GENERAL LIABILITY INSURANCE:
General Liability protects your business if you are sued for personal injury or property damage. A typical policy will cover those accidents that occur on site, or in the course of business off site. Some liability policies can include Product Liability Insurance, that protects your company from damages to the end user, using goods or services sold by your company.
There are many different plans and options when choosing a General Liability Insurance plan. Many businesses can benefit from a "Business Owners Package", instead of a stand alone General Liability plan. Many times the "BOP", will include coverage for the business personal property, along with General Liability, and Product Liability.
COMMERCIAL AUTO INSURANCE:
Commercial auto coverage insures your business vehicles for liability and physical damage for usage not covered by a personal auto policy. This type of business insurance can cover a variety of vehicles, and can be referred to as, Truck Insurance, Fleet Insurance, Business Auto, or Commercial Car Insurance.
When do you need Commercial Auto Insurance?
Generally, if an auto is used in tasks related to the operators occupation or business, other than commuting, a Commercial Auto Insurance policy is necessary. In some cases of professional occupations, such as Lawyers, or Insurance Agents, a "business use" personal policy is acceptable, if the requested limits are available.
Commercial Auto Insurance provides similar coverage as your personal policy, however, there are some differences. Usually Commercial Auto policies are named driver only. Meaning that they can only be operated by the people listed on the policy. However, some policies can be written as a "any auto" policy. Meaning that anyone listed as a driver, is covered with the policy limits, no matter what they are driving. In some cases, this can be done as part of a Business Owners Package (BOP)
WORKER'S COMPENSATION INSURANCE:
Worker's Compensation, WC, or Work Comp, is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for negligence. As an employer, you are paying to insure protection in the event of an injury.
In the State of Idaho, Worker's Compensation is required by law. Any company that has an employee, must have Work Comp Insurance. In some cases, a self employed individual, with no employees, may be required, by either a company, or a government entity, that they are providing work for, to have Worker's Compensation Insurance. The reason for this, is that their own insurance company requires that they have proof of a company's Work Comp Insurance on file, or that they add that person, or persons, onto their own policy.
There are four main types of Surety Bonds. Commercial Bonds, Contract Bonds, Court and Probate Bonds, and License and Permit Bonds. Though there are many other types of bonds available, the four main types breakdown as follows;
Commercial Bonds: Or "non-contract" bonds. The business service bond addresses acts of theft by the principal or the employees while performing services for others. Businesses such as janitorial services can benefit from this type of bond. Many types of other bonds are also lumped into this category.
Contract Bond: Guarantees that an entity awarded a contract, will meet the obligations of that contract. Included in this group are Bid Bonds, Maintenance Bonds, Payment Bonds, Performance Bonds, and Supply Bonds.
Court Bonds: Guarantee that an individual will comply with the terms of the court. In the case of a Probate Bond, also guarantee an honest accounting and faithful performance of the duties of the fiduciary.
License and Permit Bonds: Bonds that are required by various government agencies and political subdivisions as a condition precedent to the granting of a license to engage in business, or a permit to exercise a particular right that presents a risk to the public welfare. For example, contractors, real estate brokers, event coordinators. Some are yearly based, and others are for a particular project or event.
Professional Liability Insurance (PL), but more commonly known as Errors & Omissions (E&O), is a form of liability insurance which helps protect professional advice and service providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil suit. It is a great addition to your small business insurance plan. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability business insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service. Coverage sometimes provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practices. Such as Realters, Loan Agents, Lawyers, Doctors, and Insurance Agents.