Commercial lines insurance products offer coverage for business as opposed to individuals. Accounting for about 50% of the property and casualty insurance market, they help ensure the world economy functions properly by offering coverage against losses a business could not recover from on its own, including accidents, natural disasters, lawsuits, and so on. Although commercial lines obviously are indispensable to large businesses for obvious reasons, even small businesses may benefit from them. A home business, for instance, may not find protection in homeowners’ insurance against risks associated with business activities.
Note: CT Financial Services is partnered with Harshal Rana - Farmers Insurance.
A business owner policy (BOP) combines protection for all major property and liability risks in one package. This type of policy assembles the basic coverage required by a business owner in one bundle. It is usually sold at a premium that is less than the total cost of the individual overages. BOPs are usually targeted at small and medium-sized businesses.
CT Financial Services represents several top-rated Commercial Insurance carriers so we can help you sort through your options and get you multiple Business Owner Policy quotes, all right here in one place.
Commercial general liability policy (CGL) is a type of insurance policy that provides coverage to a business for bodily injury, personal injury and property damage caused by the business’ operations, products, or injury that occurs on the business’ premises.
CT Financial Services represents several top rated Commercial Insurance carriers so we can help you sort through your options and get you multiple Commercial General Liability quotes, all right here in one place.
A Commercial Package Policy (CPP) gives business owners a wide range of essential property and liability coverage for the business enterprise. By combining the components of two or more individual commercial insurance policies into one flexible package, the total premium is usually less than the combined premium of the individual policies. Commercial Package Insurance Policies usually include Commercial General Liability and Commercial Property Insurance and may also include a variety of other coverages like Inland Marine, Boiler and Machinery, Business Interruption, and others, depending on the specific nature of the business. A variation on this package policy for small to mid-size businesses is known as a Business Owners Policy (BOP).
CT Financial Services represents several top-rated Commercial Insurance carriers so we can help you sort through your options and get you multiple Commercial Package Policy quotes, all right here in one place.
Commercial Umbrella Insurance provides businesses with additional liability coverage to help protect them against the potentially ruinous costs of claims. Significant assets can be at risk when businesses are the target of lawsuits. If the cost of a claim exceeds the limits of a business’s underlying primary insurance policies, Commercial Umbrella Insurance extends liability coverage for an additional layer of insurance to further protect business assets. Without Commercial Umbrella Insurance, business owners could be obligated to pay out of pocket for legal fees, medical bills, and damage expenses that exceed the limits of their underlying primary business coverage. Here are some examples:
Commercial Umbrella Policy is so flexible, it even extends the liability coverage of policies your business has with other insurance companies when the cost of a covered claim exceeds the limits of that primary coverage.
CT Financial Services represents several top-rated Commercial Insurance carriers so we can help you sort through your options and get you multiple Commercial Umbrella insurance quotes, all right here in one place.
Workers’ compensation insurance (also known as workman's comp insurance) provides benefits to employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. Workers’ compensation insurance covers a deceased worker's family with a financial benefit as well. If a worker's family decides to sue the company, it can also help cover the related legal fees. Workers’ compensation insurance can help protect your business and employees in events such as these:
CT Financial Services represents several top rated Workers' Compensation insurance companies so we can help you sort through your options and get you multiple Workers' Compensation insurance quotes, all right here in one place.
Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they're typically exposed to more risk than personal vehicles.
CT Financial Services represents several top-rated Commercial auto insurance carriers so we can help you sort through your options and get you multiple Business Auto insurance quotes, all right here in one place.
Builder’s Risk Insurance, also known in some areas as Course of Construction Insurance, is a unique kind of property insurance. This insurance covers a building or insured area that is presently under construction. Most building owners will ask their contractor to carry this type of Insurance. It can cover just the structure, and the materials on site waiting to be installed or transported to the job site. The builder's risk insurance policy will pay for damages up to the coverage limit. The limit must accurately reflect the total completed value of the structure (all materials and labor costs, excluding land value). The construction budget is the best source for determining the appropriate limit of insurance. Builder’s Risk insurance policies can often be written in terms of three months, six months, or 12 months. If the project is not completed by the end of the initial policy term, it can often be extended, but usually only one time.
