The Facts About Commercial Insurance
Business owners should carefully consider their commercial insurance needs, which offer a range of vital protection related to the business. From vehicles to property and the employees within the business, owners can safeguard their investment and lessen the risk of a scenario affecting its growth and presence. The following areas represent some of the primary commercial insurance needs that any business should approach.
Commercial Auto Insurance
A vehicle that is used within the context of business must have its own policy; a personal car insurance policy is not enough, as it won’t cover items that relate to business. If your business uses vehicles to perform routine or even occasional operations, a commercial auto policy is a must.
Commercial General Liability Insurance (CGL)
Bodily injury, property damage, personal injury, and advertising injury are covered with a CGL policy. A convenient catch-all type of policy, many businesses can use it as a starting point for their commercial insurance needs – in terms of liability.
Commercial Property Insurance
A commercial property insurance policy could be thought of as a commercial version of a homeowners policy. You will find similar covered items, such as fire, theft, and natural disasters that pertain to the business property. If your business has some type of physical location, it would require a property insurance policy.
Workers that are hurt on the job can rely on workers compensation for lost income and medical expenses. This coverage is commonly required by employers, and it often extends to temporary employees as well. Make sure your workers are protected and get the best commercial insurance you can.
Workers’ Compensation Rates on the Rise
Workers’ compensation rates will continue to rise as of April 1, 2018. The Pennsylvania Insurance Commission has approved an overall average increase of 0.70 percent in collectible loss costs. With the rate increase announced and effective Feb. 1, 2018, the combined impact is an increase of 6.80 percent over the April 1, 2017 Premium rates.
What does this mean to your business? Well, that depends. Your industry, labor classifications, and calculated loss and Injury statistics all come into play.
Did you know you can save 5% in Worker Compensation rates, by having a “State-certified” Safety Committee (Give me a call to learn more about this process).
Did you know we can audit your WC rates going back three years? And, we do that at no cost to you! Contact us today to learn more.
Business Owner Package (BOP)
Small business owners can take care of many needs in a BOP policy – it often includes vehicle, property damage, business income, property, and bodily injury, as well as other types of basic insurance needs.
At Advocate Insurance we can provide you with a quote of each commercial insurance individually or within a package.
Safety and How It Affects Your Business
Next Steps: To learn more about how we might be able to help your business, call or email Dale Rothenberger at: