General liability insurance, which is also commonly referred to as business liability insurance, or business insurance in Verona, WI, is coverage that can protect you from a variety of claims including property damage, bodily injury, personal injury and others that can arise from your business operations. General liability insurance quotes usually include:
- Personal injury
- Bodily injury and property damage liability
- Medical expenses
- Products completed operations
- Damage to property rented to you
Who Needs General Liability Insurance?
General liability insurance is often offered along with property insurance in a Business Owner’s Policy (BOP), but it’s also available as a stand-alone coverage. As a small business owner or contractor, it is important for you to carry some form of business liability insurance to safeguard your livelihood. If your business experiences a single accident this could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches the level of risk that your business is exposed to. If you are an employee, some employers or clients might also require you to carry a certain amount of general liability insurance before you can work for them.
General Liability Insurance for Contractors
If you’re a contractor you might only want general liability for your business. If you don’t own any commercial buildings not own that require property insurance, or you do not need to cover payroll or other operating expenses then you then you will not need a full BOP. You will need at least liability coverage since you are still exposed to liability risks from your job.
There are several carriers that offer general liability without the extra coverages in a BOP and Cliff Insurance can help you find the right coverage for your unique situation. We are able to offer general liability as well as Blanket Additional Insured Coverage to contractors who qualify. Blanket Additional Insured Coverage extends your existing liability insurance to other entities as as is required by some contracts with employers.
General Liability Insurance Cost
The national average monthly cost for general liability insurance for businesses is actually very reasonable and can be less than some of your utility bills especially if your business is not a large business. Your rate is directly related to the specific features of your business and those aspects which will require coverage. If you would like to know more about general liability business insurance coverage, money-saving tips and policy rating factors to help you find the best combination between price and protection for your business, contact Cliff Insurance today.
Do You Need A BOP?
If you need to protect items like personal property that you use for your business, or commercial buildings such as garages or storage facilities, you might require the additional protections provided in a Business Owner’s Policy. If you have questions about the type of coverage you need to make sure that you are properly covered, we can work with you to determine the plan that is right for you. We will make sure you are covered while keeping an eye on ensuring it has the least effect on your overhead as possible.
About Verona, WI
Verona, Wisconsin was originally inhabited by Native Americans until it was ceded to the U.S. government, during the years of 1829 through 1832. The first grist mill in the county was finished in 1844 and settlement of the area revolved around the construction of the mill that was named Badger Mill. A few years later the mill was sold to a man named Samuel Taylor who expanded the mill to include a store and a post office. Soon after the expansion of Badger Mill other businesses opened in the area.
In February of 1847 the Town of Verona was officially established by the Wisconsin Territorial Legislature. The hometown of early settlers George and William Vroman was Verona, New York which is where the name Verona came about. The Village of Verona was created by an application for incorporation and a referendum election in January of 1921.
As many may know Verona is referred to as “Hometown U.S.A.” This came to be in 1966 by a detachment of fighting men in Vietnam who adopted Verona as “the perfect example of Hometown U.S.A.” Every June the city celebrates its nickname during an event called “Hometown Days” which attracts residents and visitors of all ages.
In early 1976 the village feared that it would become a minor Aldermanic District of the city of Madison and the residents did not want this. This caused the Village President, Burr Weiland to discuss converting to a city and act on it before the Village Board. When all preparations were complete, the city of Verona was officially established in April of 1978.
The City of Verona is a growing, vibrant community with many recreational, cultural, and business amenities. The residents of Verona Wisconsin enjoy a high quality of life, excellent schools, and the small-town feel of the official Hometown U.S.A.
Commercial Auto Insurance
Commercial auto insurance is similar to general liability protection liability but instead of protecting other items this coverage is for liability and physical damage protection for vehicles, including cars, trucks and vans that are used for conducting business. Commercial vehicles require a different policy from personal auto insurance because they are typically exposed to more risk than a personal vehicle is. Commercial auto insurance isn’t just for industrial vehicles like semis or dump trucks, it is for every vehicle used for business. Businesses that use a car to run errands, carry tools or transport clients might also require a commercial auto policy to be properly insured.
Customized Coverage For Your Business
Selecting commercial vehicle insurance coverage that meets your specific needs is vital to protecting your business and income. A commercial auto insurance plan can include:
- Liability
- Physical Damage
- Medical Payments
- Hired Auto
- Non-Owned Coverage
- Uninsured Motorists
- Any Auto
Policies can also be adjusted to reflect seasonal changes in your business to ensure you get the lowest rates and your coverage remains steady. Other benefits we are able to offer include customized coverages, competitive rates and discounts. Combine that with our exceptional claims service and we are a great choice for your business.
Commercial Insurance Companies
Commercial insurance companies offer coverage known as Errors and Omissions (O&E) Insurance. This type of insurance is professional liability insurance that provides protection for your business if a customer claims that you were negligent while providing a professional service.
Who Needs This Type of Insurance Policy?
Small businesses that provide professional services or give advice to clients should consider purchasing professional liability insurance given that their advice or services could cause damage to that client if you make a mistake along the way. The protection is provided when a business owner is sued for negligence or because their work does not meet a client’s expectations for what they contacted the business to do. Professional liability insurance can also be required by a small business’ clients when entering into a contract.
Commercial insurance companies provide professional liability insurance to companies in industries including :
- Architects
- Accountants
- Consultants
- Attorneys
- Engineers
- Real estate agents
- Counselors
- Many others
Types of Commercial Insurance
Professional liability insurance offers a variety of coverages for businesses including:
Alleged or actual negligence
Protects a business against actual or alleged errors and omissions when providing professional services, such as giving incorrect advice, an omission, or failing to deliver a service.
Legal defense costs
Provides legal defense when a covered claim is reported.
