W.A. George - Business Coverage

W.A. George Insurance Agency - Providing the Perfect Coverage Mix Since 1972

Business Coverage

Umbrella Policies:

Do They Really Shield From the Rain?

Yes, if one wants to ensure adequate liability coverage is in place if a lawsuit or serious injury occurs. If you find yourself in an unfortunate situation, and your current liability coverage is not enough to pay damages, the person bringing the action can go after your home or other assets.

An umbrella policy supplements your current car and/or home insurance, providing a higher level of protection. It begins where your current coverage ends. For example, if your car insurance covers up to $500,000 per accident, your umbrella policy starts at $500,001 and pays until your pre-set liability limits have been reached.

These types of policies are generally inexpensive as your primary liability coverage assumes most of the risk. For $200 a year, it is possible to purchase $1 million of additional coverage or more with an umbrella policy. It is also important to note that many companies will not offer an umbrella policy, unless both home and car insurance is also purchased from them. Additionally, insurers may stipulate what the limits of your primary insurance must be to purchase an umbrella policy on top of it.

Outside of the higher liability limits, your coverage is broaden to include bodily injury, property damage and personal injury (i.e. false arrest, false imprisonment, malicious prosecution, invasion of privacy, etc) you may have caused. It can also cover lawyers’ fees and other defense costs which can add up quickly.

However, an umbrella policy will not cover claims arising out of a business endeavor. For this reason, it is important for business owners to research and purchase a business insurance policy to be protected against liability claims. Additionally, depending on the laws of your state, punitive damages will not be covered, as well as intentional acts, unless there are extenuating circumstances.

Before making the decision about whether an umbrella policy is appropriate for you, consult an agent at W.A. George Insurance Agency to discuss your situation. They will help you analyze your risk (i.e. swimming pool in your backyard or frequent visitors to your property) and may be able to offer alternatives that can help you lower your monthly premium and increase your current coverage simultaneously.

Commercial customers generally require some or all of the
following types of insurance coverage:

Commercial Property Coverage – covers the
assets and property of your business…and if you own the
property, can cover the building itself.

Commercial General Liability – You’d be horrified
if an accident occurred on your premises and even more
upset if anyone was hurt and you weren’t insured. Protect
yourself from this kind of eventuality or from an accident
resulting from the actions of an employee with commercial
general liability insurance. This type of policy also covers
damages that might occur to the property of others.

Business Automotive Coverage – Make sure any
vehicles used in the course of your business are covered by a
comprehensive business automotive policy. Just as you protect
your personal car and yourself with consumer automotive
coverage, it’s important to carry liability, medical and bodily
injury coverage for your business vehicles.

Hint: Be sure to cover your business for uninsured and
underinsured drivers with your commercial automotive policy as well!

Worker’s Compensation Coverage – If an employee is hurt on
the job, you’ll use worker’s compensation insurance to cover their
medical bills and part of their salary. In most states it’s required, so
it’s not something you can afford to overlook.

Hint: Illinois requires this coverage.

Key Person Insurance – If your business relies heavily
on the knowledge and talents of a few key individuals consider
taking out Key-Person Insurance. In cases where your essential
human resources die or become disabled, this kind of policy
can help the business remain viable until another suitable
candidate can be found.

Commercial Excess Liability – High jury awards may
sound nice if you’re the one getting the money but if you’re the
one paying out, this could mean the death of your business.
This kind of supplemental policy covers liability over and
above the amount covered in the standard commercial general
liability policy, protecting your business from liability for
accidents that could be attributed to negligence – even if that
negligence takes place at the hands of one of your employees.

Who should consider reviewing their Business Coverage?
Quite possibly, YOU. If you haven’t recently reviewed your
commercial insurance coverage, you may need to reassess
your risk and look into lowering your overall insurance costs.
W.A. George Insurance can help…

Commercial Risk Assessment – Not sure how much coverage you need to meet the minimum requirements and protect yourself and your business from risk?

Click here to request your personalized business risk assessment…

Additional Commercial Coverage Tools:

Quick Quote.
This form is provided for commercial property owners and other business owners, looking to price insurance coverage quickly.

Vehicle Risk Assessment.
This form is provided for owners of commercial vehicle companies.

Vacant Property Assessment.
This form is provided for commercial property owners who are currently looking to insure vacant properties.