Commercial Property Insurance

Commercial property insurance helps businesses, including farms and ranches, pay to repair or replace property that was damaged by a fire, storm, or other event covered by the policy. It also pays to replace stolen or lost property.

Sample of property covered:

  • Building
  • Contents
  • Inventory

There are three types of commercial property policies in Texas. The policies protect against different causes of damage, or "perils."

  • Basic form policies cover common perils like fires and storms.
  • Broad form policies cover common perils, as well as things like water damage; structural collapse; sprinkler leakage; and damage caused by ice, sleet, or weight of snow.
  • Special form policies cover all types of perils except those the policy specifically excludes. Typical exclusions include damages from flood, earth movement, war, terrorism, nuclear disaster, wear and tear, and insects and vermin.

Read your policy carefully. You may need to buy additional coverages or separate policies -- such as flood, windstorm, or crime coverage policies -- to fully protect your business.

You can buy a single policy to cover a business with more than one location, unless the locations have different functions and risk profiles. For instance, you might have an administrative office at one location and a factory at another. If your business has operations at multiple locations, ask your agent if you need separate policies.

 

Commercial General Liability Insurance

Commercial general liability insurance is a standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the "comprehensive" general liability policy.

Liability insurance is designed to protect the business against losses in the event that they are found to be negligent or liable for property damage or bodily injury to third parties. Typically, damages, legal defense fees, and settlement charges are paid by the insuring company when a claim is filed against the business.

Included in the liability policy:

  • Products/Completed Operations
  • Medical Payments
  • Personal and Advertising Injury

 

Commercial Auto Liability Coverage

Commercial auto liability coverage provides protection for vehicles owned or leased by a business. Policies usually include physical damage coverage for your vehicle as well as bodily injury and property damage to others.

Business auto liability insurance helps cover the financial responsibility if you or an employee is at fault in an accident and people are injured or property is damaged. A minimum amount of commercial auto liability insurance (or proof of financial responsibility) is required in most states.

Some states also require underinsured motorist and uninsured motorist coverage to protect you when the at-fault driver is unable to pay the total cost. Collision or comprehensive insurance is often optional.

Coverages Include:

  • Liability for Bodily Harm and Property Damage
  • Personal Injury Protection
  • Medical Payments
  • Comprehensive
  • Collision
  • Uninsured/Underinsured Insurance
  • Hired and Non Owned Liability

 

Workers' Compensation

Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. Payments are made to the injured party and may cover medical payments, loss of wages, and the cost of necessary therapy. 

 

Professional Liability Insurance

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.

Professional liability insurance may take on different forms and names depending on the profession. For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by insurance agents, consultants, brokers and lawyers. Other professions that commonly purchase professional liability insurance include accounting, engineering and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport. Some charities and other nonprofits/NGOs are also professional-liability insured.

 

Let the agents here at Time Insurance Agency help you find the perfect lines of coverage for your business. We're located here in Austin and know exactly how to help your business thrive! Check out our insurance blog for interesting articles related to commercial lines of insurance.