bundled in one convenient package. It can include any coverage offered, from business liability and property to commercial auto, crime, and cyber. When your business risks goes beyond the coverages in a BOP, the flexibility offered by a Packaged Policy provides the opportunity to design a policy specifically for your organization. Most Commercial Package Insurance Policies offer expanded coverage endorsements. These endorsements provide additional coverages or increase the base current coverages for lower premiums than purchasing each coverage separately. After assessing your business risks and determining that a commercial package policy is what you need, we will design a custom commercial package insurance policy with specific coverages for your business.
A business owner’s policy, or BOP, combines commercial liability with commercial property insurance, typically at a lower rate. It can also include personal property and other attractive options. The BOP is an efficient way to provide the business owners insurance coverages that most small businesses need.
ELPI can protect you and your business from events that are not covered under most general liability insurance policies such as: Discrimination (failure or refusal to hire or any other wrongful treatment of people based on their race, sex, color, religion, sexual orientation, age, disability or other status that is protected by federal, state, or local statute or ordinance); Harassment (of either a sexual or non-sexual nature); and Wrongful Termination (any actual or alleged wrongful dismissal, discharge or termination of employment, including breach of contract). Your reaction to bad behavior may be completely justified; it may even be a smart business decision that would appear to be beyond reproach. But, if you’re challenged, and you have to go to court to defend yourself, you’re on your own unless you have Employment Practices Liability Insurance. And the cost of defending these claims can be HUGE! In Fact In Most Cases The Cost Of Defense Is The Greatest Cost!
We will provide a risks assessment, custom build a Business Insurance program that meets your needs, and shop the companies to get the best value for you. Pathak Insurance, Inc is a full service Independent Insurance Agency that represents many top-rated companies. Give us a call at 703-249-4998.
