What is Business Insurance?
Getting the right insurance for your business, at the right rate, can help make your business more successful than ever. An affordable business insurance policy with SunGate Insurance Agency will protect your business and your peace of mind. Learn more from one of our commercial insurance experts!
Protect Your Investment with the Right Business Insurance Policy
Business insurance is a generalized name for a range of different coverages available to business owners. The goal of business insurance is to protect you—the owner—against potential losses and to ensure the continued operation of your business.
Depending on the type of insurance you require, business insurance can help protect your investment by minimizing potential financial risk associated with unpreventable and unexpected events such as the death of a partner, injury to an employee, a lawsuit, or even a natural disaster.
What Are the Major Types of Business Insurance?
General Liability Insurance
General liability insurance (GLI) is sometimes called business liability insurance or commercial general liability insurance. This type of liability insurance coverage helps protect your business from claims of bodily injury or property damage that can come up during normal business operations.
Commercial Auto Insurance
Commercial vehicle insurance is a policy of physical damage and liability coverages for amounts, situations, and usage not covered by a personal auto insurance policy. This type of business insurance covers many types of commercial vehicles—from automobiles used for business purposes, including company cars, to a wide variety of commercial trucks and vehicles.
Commercial Property Insurance
Business property insurance, also known as commercial property insurance, protects a company’s properties and on-site physical assets against damage due to certain causes of loss. This type of business insurance can help minimize the financial impact on a business following certain accidents, weather events or other hazards.
Businesses with any physical assets of value should have commercial property insurance. A physical asset of value doesn’t have to be a building; it could be expensive computer equipment or other items that would be costly to replace.
Commercial Umbrella Insurance
Any business that is potentially at risk of exceeding the limits of their existing liability policies should consider commercial umbrella insurance. If you provide high-level professional services or products that could potentially cause harm to a customer it’s a good idea to shore up your risk management program. Basically, the greater the risk of third-party liability claims, the greater the need for umbrella coverage.
Businesses that have commercial property that is open to the public should be considering this type of insurance since the fact that they are working directly with people exposes them to an increased amount of risk.
Professional Liability Insurance
Professional liability insurance, also called errors and omissions insurance (E&O insurance) or indemnity insurance, protects your business if you are sued for negligently performing your services, even if you haven’t made a mistake.
Business Owner’s Package (BOP)
A Business Owner’s Policy (BOP) is an enhanced insurance policy that combines general liability insurance and property insurance. Many small business owners mistakenly believe that if they have general liability insurance their own losses are covered, as well as the losses of their customers. But a general liability policy does not protect you when it comes to your own property. If you want to protect your own property, consider buying a Business Owner’s Policy (BOP)
Workers compensation insurance protects your employees and your business from work-related accidents, illnesses, and even death. Nearly every state requires that employers have insurance to cover medical costs and lost wages for workers who are injured or become ill on the job. If you don’t carry workers compensation insurance, you could be liable for these costs, and be subject to fines or penalties by the state.
Group Health Insurance
Group health insurance is purchased by an employer in order to offer eligible employees and potentially their family appropriate health insurance as a benefit of working for that organization. Group health insurance is often a major part of an employee benefit package offered by the company.
Group Life Insurance
Group life insurance is a single contract for life insurance coverage that extends to a group of people. By purchasing group life insurance policy coverage through an insurance provider on a wholesale basis for its members, companies are able to secure costs for each individual employee that are much lower than if they were to purchase an individual policy.
Group Disability Insurance
Group disability insurance is a type of group insurance that offers regular income replacement to an insured member of the group in cases of eligible disability, usually stemming from illness or injury. Group disability usually offers two types of coverage: short-term disability (STD) and long-term disability (LTD).
Employers are increasingly offering supplemental insurance plans as part of a competitive benefits package in a tightening labor market. Supplemental insurance plans, also called voluntary insurance plans, aren’t required by law but do provide valuable benefits that can be used to complement your group health plan.
At SunGate Insurance Agency, our goal is to provide you with the right business insurance policy to meet the legal requirements of your state and to offer you peace of mind! Contact us today find the policy that works for you!
Contact SunGate Insurance Agency today learn more about the type of insurance you need. Click here to contact us or call (407) 878-7979.
SunGate Insurance Agency Coverage
Home Insurance, Auto Insurance, Group Insurance, Property Insurance, RV Insurance, Renters Insurance, Event Insurance, Insurance Bonds, Life Insurance, Business Insurance, Workers Comp, Flood Insurance, Umbrella Insurance and more!
Located in Lake Mary, Florida (serving clients Nationwide and locally in Orlando, Heathrow, Longwood and surrounding Central Florida areas.