5. Workers Compensation Insurance Most states require W orkers Compensation insurance if there is anyone on the payroll. Fines may incur if workers compensation insurance is not placed. Workers compensation pays employees for medical costs and lost time due to work related injuries/illnesses. Rates are based on the type of work each employee is performing. Your agent can help you determine the amount of payroll that goes in to each "rate class."
6. Business Auto Insurance If a company owns vehicles, a B usiness/Commercial Auto policy should be in force. Many companies have employees drive their own personal vehicles to run errands, make sales calls, and make service calls. Non-owned auto coverage should be purchased if a company has this exposure. Hired auto coverage should be purchased if anyone from the company rents vehicles as part of doing business.
7. Professional Liaiblity Insurance This coverage focuses on the failure to perform, financial loss and error or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can be added. On a General Liability policy, professional services are usually excluded. For the many business who have a professional exposure, this is an important coverage to speak to your agent about.
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