Specialized Coverage For Business Insurance
Firstly, insurance providers offer forms of business insurance known as “specialized coverage”. Therefore, business owners are free to pick what coverage they need based on their company. By doing so, business owners can save money on insurance coverage.
Depending on the business, several coverages are needed to protect the company completely. Understanding specialized coverages and what they protect against will help business owners select the right type of coverage for their business.
Workers Compensation Insurance
Under Illinois law, employers have an obligation to provide workers compensation insurance. This is for everyone hired or employed in the state as well. Regardless of the size of the company. However, business owners and partners, corporate offices and owners of an LLC may exempt themselves from workers comp.
A workers compensation policy covers:
- Lost wages.
- Medical expenses.
- Rehabilitation expenses.
Errors And Omissions Insurance
This, also known as professional liability insurance, protects businesses from mistakes. Also, from advice a company gives that results in a lawsuit. An errors and omissions policy will pay for damages that a company is legally liable for. Only up to policy limits, however. If a company was sued and found not liable, the errors and omissions insurance will still pay for the defense costs.
Product Liability Insurance
This protects a business from personal injury. Including property damage lawsuits caused by a defective product.
Business Owner’s Policy (BOP)
This combines specialized coverages based on a company’s needs. It’s also a great way to save on business insurance. Bundling services often costs less than purchasing separate specialized coverage policies.
Do you need more information about business insurance, specialized coverage, or commercial auto insurance? Our agents and customer service representatives are here to help with your insurance company needs. Call us today at 888-949-6289 or visit your nearest Insurance Navy location. Because we care about your convenience, our offices open from 8 a.m. to 9 p.m. CST. Moreover, they are open 7 days a week.
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