What Kind of Insurance do I Need to Purchase for my Business? (pt.2 )

As we went over Commercial Insurance on our most recent article, we clarified that Commercial Insurance is divided into two main categories: property insurance and casualty insurance.
Property insurance provides coverage for buildings you own or lease as a part of your business, your business personal property, and the personal property of others.
Casualty insurance protects your business from financial loss resulting from claims of injury or damage cause to others by you or your employees.
We already defined property insurance on our previous article, now we’re going to focus on casualty insurance, so pay attention!

Commercial casualty generally includes the following types of insurance coverages:

Liability insurance, including general liability and errors and omissions (professional) liability.
This coverage protects your company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on your property or when there are property damages or injuries caused by you or your employees.
Lastly, it can cover claims of false or misleading advertising, including libel, slander, and copyright infringement.
Workers compensation and employers liability coverages
California employers are required by law to have workers’ compensation insurance, even if they have only one employee. Depending on circumstances of injury or illnes, injured employees are entitled to benefits such as the following six: medical care, temporary disability benefits, permanent disability benefits, supplemental job displacement benefits, and death benefits. Injured employees may be entitled to one or more of these benefits.
Commercial auto insurance
Commercial auto insurance covers a variety of vehicles including: company cars, box trucks, food trucks, work vans, and service utility trucks. This coverage provides similar protection such as liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured motorist coverage. The differences between a personal and commercial auto policy include eligibility, definitions, coverages, exclusions, and limits.
Commercial umbrella and excess liability coverages
A commercial umbrella covers the amount of loss above the limits of a basic liability policy. Commercial automobile, CGL, workers compensation, or any liability policy can be covered by a commercial umbrella. A commercial umbrella may also provide coverage if a basic liability policy is not in force.
Foreign casualty coverages.
These include foreign liability, foreign auto, and foreign workers compensation coverages.
Specialty coverages such as special event insurance and entertainer liability
Special event insurance is an insurance policy designed to provide broad protection for situations in which an event holder must defend itself against lawsuits or pay damages for bodily injury or property damage to third parties. Host liquor liability is included if there is no transfer of money for alcohol. This policy also gives protection to the venue and or sponsors of the event by adding them to the policy as an additional insured.
We hope you have a better understanding of what makes up Commercial Insurance! If you have any questions or want to get a quote, get in touch with your UniAmerica Insurance agent today or give us a call at 1-310-835-3373.


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