Business insurance provides financial protection that helps a company effectively manage risk, such as losses to property and liability claims.

An experienced broker-agent can assist small business owners in exploring various commercial policy options.

Claims loss experience is an integral component of the rating formula that determines premium costs. Furthermore, how a business manages claims handling practices plays a significant role.

Property Insurance

Property insurance protects a company’s inventory, equipment and furniture against events like fire, storm damage and theft. Policies typically also offer business interruption insurance as an added feature and may also come as part of a bundle called Business Owner’s Policy (BOP).

Casualty insurance protects businesses against liability exposures associated with their operations. It may come as part of a package policy or as individual coverages such as commercial auto, general liability, umbrella, workers compensation and workers’ comp. Casualty covers negligent acts or omissions committed by individuals, businesses or organizations which cause bodily injury to third parties as a result.

Loss control services provided by some commercial insurance companies to reduce claims can be invaluable resources for any business, providing safety audits, loss control programs and risk management workshops as a service that helps identify risks as well as implement plans to manage them effectively. Loss control services often come without additional costs to offer businesses these valuable tools for reducing frequency and severity.

Business Interruption Insurance

Business interruption insurance (BI) helps replace income and cover ongoing expenses if your business must close due to property loss, such as relocation costs, renting temporary equipment rentals, overtime wages covered and more. You can purchase it alongside an existing commercial property policy or purchase as an add-on policy.

For Business Interruption coverage to come into play, physical damage must occur directly to your business property – for instance a fire in your restaurant kitchen or hurricane damage at your store. When physical damage occurs, its restoration period begins; when repairs or reasonable restoration efforts begin and end it comes full circle for coverage to apply.

Some BI policies may contain a COVID-19 trigger, so it’s wise to consult your agent regarding any particular coverage details. When projecting revenue and costs accurately, ensuring your BI limits are adequate can help keep business running smoothly. Smaller businesses can buy this protection through their business owner policy (BOP); larger firms requiring greater coverage should consider buying standalone business interruption coverage or opting for an endorsement that offers extra protection.

Commercial Auto Insurance

If your vehicle is used exclusively for business, then commercial auto insurance should be obtained. A personal policy would provide limited protection, while commercial policies provide wider and more specific coverage.

These policies can cover an array of claims related to business vehicles, such as bodily injury and property damage resulting from accidents you or your employees cause, medical payments coverage and uninsured motorist protection.

As part of your coverages, HNOA (Hired and Non-Owned Auto coverage), which protects personal vehicles driven by employees for business use while on company time, may also be included as an endorsement to a commercial auto policy or as a standalone policy. HNOA coverage can be beneficial to service businesses that rely heavily on vehicles to transport customers or make deliveries; some clients even require this form of insurance as a requirement of doing business – for instance a plumbing company using trucks for delivery would need this coverage; other examples could include construction companies or delivery services providing their products directly.

Business Owner’s Policy (BOP)

A BOP offers protection for property, business interruption and liability risks at an affordable premium compared to purchasing individual policies separately. It may include general liability coverage that protects against claims from third parties for bodily injuries (like when someone slips and falls in your parking lot), damage to personal property and advertising injuries (for instance if an intern posts something libelous online that puts your company into legal hot water).

BOP policies generally cover vehicles used for business; workers’ compensation coverage which provides medical expenses, physical therapy and lost income when employees are injured on the job; as well as employment practices liability and commercial umbrella coverage which should also be taken into consideration.

Commercial General Liability (CGL)

Commercial General Liability Insurance (CGL) safeguards your business against financial loss in the event that it is held liable for property damage, bodily injury or personal and advertising injury claims. CGL policies typically include premises/products/completed operations coverage as well as excess/umbrella insurance to augment primary policies when claims exceed their limits.

Imagine this: an accident happens at your retail store or construction crew accidentally damages someone’s home during an on-site repair, and regardless of any ensuing lawsuits filed or not. These incidents could potentially put your business under severe financial strain unless protected with a commercial general liability policy.

Every business should carry CGL insurance unless its activities are considered too high-risk for it to provide adequate protection. A CGL policy often excludes coverage for accidents involving mobile equipment like cranes and forklifts since those are covered under more specialized policies like hired and non-owned auto insurance policies. If your insurer has refused to process or pay out on claims you have filed with them, contact attorney David Schwartz immediately for help pursuing those claims against businesses and individuals in San Francisco and its environs.