As your company grows and expands, you may discover that the commercial insurance that protected you at first may not work a few years down the road. Alliance Insurance Group works with you to safeguard against being underinsured. Commercial insurance is a grouping of coverage designed for your unique company circumstances. Here is a list of some of the main characteristics of commercial insurance and what they cover.

Commercial Auto Insurance: Commercial auto is very similar to personal auto plans in coverage options. However, instead of listing specific drivers, it is usually set up to encompass all employee drivers. It typically has higher Bodily Injury and Property Damage liability limits to more adequately protect your assets from lawsuit from injuries sustained in an accident. Because each company is unique in how autos are used, policies vary in options and coverage.

Business Owner’s Policy: A BOP is often designed for lower risk small to medium sized businesses and combines general liability and property insurance along with optional endorsements that can be added.

Business Property Insurance: Business property insurance will cover your buildings that you own, inventory, and contents. An ACV (actual cash value) option will give you a lower rate, but that means your contents will be covered for their current value minus depreciation. Replacement Cost (RC) will pay for new replacement of lost items.

Commercial Liability Insurance: Commercial liability insurance will protect the business and cover legal representation against lawsuits from negligence, injury, and damage.

Products Liability: Products Liability covers lawsuits by individuals who were injured or suffered a loss due to your product.

Umbrella Liability: Umbrella liability will kick in after the liability limits have been reached on all your other business liability policies and still haven’t covered the entire loss. This is undoubtedly the most important coverage to carry that is extra due to the likelihood that you may incur a large liability claim at some point in your business dealings.

Equipment Breakdown Coverage: Equipment Breakdown will cover loss of property and income that occurs to key mechanical equipment. It is a coverage that goes over and above the general property insurance which only covers the main perils such as fire, theft, lightning, rain, etc. A good example would be a restaurant’s refrigerator or cooktop/oven that breaks and the restaurant is forced to close until it is fixed.

Business Interruption Coverage: Business Interruption covers employee salaries and lost profits or income due to a fire or some other catastrophic loss.

Completed Operations Coverage: Completed Operations coverage will pay medical coverage and injury awarded to a customer who was hurt as a result of negligent work by you or your employees on a construction product.

Workers Compensation: Workers Comp provides coverage for employees who are injured while working on the job and protects your finances if you’re sued. The program also works with the injured worker to become ready quickly to get back to work.

Directors and Officers Insurance: D&O insurance coverage protects individuals if they are accused of violating anti-trust laws, inadequate disclosure, deception, and much more. It also protects your company and your officers from financial loss resulting from a lawsuit.

Employment Practice Liability: EPL coverage will protect your company and employees from accusations of sexual harassment, discrimination, wrongful termination, breach of contract, and workplace disputes.

Key Employee Coverage: Key Employee coverage is a good coverage to have if your business depends on one or two people and your business would suffer if they suddenly leave, die, or retire.

Inland Marine Insurance: Inland Marine for businesses will cover damage to your customer’s property in case of a covered loss like fire. This is helpful for a business that provides a service for customers like repair shops.

Builder’s Risk Coverage: Builder’s Risk will cover damage in the course of construction in relation to the business. This is often used in building contractor’s policies.

Errors and Omissions Insurance: E&O insurance is a liability protection for a professional who fails to completely disclose all options for coverage and the client has a loss that would have been covered should they have known about it. It is most commonly used in insurance for agents.

Malpractice Insurance: Malpractice insurance protects professionals if their services is substandard or causes a loss.