Specialized Coverage For Business Insurance
Firstly, insurance providers offer business insurance specialized coverage. Therefore, business owners are free to pick what coverage they need based on their company. By doing so, business owners also save money on insurance coverage.
Depending on the business, several coverages are needed to protect the company completely. Understanding specialized coverage 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 office 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 cost 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 1-888-949-6289 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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*Please review your own policy for details on business insurance coverages. Coverages vary by contract.