Professional liability insurance can also offer coverage for claims arising from services provided in the past and work performed anywhere in the world. It’s important to understand that a general liability policy won’t protect against these risks. To get a better understanding on how professional and general insurance policies differ, please contact us and we can answer any questions you may have.
What Is Cyber Insurance?
Cyber insurance is protection against damages resulting from electronic threats to your computer systems or data. If your business is affected by any of these, it can result in stolen or damaged customer or other data and the liability and recovery costs can get to staggering levels. Coverage options include incident response services as well as first-party and third-party coverages. This type of insurance coverage is also referred to as cyber security insurance or cyber risk insurance.
Who Needs Cyber Security Insurance?
Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information needs cyber insurance. More and more often businesses choose to use and store digital data and the need for this type of coverage has expanded well beyond the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
- Restaurants
- Retailers
- Barbers and Salon Owners
- Contractors
- Realtors
- Marketing Services
- Financial Firms
- Consultants
The Importance of Cyber Insurance
Today cyber insurance can be a very important piece to help ensure the financial well-being and future of your small business. If there is a claim against your business, it can be very difficult to overcome on your own and without coverage you are in that category. Cyber security helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and the process of notifying customers.
When you carry a cyber insurance policy for your business it will provide you with peace of mind so you do not have to worry about cyber threats. This allows you to spend more time on your business.
Cyber insurance covers a variety of risks that are divided into two parts:
First-party coverage
Covers damages you and your business suffer because of a data breach. This can include things like investigative services, business interruption coverage and data recovery.
Third-party coverage
Covers damages if your customers or partners are affected by a cyber-attack on your business. This can include legal fees, settlement costs, security failure and media liabilities.
How much coverage you need depends on your business’s specific risk. Many small businesses need higher limits that are typically only available on stand-alone policies. Smaller cyber risk policies can usually be added to a BOP.
Liability and Property Protection
Business Owners insurance, also known as BOP insurance, is a policy that combines property and liability coverage business insurance into one package. This type of policy is popular among a variety of small and medium-sized businesses such as restaurants, wholesalers, contractors and retail stores. Discover more about BOP coverage, cost and how you can protect your business by contacting one of our experienced staff at Cliff Insurance. A business owners policy contains two primary coverages:
Liability
The liability coverages available on a BOP are the same as those on a general liability policy. This includes protection against liabilities such as customer injury or property damage, advertising injury, and/or product related claims. A BOP doesn’t cover your employees. You’ll need a separate worker’s compensation policy to cover your staff.
Property
This type covers commercial buildings and the movable property owned by and used for the business – referred to as business personal property. This coverage can also cover things like debris removal, loss of income and pollution cleanup as part of a covered loss which are often part of the requirements to get you back to 100%.
A BOP policy, like most other policies, has certain coverage exclusions that you should be aware of. If you need protection for something that isn’t covered in a standard BOP, policy endorsements might be available to extend the coverage. For example, damage from earthquakes is typically excluded from a BOP. If you live in an area that’s prone to earthquakes, you should consider adding an endorsement to your policy to extend coverage. Ask about endorsement options for your specific area and situation when getting your quote.
BOP Cost
For one of our largest, most popular carriers, small businesses nationwide who bought a new BOP policy paid an average of $61 per month in 2017. While this gives you a general idea of what BOP insurance costs, your cost will be based on the specific coverages you require. For instance, the price mentioned above is calculated using several different business types with varying levels of risk. Your final price will depend heavily on certain attributes of your business including coverage needs, number of employees and claims history, and type of profession.
If you have a history of claims, high coverage requirements, or high exposure to risk, you might find that the cost of your BOP insurance is higher, for example. Getting a custom quote is a great way to find a rate that best matches your unique situation. Our team of specialists are experts at helping small business owners, like you, find BOP insurance coverage. They’ll put together a quote with the best coverage for your specific business and budget.
Workers’ Comp Insurance
Workers’ compensation insurance, commonly known as workers’ comp, is insurance that covers medical expenses and a portion of lost wages for employees who become ill or injured on the job. This type of coverage also includes employee rehabilitation and death benefits.
How Does It Work?
Each state has its own unique set of workers’ compensation laws that employers must follow. These regulations help ensure that employers provide coverage for the cost of work-related injuries or occupational diseases, regardless of employee negligence. An employee can only receive benefits if their injury or illness is directly related to their job duties or employment. Workers’ comp insurance could cover injuries caused by lifting heavy equipment, sustaining injury due to fires or explosions, or slipping on a wet or oily surface. If an employee isn’t doing something related to or as a part of their employment and becomes injured, such as playing softball with friends on a day off, workers’ compensation insurance won’t cover them.
Who Needs It?
Workers’ comp insurance is required by law in almost every state. Some worker exemptions exist, so you’ll want to check with your state to find out if coverage is mandatory for your business. Choosing to go without coverage puts your business at high financial risk. Not only can you face a lawsuit for workplace injuries, but you’ll likely also be fined for breaking the law.
Keep in mind, workers’ comp insurance protects not only your employees, but your small business too. If your insurance is compliant with state law, an employee who receives benefits can’t sue you for their injuries or lost wages. It is important for your business to have the correct coverage.
Keep in mind that employees can sue you for things that aren’t covered under the workers’ comp portion of your policy. Employer’s liability insurance is also included in your policy to pay for court costs and legal fees if you’re involved in a lawsuit.
How Much Is Workers Comp?
The national average monthly cost for workers’ compensation was $190 per month in 2017 for one major carrier. Remember, this is only an average. Your rate will depend on the specifics of of your business including the state you are located in, payroll and claims history.
At Cliff Insurance we know that insurance and integrity should go hand in hand. Contact us today so we can provide you with a quote best for your business!