As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel — liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.
Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.
While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. The Hartford’s liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas.
Broad Range of General Liability Protection
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Workers compensation laws serve both employees who are injured on the job, and their employers. Workers Compensation Insurance is not health insurance; it ensures that those specifically injured on the job receive fixed monetary awards. This creates an easier process for compensating the employee, and also eliminates the need for litigation. Since many states limit the amount an injured employee can recover from an employer, Worker’s Compensation also eases the financial risks for employers.
Most states require that employers carry some form of Workers Compensation Insurance. Even in non-mandatory states, Worker’s Compensation can be a very good investment, particularly if there are many employees, or if they are engaged in potentially dangerous activities or jobs.
Is Worker’s Compensation necessary for my company?
Accidents happen, even when the best safety measures have been taken.
That’s why most states require employers to purchase Worker’s Compensation insurance. This protects employers from lawsuits resulting from workplace accidents and provides medical care and compensation for lost income to employees hurt in workplace accidents. Worker’s compensation insurance covers workers injured on the job, whether they’re hurt on the workplace premises or elsewhere, or in auto accidents while on business. It also covers work-related illnesses.
Workers compensation is no-fault insurance, providing payments to injured workers, without regard to who was at fault in the accident. Payment covers time lost from work as well as medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents.
In most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries. Regulations may also cover how disputes about benefits are resolved. Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services, and how the system is administered. Your Kahrl & Company Insurance representative can explain the laws in your state.
In-home business and business owner’s policies (BOPs) don’t include coverage for workers’ injuries, so worker’s compensation insurance must be bought as a separate policy.