Business Insurance

Contact an agent

You’ve worked hard to establish you business. We want to help you protect all that’s gone into it. After all, we’re a local business, too. So we understand your concerns. Partner with a Generations agent to secure the right-sized plan for the job.

Click on the links below for some fast FAQs.

BUSINESS FAQS

Do I need a commercial auto insurance policy?

As a business owner, you need the same insurance coverage for the car you use in your business as you do for a car used for personal travel. This coverage usually includes liability, collision and comprehensive, medical payments (personal injury protection in some states) and coverage for uninsured motorists. Many business owners use the same vehicle for business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

The decision to purchase a business auto insurance policy will depend on the kind of driving you do. An agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.

While the major coverage elements are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options. If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage

Should I insure the life of a key employee?

The loss of the key person can make the running of the business less efficient and result in a loss of capital. Losing a key person can be a major blow to a small business if that person is the key contact for customers and suppliers and the management of the business.

Losses caused by the death of a key employee are insurable. Such policies will compensate the business against significant losses that result from that person’s death or disability. The amount and cost of insurance needed for a particular business depends on the situation and the age, health and role of the key employee in the day-to-day operations of the business.

Key employee life insurance pays a death benefit to the company when the key employee dies. The policy is normally owned by the company, which pays the premiums and is the beneficiary.

Do I need professional liability insurance?

Professionals that operate their own business need professional liability insurance in addition to an in-home-business or business-owner policy. This coverage protects them against financial losses from lawsuits filed against them by their clients.

Professionals are expected to have extensive technical knowledge or training in their particular areas of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called “errors and omissions” liability.

Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under any homeowner endorsements, in-home-business policies or business-owner policies.