What Does Insurance Coverage Do?

Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Types of Business Insurance

Property and Casualty

Property and casualty insurance is insurance that protects against property losses for example your business, home or car and/or against legal liability that may result from injury or damage to the property of others. This type of insurance can protect a person or a business with an interest in the insured physical property against losses.

Business Liability

Insurance that protects a company and/or business owner in the event of a formal lawsuit or another third-party claim. There are three main types of business liability insurance: general liability insurance, professional liability insurance and product liability insurance.

Workers Compensation

Workers’ compensation provides benefits to employees for work-related injuries or illnesses including medical care, wages from lost work time, and more.  Workers’ compensation insurance can help protect your business and employees in events such as these:

  • An employee slips on ice, injures himself while walking up the stairs to the office, and requires an emergency room visit and weeks of recovery time.
  • An employee injures her back lifting a box of printer paper and requires a doctor’s attention, medication and physical therapy.
  • An employee returning to the office from visiting a client is injured in a car accident and requires hospitalization.

Buyout/Overhead Insurance

What is a buy-out agreement?

A buy-out agreement is a contract among the owners of a business.  The business can be in the form of a corporation, partnership, or limited liability company.  The purpose is to set forth the agreement of the owners as to what happens in the event one of them leaves the business or wishes to sell his or her ownership interest.  It may provide for a buy-out of an owner on death, disability, retirement, or some other termination of employment.

Overhead Insurance:

This insurance is designed to cover the operating expenses of a business if the owner of the business has become totally or partially (depending on the structure of the policy) disabled, this policy covers the business expenses. The expenses the policy is designed to cover typically include… 

  • Payroll (employee)
  • Rent
  • Utilities
  • Taxes
  • Accounting and legal fees
  • Insurance expense
  • Office supplies

Group Life & Disability

Group Life Insurance:

Group life insurance protects those who depend on your paycheck. If you die prematurely, life insurance provides your dependents with ongoing income to replace yours, until (or unless) they can live comfortably without it. It can also provide a timely emergency fund for medical, legal, and funeral costs, should family savings not be adequate to cover them Individual or Employer Sponsored.

Group Disability:

If you’re unable to work due to a sickness or injury, group disability insurance can help you meet expenses and maintain your standard of living. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, group disability insurance can help provide financial security until you get back on your feet and return to work Individual or Employer Sponsored.