Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Why do Business Associations need insurance?
Companies who work in this industry are involved in business interests promotion. Employees conduct research, publish and distribute newsletters and periodicals, and develop marketing strategies to help members. Examples of this industry include agricultural organizations (except youth farming organizations and farm granges), real estate boards, chambers of commerce, trade associations, and manufacturer's associations.
Running a business comes with plenty of risks. Your employees could be injured on the job, a thief could break into your business property, your client could file for breach of contract. For these reasons, it is essential to protect your business assets. One of the best ways to do that is to get insurance.
What risks do Business Associations face?
Your employees could be injured on the job and you'll be responsible for the medical costs that occur. If things get worse, your employee could file a negligent claim. While driving on the way to your client, you are involved in an accident for which you are at fault. You will be responsible for vehicle repairs and medical expenses to the other party. These are just some of the many risks that a business association can face.
How much does Business Association insurance cost?
The cost of the insurance varies on the type of business you are running, the services offered, number of employees and other information. To give you an idea: