Business FAQ

What is a BOP?

BOP commonly refers to a Business Owner Policy. These policies combine protection from all major property and liability risks in one package.

When do I need Worker's Comp insurance?

It’s best to put this in place as soon as you have one or more employees. It’s crucial that you have coverage for your employees before an injury or illness, so you are not held financially liable. The laws will vary by state depending on the industry so we recommend discussing your needs and options with an agent directly.

What factors are used to determine cost for Worker's Comp coverage?

Costs are typically determined by Classification Code(Industry or Profession), Claims, and Experience Modification.

What is Employers Liability coverage? EPLI?

This coverage protects employers from financial loss if a worker files a lawsuit such as wrongful termination or sexual harassment.

Will my insurance premiums be tax deductible?

Depending on your situation, there could be some deductions that would apply but we always advise customers to consult their accountant.

What is an Inland Marine policy?

Inland Marine coverage is a common way to insure land-based equipment or machinery that’s used for a business.

I've heard about hired and non-owned vehicle coverage. What is it and do I need to have this coverage?

Hired Auto coverage provides Liability insurance for vehicles you lease, hire, rent, or borrow to use in connection with your business. Non-Owned Auto Liability Insurance covers your liability when the personal vehicle of an employee or temporary staff, whether owned or rented by them, is driven for business. We highly recommend this coverage.

How do I get a Certificate of Insurance when requested by a person/company?

You can request a certificate through the provider who originally sold the policy—typically the carrier, agent, or a commercial broker.

Why would I need to insure my vehicle on a commercial policy?

If you require specific commercial auto insurance coverages, high liability insurance limits, operate an unusual vehicle, haul special equipment, transport goods or people, or have other special needs, then you’ll need commercial auto insurance.

What information do I need to provide for a General Liability quote?

To receive a general liability quote, we typically require a description of your business, estimated revenue, number of employees and claim history.

When is Professional Liability coverage needed?

Professional liability may be required in many cases by the state of company you contract with. This coverage will help cover the insured for errors, omissions, or other occurrences that would typically be excluded under a general liability policy.

What is the difference between General & Professional liability?

General liability covers physical risk such as bodily injuries and property damage.
Professional liability covers more abstract risk, such as errors and omissions in the service your business provides.

What are loss runs?

Loss runs are carrier reports that show how many claims you’ve filed under your business insurance policies.

Didn’t find the information you needed?

Give us a call at 573-339-1222 and we’ll be happy to help!

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