Business & Commercial Insurance Lakeland FL
As a business owner, you want to protect your business, employees and company assets such as machinery and autos. Personal umbrella liability policy generally has an exclusion for business-related liability, so you need to obtain business insurance.
General Business Liability insurance can prevent a legal suit against your company 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, you can concentrate on running your business knowing you and your company is protected.
General Liability pays for losses from real or alleged bodily injury, property damage, or personal injury that occurs on your business premises or from your operations.
Broad Range of General Liability Protection:
- Bodily Injury, including the cost of care and the loss of services, and restitution for death that results from injury,
- Property Damage coverage for the physical damage to other's property or the loss of use of that property
- Liability protection for damages and legal expenses (up to your policy's limit) if an injury ever resulted from a service your company provided,
- Products Liability is a more specialized commercial 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
As a business owner, you need the same kinds of insurance coverage for the cars used in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments, and coverage for uninsured motorists. 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 own name. This will avoid possible confusion and personal liability in the event that you need to file a claim or a claim is filed against you.
While the major insurance coverage is the same, a business auto policy differs from a personal auto policy in many technical respects. A good business insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, are likely to be driving their own cars for your business.
Workers' compensation insurance provides fixed monetary benefits to employees who are injured on the job, or for illnesses arising out of the course of employment with your company. While Workers' Compensation eliminates the need for litigation and creates an easier process for the employee, it also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.
As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers' Compensation insurance is designed to help companies pay benefits to employees. However, Workers Compensation Insurance is not health insurance as it is designed specifically for injuries sustained on the job.
Do you need Workers' Compensation insurance?
In most states, if you have employees, you are required to carry Workers Compensation coverage. Even if not mandatory in your state, it can be a good idea to have Worker's Compensation insurance especially if you have many employees, or if your employees are engaged in hazardous activities on the job.
Workers compensation insurance must be bought as a separate policy from general business liability. Although in-home business and business owners policies (BOPs) are sold as package policies, they don't include coverage for workers' injuries.
Benefits and protection with Worker's Compensation
Employers have a legal responsibility to make the workplace safe for employees. However, even when every safety measure has been taken, accidents can still happen.
In almost every state, business are required to purchase Workers' Compensation insurance to protect employers from lawsuits resulting from workplace accidents, and for medical care and compensation for lost income to employees hurt in workplace accidents.
Workers compensation insurance covers employees injured on the job - whether they're hurt on the workplace premises or elsewhere - or in auto accidents while performing work related tasks.
Workers' Compensation insurance also covers work-related illnesses, and provides payments to injured workers, without regard to who was at fault in the accident. Benefits are paid for time lost from work and for medical and rehabilitation services, and also death benefits to surviving spouses and dependents.
Each state has different laws regarding the amount of benefits and the duration of lost income benefits, medical and rehabilitation services and how the system is administered. In most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries, and laws on how disputes about benefits are resolved.