Safeguard your company against financial damages with a customized business insurance policy from the Hamilton Agency.
With general business liability insurance, covered claims, damages, legal defense fees and settlement charges are paid by the insurance company up to the policy limits. Business liability insurance is often offered in a package with property insurance at competitive rates. Business liability insurance is inexpensive, but the cost to defend a claim can be overwhelming and catastrophic.
Business property insurance protects your business property, such as your furniture, computers, office equipment and other materials, against loss such as fire, theft, hail, wind or other means. Every business has property that could become damaged or lost, so commercial property insurance is one of the first things to consider purchasing when starting a new company.
Commonly selected by small businesses, a business owner’s policy (BOP) combines general liability insurance and property insurance into a single policy.
Workers' compensation insurance provides medical and disability coverage for on-the-job injuries or work-related illness. Workers' compensation is required by law in most states for businesses with W2 employees. In many states, principals such as owners, officers and partners can exclude themselves from workers' compensation coverage.
Professional liability insurance, or errors and omissions (E&O) insurance, protects businesses that provide professional services against claims of negligence or mistakes.
Hired and non-owned commercial auto insurance is typically added as an endorsement on a general liability or business owner’s insurance policy. Hired auto coverage replaces the liability offered by auto rental agencies. However, it does not cover physical damage to the vehicle that is rented. Non-owned coverage protects your business in the event that your business is sued as a result of an auto accident caused by you or one of your employees in a personal vehicle while on company business. The driver's personal insurance is primary, and non-owned insurance picks up if the driver's insurance is insufficient to pay the claim.
Employment practices liability insurance (EPLI) covers allegations of discrimination, wrongful termination and sexual harassment of employees. EPLI can also be bundled with directors and officers (D&O) liability insurance, which protects against claims that allege misconduct by the directors or officers of a company against individuals or groups affected by their actions.
Commercial umbrella insurance, also known as excess liability, provides coverage when the limits of liability insurance are exceeded. For instance, if a claim is settled for $1,750,000, but your general liability insurance policy has $1,000,000 coverage limits, the umbrella policy will pay the additional amount.
At the Hamilton Agency, we've been taking care of people and their businesses for nearly 30 years. We understand the challenges that come along with managing a business. That's why we offer a variety of insurance options, so you can pick the right fit for your company.
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The Hamilton Agency is a service-based business that strives to protect people first. Since 1994, we have provided businesses and families with reliable insurance. Our local agents are committed to equipping you with the best insurance savings and coverage.
Get A Risk Free QuoteThe cost of business insurance can vary widely depending on various factors, such as the size of the business, the industry it operates in, the location of the business, the types of coverage needed, and the level of risk involved in business operations.
The best way to determine the cost of business insurance is to get a quote from an insurance provider. You can compare quotes from multiple providers to find the best coverage and price that fits your needs and budget. It's important to keep in mind that while insurance premiums can seem expensive, the cost of a single business insurance claim or lawsuit can far outweigh the cost of insurance coverage.
On average, small businesses with low risk can expect to pay anywhere from a few hundred dollars to several thousand dollars per year, while larger businesses with higher risk may pay thousands or even tens of thousands of dollars per year. For example, a small retail store may pay around $500–$1000 per year for basic liability coverage, while a small construction company may pay several thousand dollars per year for more comprehensive business insurance coverage that includes general liability coverage, property and workers' compensation insurance.
A business insurance policy covers a range of risks and legal expenses that a business may face. The exact coverage depends on the specific policy and the needs of the business. Common types of coverage include general business liability insurance, business property insurance, workers' compensation insurance and professional liability insurance. Additional types of coverage are available, depending on the needs of the business.
The amount of insurance coverage your business needs depends on a variety of factors, including the size of your business, the type of industry you operate in, the potential risks your business faces and assets.
Generally speaking, it's a good idea to have enough insurance coverage to protect your business from a catastrophic loss or lawsuit. This typically means having enough liability insurance to cover potential legal claims and damages as well as enough property insurance to cover the cost of replacing or repairing any physical assets that are lost or damaged.
It's also important to review your insurance coverage regularly to ensure that it keeps up with any changes in your business, such as new equipment or increased inventory.
As a sole proprietor, you are personally responsible for all aspects of your business, including any liabilities or damages that may arise from your business activities. While you're not legally required to have business insurance as a sole proprietor, it's a good idea to consider getting coverage. Here are a few reasons why:
1. Liability protection
As a business owner, you could be held personally liable for any damages or injuries caused by your business activities. Business liability insurance can help protect your personal assets by providing coverage for third-party claims against your business.
2. Client requirements
Some clients may require you to have business insurance in order to work with them. Having insurance can help you secure contracts and demonstrate to clients that you are a professional who takes their business seriously.
3. Property coverage
If you have any physical assets associated with your business, such as inventory, equipment or a workspace, business property insurance can help protect those assets from damage or loss due to fire, theft or other covered events.
4. Legal defense
If you are sued by a third party, business insurance can help cover the cost of legal fees, which can be expensive.
Ultimately, whether you need business insurance as a sole proprietor depends on the specifics of your business and your individual risk tolerance. An insurance professional can help you assess your risks and determine whether commercial insurance is right for your business, and if so, help you choose the right amount of coverage.