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Foy Insurance professionals manage risk with expert insurance direction. Our promise is to ensure that you have a full understanding of the different types of business insurance policies that are available to you and how they will benefit your business. Here is a brief overview of the different types of business insurance.

Protect Your Business Property with Insurance:

Running a business requires a lot of risk. You have to consider, and often acquire business insurance for, your company's property, the people who come into that property, and the possibility of having to temporarily shut down business due to a natural disaster or accident.

As a business owner, it is imperative to protect all of your workplace property. This type of insurance is very similar to home insurance and protects both your property and your business equipment in case of a natural disaster or accident. That same natural disaster or accident might also cause a temporary interruption in your work. A separate insurance policy, known as business interruption insurance, covers financial losses you may experience at that time.

Protection From a Lawsuit Extends Further Than One Might Think:

You need to have coverage for your own liability. A general liability insurance policy protects you in case someone other than yourself or your employees is injured while on your business property. Some additional examples how GL insurance extends to protect the following people and/or scenarios: If you have a joint venture or partnership, all of your partners, members and their spouses are protected if they are sued for something they do in an official capacity related to your business. If your business is a corporation, your policy covers all of your business’s executive officers, stockholders and directors while they are acting in their official capacities.

Protect Your Employees and Yourself:

If you have people working for you at your company's site, there are some additional types of business insurance you need to consider. The most obvious is worker's compensation, and it covers your liability for any injuries an employee suffers while working. Other types of insurance that you will need to consider for yourself and your employees include health insurance, disability insurance, life insurance, employment practices liability and directors and officers coverage.

Tailoring Coverage to Meet your Business Insurance Situation:

A Commercial Package Policy or "CPP" is a customized package of two or more coverage forms. The package policy is comprised of the same coverage forms that are used when separate(monoline)policies are written. Packaging coverages allows for great flexibility to design a policy specifically for the needs of your business. It also enables you to have almost all your coverage in one convenient package. The most common coverage forms include commercial property, commercial general liability, inland marine, crime, equipment breakdown, and commercial auto.

Comprehensive Business Insurance Plans:

With so many different types of business insurance policies, you may be wondering if there's one insurance plan that covers a variety of policies. A business owner's policy, also known as a BOP, combines several of the policies into one. A Foy Insurance professional can help explain the cost and whether or not your business is eligible for this type of business insurance plan.

How Many Vehicles and Drivers Connect Your Products and Services to Your Clients?

Commercial auto insurance is one of the most important aspects of your business insurance program. If your business uses a vehicle, or many vehicles, you need commercial auto insurance. Commercial auto insurance often separates coverage types based on the number of vehicles and drivers to be insured. Fleet insurance is an option for businesses that will have a number of vehicles and drivers. The number of vehicles differs with each insurer and may depend on the class of vehicle.

There are many things to consider when starting or running a business, but don't let insurance fall to the side because there isn't enough time in the day. A business insurance policy is there to protect you, your property, and your employees.

Here is a list of business insurance definitions:

Bond: An obligation of the insurance company to protect one against financial loss caused by acts of another. There is more than one type of bond. Insurance bonds are normally three-party contracts in which one party agrees to guarantee the act, performance, or behavior of a second party, to a third party. Some types of bonds are performance bonds,license and fidelity bonds

Certificate of Insurance: A document which serves as proof of the types of coverage, amounts of coverage and policy effective dates of an insurance policy. Certificates are held by the insured or, in some cases, by a company or person to whom the insured is potentially liable.

Claims-Made Coverage: A policy providing coverage only if a claim is made during the policy period. If the policy has a retroactive date a loss which occurred before that date, is not covered.

Commercial General Liability: A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury(BI)and property damage(PD)arising out of premises, operations, products, and completed operations; and advertising and personal injury(PI)liability.

Commercial Package Policy: A Commercial Package Policy ("CPP") is a customized package of two or more coverage forms. A CPP covers various property and/or liability exposures, depending on which coverage forms are selected.

Commercial Umbrella Liability Policy: A liability policy designed to provide liability protection above and beyond that provided by standard policies.

Electronic Data Processing Coverage: Specialized type of insurance designed to cover your computer equipment, data systems, information storage media and expenses or income loss related to the destruction of hardware or software.

Employee Dishonesty Coverage: Employee dishonesty coverage protects an employer from financial loss due to the fraudulent activities of one or more employees. The coverage includes protection for loss of money, securities, and other property of the insured.

Garagekeepers Legal Liability: Provides coverage to owners of storage garages, parking lots, etc. for liability as bailees with respect to damage to automobiles left in their custody.

General Aggregate Limit: The total amount that will ever be paid by an insurance policy regardless of the number of claims made against it.

Products Liability Coverage: The liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured or the liability incurred by a contractor after he has completed a job as a result of improperly performed work. The latter described part of products liability is called Completed Operations.

Professional Liability Insurance: Liability insurance protecting professionals for loss or expense resulting from claims of mistakes, errors or omissions committed or alleged to have been committed by the insured in his professional activities.

Worker's Compensation: Provides medical and disability coverage for on-the-job injuries or work related injuries; Also provides Employer's Liability coverage, protecting the company from an injured employee's claim that the employer's negligence was the cause of the employee's injury.

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