Business Owners, you may need one or more of the coverage options listed
General Liability insurance protects a 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. It also covers the cost of your legal defense and any settlement or award should you be successfully sued. Typically these include compensatory damages, nonmonetary losses suffered by the injured party, and punitive damages. General liability insurance can also protect you against any liability as a tenant if you cause damage to a property that you rent, such as by fire or other covered loss. Finally, it can also cover claims of false or misleading advertising, including libel, slander, and copyright infringement.
Worker's Compensation insurance provides coverage for an employee who has suffered an injury or illness resulting from job-related duties. Coverage includes medical and rehabilitation costs and lost wages for employees injured on the job. This insurance can be obtained from a licensed insurance company. The law in most states requires some form of workers’ compensation insurance. Refer to the workers' compensation authority in your particular state.
Business Automobile insurance policy covers a company's use of cars, trucks, vans and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.
Business Property insurance protects the physical property and equipment of a business against loss from theft, fire or other perils; all-risk coverage covers against all risks; named-peril coverage covers only against specific perils named in the policy.
A surety bond is somewhat like a professional co-signer. The surety company is basically promising the agency requiring the bond that you will follow the rules listed on the bond and will not cause financial harm.
Different types of surety bonds are: Motor Vehicle Dealer Bonds, Broker Insurance Bonds, Surety Bonds for Security Firms, etc…
A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. An example of this is a Performance Janitorial Bond.
The bond is NOT to protect you; the bond is in place to protect the public from you.
If you do not follow the obligations stated on the bond then a claim can be filed on your bond. The surety company will investigate and pay out if they find you at fault.
Unlike insurance, if the surety company pays out on the bond, you are obligated to pay the surety company back.