Commercial Package Policies – Business Insurance

There are many types of risks that a small business owner might encounter and each requires a separate insurance policy. Buying individual policies for each risk can get confusing. Your agent will be able to offer you commercial package policies to help business owners organize their policies needed to protect their business in one convenient package. These packages may also include discounts to save business owners money as well.

Not every type of commercial insurance is offered in a commercial package policy though. Business owners can create a custom package using any of the following coverage types:

• Property coverage
• General liability
• Employment practices
• Auto
• Inland marine coverage
• Machinery coverage
• Crime coverage
• Boiler coverage
• Farm coverage
• Professional liability coverage

Your individual package may also have declarations, endorsements and conditions specific to you and the needs of your business. For instance:

• Each package will have what is called a common policy declaration spelling out the details of whom and what is covered. It will include the policy holder’s name, coverage dates, a description of the nature of the business covered and the premiums.
• Common policy conditions will spell out the responsibilities and obligations of the primary insured. This ensures that, in the case of a business with multiple owners, one individual owner will be responsible for paying premiums and responding to inquiries. This is also the only individual on the policy with the power to cancel it. In order to do so, he or she must send the request in writing to the insurer. If the primary insured wishes to transfer these responsibilities to another, the request must also be made in writing and must be approved by the insurance company.

With commercial package policies, it’s important to know that your insurer will be permitted to audit your business' books at any time while the policy is in-force and up to three years after it has been canceled.

Call us today at 225-935-8751 for more information about Commercial Package Policies or get a free Baton Rouge business insurance quote.

JG

Baton Rouge business insurance: Understanding the Role of Workers Compensation Insurance in Your Small Business

If you have employees, no matter how few, then you need Baton Rouge workers’ compensation insurance. Generally, individual states require businesses with employees to carry it, but even without this legal incentive it is a necessary product.

Workers’ compensation helps to save your bottom line against the claims of employees who are left with medical bills and are unable to continue working after being injured on the job. It is a benefit that is solely provided by the employer and not something that employees can help to fund.

The first thought that springs into the minds of many small business owners is that, since their business is small and internet-based, what injury could possibly befall their employees? But repetitive stress injuries, trips and falls and sprains are not reserved just for large companies. They can strike employees at even the smallest home businesses. 

Beyond providing compensation and medical fees for injured employees, workers’ compensation insurance has other optional protections that can be built-in to your policy and that may save your small business from financial losses. These protections include,

• Legal expense coverage if an employee makes a claim that is invalid or is part of a fraudulent activity.
• Funeral expense coverage for employees who are killed as a result of a workplace accident or injury.
• Financial support for dependents that lose a provider as the result of a work-related injury or accident.

The liabilities that a workers’ compensation policy can cover are flexible, so you can design a policy that makes sense for your business and your risk.  Another great aspect of workers compensation insurance is that the owners of the business have the option of including themselves on the policy. They can opt not to and save money on premiums, or they can decide to cover themselves and get workers’ compensation benefits if they become injured at work while working (this is an important distinction for home-based businesses).

Some states allow certain companies to self-insure their workers’ compensation benefits, but because of the great financial risk involved this is not generally advisable and does carry some stiff financial, income and asset requirements for the business. 

As if all these reasons weren’t enough to compel small business owners with one or more employee to carry workers compensation insurance, the states that require it have also instituted fines for those companies that are out of compliance. So if you choose not to get the coverage, not only will you suffer enough financial exposure to possibly result in the loss of your business, but you also may be fined on top of that.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge business insurance quote at (225) 490-5678.