As a business owner, you strive to make decisions that are right for your business, your employees and yourself. This includes decisions about business insurance. To protect your investment, business insurance offers coverage that protects your business when the unexpected happens.
General liability insurance is essential for most businesses, as it provides financial protection in case of unexpected accidents, injuries, or lawsuits. The specific coverage limits and terms of a policy can vary depending on the insurer and the needs of the business. It's important for business owners to carefully review and select a policy that suits their particular industry and risk factors.
Commercial auto insurance, also known as business auto insurance, is a type of insurance coverage that provides protection for vehicles used for business purposes. It is designed to cover vehicles owned and operated by a business, as well as those owned by employees and used for business-related activities. Commercial auto insurance is distinct from personal auto insurance, which is intended for vehicles used primarily for personal reasons.
Commercial property insurance is a type of insurance coverage that provides protection for physical assets owned by a business. These assets can include buildings, office space, equipment, inventory, and other property used in the operation of a business. Commercial property insurance is designed to help businesses recover from financial losses resulting from damage or destruction of their property due to various perils, such as fire, theft, vandalism, storms, or other covered events.
Workers' Compensation insurance, often referred to as Workers' Comp, is a form of insurance that provides wage replacement and medical benefits to employees who are injured or become ill as a result of their job. It is a crucial aspect of the social safety net in many countries and is designed to protect both workers and employers.
A surety bond is not technically an insurance policy, but it is a financial guarantee provided by a surety company to ensure that a principal fulfills their obligations or promises to another party, known as the obligee. Surety bonds provide financial security and peace of mind to obligees, assuring them that they will be compensated if the principal fails to meet their obligations. The cost of a surety bond, known as the premium, is typically paid by the principal and can vary based on factors like the type of bond, the bond amount, and the principal's financial stability.
Professional Liability Insurance, also known as Errors and Omissions (E&O) Insurance, is a type of insurance coverage designed to protect professionals and businesses from financial losses and legal claims that may arise from allegations of negligence, errors, omissions, or inadequate work in the course of providing professional services. This insurance is typically tailored to specific professions and is especially important for individuals or businesses that offer advice, expertise, or services to clients.
Contractors have unique needs when it comes to business insurance.
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