CT Financial Services represents several top-rated Builders Risk insurance companies so we can help you sort through your options and get you multiple Business Risk insurance quotes, all right here in one place.
Independent contractors have the same legal obligations and liability exposures as larger firms. They can be sued for damaging client property, causing bodily harm, or advertising injury. Contractors liability insurance helps cover legal fees and damages resulting from a lawsuit.
CT Financial Services represents several top-rated insurance companies so we can help you sort through your options and get you multiple Contractor Liability insurance quotes, all right here in one place.
Business owners who operate towing companies, garages and auto repair shops are not only relied upon to transport or fix their customers’ vehicles, but they are also entrusted with keeping the property safe while it is in their control. Garage liability insurance and garage keeper’s insurance policies are designed to help you protect your customers’ property and your business in the event that accidents, injuries or property damage occur. These two types of insurance complement each other and ensure that you don't have any gaps in coverage.
CT Financial Services represents several top-rated commercial insurance companies so we can help you sort through your options and get you multiple Garage Keeper Legal Liability insurance quotes, all right here in one place.
Inland marine insurance is a type of marine insurance coverage that covers a wide range of specialized property such as medical diagnostic equipment, fine art, solar energy equipment and even clothing left at a dry cleaner. Inland marine coverage can also cover property designed to facilitate transportation or communication such as commuter rail systems and cell phone towers. Commercial inland marine policies often provide protection for assets and property that is movable or could be in transit over land.
CT Financial Services represents several top-rated insurance companies so we can help you sort through your options and get you multiple Inland Marine insurance quotes, all right here in one place.
Liquor liability insurance protects a company that manufactures, sells or serves alcohol, against claims that occur when a patron drinks too much and injures himself or someone else. Unfortunately, this means that if you sell alcohol or liquor on site, then you could be held liable for your patron’s actions and wrongdoings. The issue is, that alcohol can impair the judgement of the consumer and if your business is serving it, it’s important that you are prepared for what may happen next. Restaurants, clubs, taverns and bars that serve alcohol in any form, including wine, beer and spirits could end up footing the bill for damages done by an inebriated patron. While it may seem unfair, your establishment could be sued if someone drinks at your location and then goes on to cause an accident, damage property or cause injury to themselves or others. Your standard insurance policy likely will not cover an alcohol-related incident.
CT Financial Services represents several top rated Liquor Liability insurance companies so we can help you sort through your options and get you multiple Liquor Liability insurance quotes, all right here in one place.
Lessor’s risk only (LRO) is a type of small business insurance for commercial landlords. It protects you in case one of your tenants sues you for property damage or injuries sustained in your building. The coverage, also known as landlord insurance, is designed for owners of commercial property, such as apartment buildings, retail complexes, office space, warehouses, and other building types. The landlord generally must not occupy more than 25 percent of the building leased to tenants.
Lessor’s risk only insurance covers a wide range of risks resulting in property damage or bodily injury that might arise on a property leased to a client. These include losses such as: Slip-and-fall injuries, weather damage , vandalism, fire , water-related damage (burst pipes / backups) and Theft.
Professional liability insurance, also known as errors and omissions insurance, is designed to protect a business when a client or customer alleges the business’ service caused a financial loss. This could be from a business’: rendering service, failing to render services, giving incomplete or inaccurate advice and making mistakes. Often, claims paid under errors and omissions insurance are financial in nature—actual incurred financial loss, loss of reputation or indirect financial consequences. These types of losses do not meet the definition of a loss covered by a commercial general liability policy.
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Cyber Security Insurance policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network. Most notably, but not exclusively, cyber and privacy policies cover a business' liability for a data breach in which the firm's customers' personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm's electronic network. The policies cover a variety of expenses associated with data breaches, including notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft. In addition, the policies cover liability arising from website media content, as well as property exposures from business interruption, data loss/destruction, computer fraud, funds transfer loss, and cyber extortion.
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