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.
Warehouse Insurance. The responsibility of a warehouse is to keep the goods of their customers safe for a fee. As with any business, there are things you don't plan for that can go wrong. For this reason, keeping your business protected is a must. Getting the right warehouse insurance for your business is how you can protect it.
Learning about the different policies available will help you to choose the best one. Once you have an idea of the different options available speaking with an experienced insurance agent is the next step.
Warehouse insurance protects your storage operation from lawsuits with rates as low as $117/mo. Get a fast quote and your certificate of insurance now.
Figuring Out The Type Of Coverage You Need
As an owner of a warehouse, your main concern is to protect the goods of your customers. Protecting the buildings and contents inside is the most important part of your business. Understanding the size of the operation you are running is the first step to finding the right insurance.
Can your warehouse properly store the items in them? What are the different types of material stored in your warehouse? These are just some of the questions to ask yourself to enable you to find the best warehouse insurance for your business.
Property And Liability Insurance: Why You Need Them - Protecting your property before the protection of customer's goods is the first and most important step of your business. property insurance is how you will protect your buildings and the contents in them. If any thing in your warehouse is destroyed by fire, weather, smoke or anything that can cause damage, you are protected with this type of insurance. This coverage covers all of your business assets. Also getting commercial general liability insurance protects you from slip and fall claims from customers or vendors when they are on your property.
Legal Liability Coverage For A Warehouse -
This type of warehouse insurance protects the products you store in your warehouse. Your customers are paying a fee for their goods to be stored and you must ensure you keep them safe. Reasonable care is an expected part of your warehouse business, but if a customer's good is damaged, then you could be held liable.
Warehouse Legal Liability Insurance - Having this type of insurance keeps your customers protected. If you are negligent, you can be held liable but when a client stores goods at your warehouse they must insure their goods. Warehouse legal insurance can be complex, and this is why taking the time to speak with an experienced insurance agent can help you to find the right protection for your business. There might be things excluded from your insurance that you need protection for and speaking with an agent can fix that. Having warehouse protection keeps you covered from the following:
- Roof Collapse
- Missing Items
And anything that can go wrong while goods are stored at your warehouse. This coverage protects you when your negligence causes customers goods to be damaged.
Commercial Auto Insurance - If there are a fleet of vehicles you use for your business, then you need to get commercial auto insurance. With commercial auto insurance, you can pay for any damage caused by a vehicle use in your business. If an employee uses their vehicle to do errands for the business then getting hired or non-owned car insurance keeps them protected.
Workers Compensation - Keeping your employees safe is an important part of your business. There are many risks of your staff getting injured while working at your warehouse. To keep your employees protected you need workers' compensation - and in most states it is mandated for any non-owner or partner employees. If an employee is injured while on the job and needs medical attention then with this insurance, you're covered. Having this workers comp takes care of any medical expenses as a result of the employee being injured at the warehouse. If an injury results in a fatality, then this insurance pays benefits to the family of the deceased.
Owning a warehouse not only puts you responsible for the goods of a customer but also for the protection of your business and employees. Protecting your warehouse means you're protecting your customers. There are many things that can go wrong on a daily basis. Speak to an experienced insurance broker so you can get started on the path of protecting your business.
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 Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Mobile Home Park
- Non-Residential Building Operators
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
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.