Business insurance is usually a bundle of coverages, custom-designed to best protect your particular type of business for the many general risks and those that might be unique to your industry, whether you are in retail, property management, contracting or some other line of business.
Here at the Schaefer & Delauder Insurance agency in Germantown and Frederick, Maryland (Montgomery and Frederick Counties), we want to be sure you have the complete protection needed whether your business is located in Maryland, Virginia, Pennsylvania, North Carolina, New York , Delaware, Washington, DC or West Virginia.
Business Insurance Packages
Insurers providing business insurance usually combine a number of insurance coverages to offer policies that protect a business from all major property and liability risks – creating a single package (Business Owners Policy). Of course, they also sell these business coverages separately. Package policies are created for businesses that typically face similar kinds and degrees of risk. Some of the most commonly packaged coverages are:
- Retail, Service and Manufacturer
- Real Estate, Property Owners, Landlords
- Automobile Dealers, Garages, Repair Shops, Service Stations
The Four Basics in Business / Commercial Insurance
Regardless of the type of business you do, there are four basic types of business insurance that you should have:
- Business Property Insurance covers at a minimum the physical property and contents (known as ‘personal property’) from damage or loss by various catastrophes like theft or fire.
- Business Liability Insurance pays for claims by third-parties for loss, damage or injury, for which your business is found liable. It also covers up to policy limits, your legal expenses and the medical expenses of third-parties injured by/on your business premises.
- Commercial Auto Insurance protects from financial loss up to the policy limits when third-parties sustain property damage or bodily injury involving your business cars, trucks, SUVs, and other commerical vehicles for which your business is liable. Sometimes, depending upon the terms of your commercial auto coverage, this insurance may cover repair or replacement of your business vehicle that resulted from theft, accident, etc.
- Workers Compensation Insurance, commonly called ‘Workers Comp’, is required by the state for businesses with a state-designated number of employees.
Optional/Additional Business Insurance
In addition to the major types of business insurance coverage, there are other policies you might need to consider, depending upon the scope of your business, such as the following:
- Errors and omissions insurance
- Professional liability insurance
- Employment Practices Liability Insurance
- Directors and Officers Liability Insurance
- Key Employee Insurance
- Business Catastrophe Liability (Umbrella) Insurance
- Terrorism Insurance
Whether you are new to your business or a seasoned business owner, when you work with the Schaefer & Delauder Insurance agency, you will find answers and assistance are just a phone call or e-mail away. Our experienced representatives can help you assess your needs and your options. So contact us today or request a free business insurance quote to get the protection you need.
The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it. This website is not intended to advise, offer or bind coverage. You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at Schaefer & Delauder Insurance before making any decisions or choosing a course of action.