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 Ewing Hines & Associates Insurance Agency in Kensington, Maryland, we want to be sure you have the complete protection needed whether your business is located in Maryland, Virginia or Washington, DC.
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. 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
- Contractors
- Automobile Dealers, Garages, Repair Shops, Service Stations
The Four Basics in Business 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.
- Business Auto Insurance protects from financial loss up to the policy limits when third-parties sustain property damage or bodily injury for which your business is liable. Sometimes, depending upon the terms of your business 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 certain 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, you will find answers and assistance are just a phone call or e-mail away. The experienced representatives at the Ewing Hines & AssociatesInsurance Agency can help you assess your needs and your options. So contact us today to get the protection you need today.
