Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Food Manufacturing Insurance
Food Manufacturing Insurance. As a food manufacturer, there are many risks you'll face in your business. The machinery used in your business presents a high risk of injury to your employees. As a manufacturer, you rely on machinery to run your business. Many things can go wrong such as a machine breaking down or damage to equipment. Machinery breakdown can mean huge financial losses for your business. When production stops, the risk of product spoilage increases. Fortunately, the way to counter is by protecting your business with the right insurance. This is why food manufacturing insurance is so important. Below are some of the different insurance policies you can consider for your business:
Food manufacturing insurance protects your plant from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Commercial property insurance: this type of coverage protects the places you use for your manufacturing operation. If the contents inside the buildings are destroyed then having this insurance keeps your business covered. This type of insurance also offers business interruption coverage. If significant damage has been done to a building of operation and you have to stop your business, then this insurance will compensate you for the losses.
Commercial general liability insurance: Causing damage to a third person or property can be expensive to your business. If you ever cause injury to an individual or property damage to a third party, then having this insurance helps with any cost as a result.
Here are some other types of food manufacturing insurance you should also consider for your business:
Product liability insurance: helps with losses that occur because of injury to a user of your product or a bystander. Also, this coverage will include standard commercial general liability. To find out if this insurance is right for your business it's best to speak with an experienced insurance agent. Doing this allows you to understand the liability exposure level of your business and what you can do to protect it.
Environmental practices & pollution liability coverage: protects your company from liability claims as a result of damage caused by waste produced by your business. Having this type of insurance keeps your business protected from waste pollution claims.
Commercial auto coverage: is for when you have vehicles you use for the operation of your business. When on the road there's always the possibility of getting in an accident. With this insurance, you have more safety when on the road. If your employees use their vehicles to do transportation for your business, then you may also need to pick up hired or non-owned vehicle insurance to keep them covered.
Employment practices liability: protects your business from lawsuits made by an employee or former employee who claims discriminatory employment practices by your business. Having this kind of insurance in place gives you coverage against violations of any antidiscrimination regulations.
Umbrella coverage: allows you to purchase additional liability food manufacturing insurance coverage for your business. With umbrella insurance, you can get excess liability coverage for the areas your regular insurance may have missed.
Workers' compensation: is probably one of the most important types of insurance coverage you need in your business. Most states require this coverage for any non-owner employees. Often, before being able to operate you must have this insurance in place. If an employee gets injured while on the job and needs medical attention, they are covered with insurance. Workers compensation insurance covers medical costs and other expenses that come as a result of being injured on the job. If the injury results in a fatality then this coverage pays benefits to the surviving family of the victim.
Product recall insurance: One of the biggest risks you face in the manufacturing industry is having your product recalled. There is a greater emphasis being placed on the safety of food. For this reason, you want to make sure you have the proper food manufacturing insurance protection. Having your product recalled can cost lots of money for your business. With product recall insurance you can help to reduce the cost associated with it significantly.
Food Manufacturer Insurance
Being sued can cost your company lots of money. The proper protection allows you to avoid having to pay large sums of money if you're sued. To find the right insurance for your business, it's best you speak with an experienced insurance agent.
Small Business Economic Data & Insurance Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Small Business Economic Data In The United States
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
- In 2015, small businesses in the United States employed an estimated 58.9 million American workers, or 47.5 percent of the nation's private workforce.
- Largest shares = fewer than 100 employees. The small businesses that employed 100 people or less had the largest share of employment amount small businesses.
- Employment increased by nearly 2 percent. In 2018, employment amongst small businesses increased by 1.8 percent, which is an increase of 1 percent from the prior year.
- Increase in proprietors. In 2016, the number of small business proprietors increased by 2.3 percent.
- In 2015, small businesses were responsible for creating 1.9 million net jobs. Organizations that employed 20 people or less had the largest gains, as they added an estimated 1.1 million net jobs.
- There were 5.7 million loans that were value less than $100,000 issued by lenders in the United States in 2016. These loans were issued under the Community Reinvestment Act.
- Small business owners that were self-employed at the incorporated businesses that they owned reported a median income of $50,347 in 2016.
- Small business owners that were self-employed at the unincorporated businesses that they owned reported a median income of $23,060 in 2016.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
- Commercial Property Insurance: In the case of an unplanned disaster - fire, flood, vandalism, theft, etc. - this type of coverage will help you avoid paying for the damage out of your own pocket. Even if you rent the property, you should still carry commercial property insurance.
- Commercial Liability Insurance: In the event that a legal situation arises - a negligence lawsuit, for example - commercial liability coverage will provide financial protection. It will cover the cost of legal defense fees, court fees, and even moneys that may be awarded.
- Commercial Auto Insurance: If you operate a vehicle for any activities that are related to your business - transporting and/or delivering goods, or meeting with clients - commercial auto insurance is legally required for businesses of all sizes, including small businesses.
Additional Resources For Manufacturing & Wholesaler Insurance
Read informative articles on small business manufacturing and wholesale insurance. Manufacturing and wholesale companies face many risks due to the nature of their business operations.
- Food Manufacturing
- Leather Manufacturing
- Medical Manfacturing
- Plastic Manufacturing
- Product Liability
- Vitamins, Nutraceuticals & Dietary Supplements
- Wholesaler Distributor
For manufacturers and wholesalers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.
What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.
Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.
Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.
The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.