Quality Insurance Coverage for Your Business
Boyd Insurance Agency insurance protects your business in ways other insurances may not. To help protect you and your small business, a business owner’s policy (BOP) typically includes three types of coverage: property coverage, general liability coverage, and business interruption coverage. In addition to these basic coverages, our Business Owners Policy can be tailored to include additional protection to help protect more aspects of your business. In fact, we can assist you in customizing a policy to meet the needs of your small business. As a small business, Boyd Insurance Agency can understand how critical it is to safeguard what you’ve worked so hard to create. Call us for a complimentary review of your current business policies and to learn more about insurance solutions to protect you, your company, and your employees.
Commercial Insurance
Commercial business insurance is coverage for corporations and businesses generally designed to protect the business, its employees, and its ownership. What exactly does commercial insurance imply? Commercial insurance, also known as business insurance, protects your company financially from common risks such as client lawsuits, customer or employee injuries, property theft and damage, and other unforeseeable events. Commercial business insurance could benefit any small business owner, including independent contractors and freelancers. Accidents, lawsuits, and injuries can occur in any workplace, so it is critical to obtain protection, even if insurance is not mandated by law. General liability insurance, errors and omissions insurance, a business owner’s policy, cyber liability insurance, commercial auto insurance, fidelity bonds, and workers’ compensation insurance are all examples of commercial insurance.
Commercial Property Insurance
Commercial property insurance protects the physical items required to run your business, including inventory, business equipment, furniture, and physical structures. You may believe you only need property insurance if you own the building; however, you also need it if you lease or rent a space. Property insurance also covers any improvements or upgrades you make to your workspace, such as custom lighting or built-in cabinets. Small business commercial property insurance protects you financially if something bad happens to your company’s property. Commercial property insurance can assist you in covering the costs of damaged equipment and inventory, lost income, and more. Commercial property insurance is one of the most popular types of small business insurance because of the comprehensive coverage it provides.
Business Personal Property Insurance (aka goods, gear, and inventory) covers all your company’s property, including furniture, equipment, and inventory.
If you own the building, property insurance can help you pay for repairs.
Business Income Interruptions, also known as business interruption insurance or business income insurance, is a type of commercial property insurance that protects you against the loss of business income and related expenses if you must close temporarily due to fire, water damage, or another event covered by your policy.
This coverage provides an additional layer of protection if your business equipment is damaged due to a power surge or mechanical failure.
Commercial Liability
A Commercial General Liability (CGL) policy protects your company from financial loss if your services, business operations, or employees cause property damage or personal and advertising injury. It includes non-professional negligence. Understanding the scope of this coverage is a critical first step in managing CGL risks. A CGL insurance policy will typically cover the costs of your legal defense and all damages if you are found liable—up to the policy limits. Because of the negative impact a lawsuit can have on a business and the frequency with which such liability suits occur, CGL coverage is one of the most important insurance products. Standard CGL coverage includes bodily injury and property damage liability, advertising and personal injury, and medical payments, as well as directors and officer liability, pollution liability, and liquor liability.
Here are a few examples of situations in which your company could be held liable for a variety of costs, including medical and legal expenses, as well as compensatory and punitive damages:
- A customer trips on loose flooring while visiting your business and is injured
- An employee in your painting or construction business accidentally leaves water running, causing significant damage to a customer’s home.
- A class action lawsuit has been filed against your company, alleging that advertisements contain misleading information.
As a small business, Boyd Insurance Agency can understand how critical it is to safeguard what you've worked so hard to create.
Workers Compensation Coverage
Workers’ compensation insurance pays for medical expenses and lost wages resulting from workplace injuries and illnesses. For businesses with employees, almost every state requires this policy. Workers’ compensation insurance covers expenses incurred because of workplace injuries and illnesses, which can quickly escalate due to the high cost of medical care. Workers’ compensation is important for small businesses for several reasons. Most states require workers’ comp coverage and most workers’ comp policies also cover the cost of employee lawsuits related to a work injury. Additionally, it covers medical expenses, disability benefits, compensation for fatal injuries, workplace injury lawsuits, and partially lost wages due to a job-related injury.
Contractor Insurance
Contractor insurance is typically a collection of insurance policies that protects your company from financial losses if someone files a claim against you. Most contractors require general liability and inland marine insurance. Other types of coverage may be required depending on the size of your company, what is required in your state, and the type of work you do, among other factors. Contractor insurance protects your construction company from lawsuits, on-the-job injuries, equipment damage, and other risks. You may be required to have this coverage, either by law or by the company that hired you. Most contractors require multiple business insurance policies to protect against these risks, but you can usually purchase them from the same insurance company.
- Commercial auto insurance
- Commercial property insurance
- General liability insurance for contractors
- Workers’ compensation insurance
- Builder’s risk insurance
- Inland marine insurance
- Professional liability insurance
Restaurant/Bar
Business insurance is necessary for bars and restaurants and helps to cover the costs of costly accidents, such as customer injuries. To serve alcohol, you will almost certainly need liquor liability insurance, as well as general liability insurance for your commercial lease.
What kinds of insurance do bars require?
A BOP is a policy that bundles commercial property insurance and general liability coverage, so you receive a discount. It can also cover business interruption incidents, due to property damage or a power outage.
The majority of states require workers’ compensation for bars that have employees. It also helps to protect sole proprietors from work-related injuries that health insurance may deny.
This is required for most commercial leases. A general liability policy covers common risks, which include customer injuries at your bar, property damage, and advertising injuries.
Most states require this policy for business-owned vehicles because it covers medical bills and property damage if your bar’s vehicle is involved in an accident.
If alcoholic beverages are served to a clearly intoxicated person who later harms others or damages their property, this policy covers legal fees, settlements, and medical costs.
Municipalities
Illinois Municipal Insurance Cooperative is a municipal-owned and managed protected self-insurance risk management program. They are committed to serving Illinois municipalities and the people they serve by providing long-term insurance coverage stability while controlling costs. This is an exclusive program designed by municipalities for Illinois municipalities. Utilities (water, sewer, electric, and gas), police and fire departments, and public works departments are all covered for exposures specific to Illinois municipalities. The benefits include stability, responsiveness, negotiating and buying power, and providing long-term solutions.
School Districts
K-12 public schools face unique challenges requiring specialized solutions for everything from buildings, equipment, grounds, buses, staff, and students to business personal property. Boyd Insurance Agency is constantly improving our offerings to assist public schools in meeting the challenges they face on a daily basis. Our experienced insurance agents will provide products and insights to assist public schools in identifying and mitigating potential business disruptions. General liability endorsements are available for security guards, high school student interns, school counseling, corporal punishment, and abuse or molestation.
Church
Your place of worship is distinct, as are your products, services, and state-mandated requirements. At the Boyd Insurance Agency, we provide a wide range of insurance solutions to help protect religious organizations from the risks that come with the territory. Inquire with your insurance agent about insurance for churches, mosques, synagogues, and other places of worship. Religious organizations’ commercial package policy includes:
Insure your property against physical damage, including vandalism.
Defend your company against lawsuits and injuries.
Cover your organization’s relocation expenses if you’re forced to set up shop at a temporary location unexpectedly.
This optional coverage protects against situations in which a church director, officer, trustee, or clergy member makes a poor decision.
Business auto insurance, equipment breakdown insurance, management liability, umbrella liability, workers’ compensation, property in transit, accounts receivable, exterior signs and fine arts, stained glass, pipe organs, money collections, etc.
