General Liability
At its essence, General Liability Insurance, also known as CGL for Commercial General Liability, constitutes the fundamental form of commercial liability coverage. For business owners, possessing General Liability coverage is not discretionary; it is imperative
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Engaging in business inherently involves risks, yet General Liability insurance serves as a safeguard against both known and unforeseen uncertainties.
In straightforward terms, Commercial General Liability (CGL) shields you, your business, and your employees from claims related to bodily injury or property damage arising from your business activities. These policies cover the costs associated with settlements outside of court, legal proceedings, and judgments issued by courts. Frequently, CGL is combined with Business Personal Property (BPP) coverage within a Business Owners Policy (BOP).
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Listed below are several aspects that General Liability Insurance typically addresses:
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Lawsuits, investigations, and settlements
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Damages resulting from injuries
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Claims related to advertising or copyright issues
Commercial Property
Are you a business owner in Arizona?
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Commercial property insurance is a specialized type of insurance that provides coverage for both the company building and its contents. The term "property" encompasses various elements, including lost income, business interruption, buildings, computers, money, and valuable papers.
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Within the framework of liability policy coverage, the building is safeguarded against damaging events such as fire, burglary, and vandalism.
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However, it's not solely about insuring the building; it's equally crucial to cover the aftermath of such damage.
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Coomer Insurance is here to help you find the best coverage possible for your business!
Workers Compensation
Workers Compensation coverage is a compulsory insurance program mandated by the state. It provides protection for lost wages and medical treatment arising from an employee's work-related injury or illness. Additionally, it extends coverage to services necessary for aiding an employee in recovery and facilitating their return to work.
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In the majority of states, having work comp insurance is a mandatory requirement.
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Due to variations in coverage requirements across states, the cost of Workers Compensation is contingent upon the location of your business.
Several factors influence your rates, including:
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The number of employees in your workforce.
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The nature of your employees' work.
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Your historical claims data.
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The industry in which your business operates.
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Similar to all insurance types, Work Comp pricing is determined by assessing risk. Industries and jobs perceived as riskier incur higher insurance costs compared to those with lower risk. Fair pricing is achieved through classification codes, where each type of work or industry is assigned a unique code, helping insurance carriers establish suitable rates.
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Ensuring accurate classification of each employee is a key method to economize on your Workers Comp policy. For instance, a secretary in a construction firm will have lower rates than bricklayers.
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Recognizing the paramount importance of your employees' safety and well-being, we acknowledge that they constitute the bedrock of your business.
Commercial Auto
Coomer Insurance provides comprehensive coverage for your business. If you own one or more vehicles, the appropriate commercial auto insurance safeguards you against accidents, injuries, and other events that could jeopardize these valuable investments.
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Commercial auto policies can extend coverage to personal cars utilized for business purposes, including SUVs, light-duty trucks, buses, limousines, taxicabs, vans, and other delivery vehicles exclusively employed for business activities.
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Commercial auto insurance shares similarities with personal auto insurance when it comes to basic coverage, encompassing liability, comprehensive, collision, and other coverage types tailored for business vehicle usage. Its primary aim is to shield your business from substantial losses that could impact your company's financial stability.
These policies amalgamate various coverage types, combining mandatory and optional elements. A standard policy typically includes:
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Bodily Injury Liability:
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Covers injuries to others caused by you or your employee in an accident. Compensation may include medical costs, funeral expenses, and lawsuit-related expenses, depending on your coverage limit and deductible.
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Property Damage Liability:
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Pays for repair costs of property damage caused by you or your employee, with coverage determined by your limits and deductibles. Consider complementing this with a commercial umbrella liability policy for enhanced protection.
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Collision:
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Similar to personal auto policies, this covers damage to your vehicles if you or your employees cause an accident.
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Comprehensive:
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Also known as "other than collision," it protects against damage to your vehicle from non-collision events like weather, theft, and vandalism.
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Uninsured & Underinsured Motorist:
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Assists in covering damages and injuries if your driver is in an accident caused by an inadequately insured motorist.
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Medical Payments:
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Pays for medical or funeral expenses for you, your drivers, and passengers after an accident.
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Additional Optional Coverage:
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Depending on your insurance company and state regulations, you may access various additional coverage options. Examples include coverage for employees driving non-company-owned vehicles, rental replacement auto coverage, towing, roadside assistance, and specialized cargo-related coverage.
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Adequate liability coverage is crucial for protecting your business, ensuring that you are covered if you or your employees are responsible for an accident resulting in injury or property damage to others. The right commercial insurance provides comprehensive protection for your business and all drivers involved in accidents with commercial vehicles, including cars, vans, pickup trucks, or limos.
Professional Liability
When searching for suitable insurance for your business, you'll encounter various options, including the decision to invest in professional liability insurance, also referred to as "errors and omissions" insurance or "E & O."
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E & O serves as a liability policy designed to protect you in the event of a mistake leading to a financial loss for a client. Similar to general liability, it offers legal defense and settlements if required.
Consider opting for this coverage under the following circumstances:
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You provide professional advice within your line of work, ranging from recommending specific plumbing or wiring to offering interior design services.
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You employ individuals or subcontractors who provide advice or consulting services.
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Your state mandates E & O insurance based on the nature of your work.
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If you are a General Contractor and engage with subcontractors, it's advisable to ensure they are also covered by professional liability insurance, as they may not fall under the protection of your policy.
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Coomer Insurance possesses the expertise to assist you in effectively insuring your business.
Commercial Umbrella
Commercial umbrella insurance is crucial for businesses as it provides an additional layer of liability coverage beyond the limits of underlying policies such as general liability, auto liability, and employers' liability. This type of insurance becomes invaluable when a catastrophic event leads to substantial financial losses that exceed the primary policy limits.
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Key reasons why commercial umbrella insurance is important:
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Extended Liability Protection:
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It offers an extra cushion of protection, ensuring that your business is not financially devastated by a large liability claim. This is especially crucial in today's litigious environment.
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Coverage Across Multiple Policies:
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Commercial umbrella insurance extends coverage over various liability policies, including general liability, commercial auto, and employers' liability, providing a comprehensive safety net.
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Protects Business Assets:
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In the event of a severe lawsuit or judgment, the additional coverage provided by a commercial umbrella policy helps protect your business assets, preventing potential bankruptcy or severe financial setbacks.
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Legal Defense Costs:
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Commercial umbrella insurance typically covers legal defense costs, including attorney fees and court expenses, even if the claim does not result in a settlement or judgment against your business.
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Peace of Mind:
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Knowing that your business has an extra layer of protection against significant liabilities provides peace of mind. It allows you to focus on running your business without constant worry about potential financial ruin due to a large liability claim.
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In essence, commercial umbrella insurance acts as a safety net, ensuring that your business is adequately protected in the face of unexpected and financially challenging liability events. It is a proactive and essential risk management strategy for businesses of all sizes and industries.