You would wish that your commercial insurance policy could protect your business from all manner of risks. However, the reality is that no insurance policy is foolproof — your commercial insurance isn’t an exception. Typical business insurance has exclusions and limitations you should know to avoid frustrations when filing claims.

At August Vincent Insurance Agency in Huntley, IL, we sympathize with our clients when perils strike, only for them to realize they aren’t covered. To avoid such incidences, we continuously educate our clients on insurance policies to avoid common pitfalls.

Here we look at typical business insurance exclusions:

Flooding

Standard business insurance won’t protect you when floods damage your business premises and the assets inside. If you want flood protection, buy a stand-alone flood insurance policy from the National Flood Insurance Program (NFIP) or private insurers.

Earthquakes

Like home insurance, typical business insurance won’t help you when faced with earthquakes, sinkholes, and other earth movements. For such risks, you need to purchase a separate earthquake policy.

Commercial vehicles

While vehicles are your business property, they aren’t covered under your commercial property insurance. You need to invest in commercial auto insurance to protect your vehicle and the driver when accidents happen.

Equipment breakdown

Your commercial property insurance protects your equipment when a peril listed in your policy causes damage. However, if your equipment is faulty, your commercial insurance won’t come to your rescue. Unless you have an “equipment breakdown add-on,” you will have to cover the repair cost from your pocket, including business interruption costs.

Commercial liability coverage exclusions

If you have general business liability coverage, it protects you when accused of bodily injury, property damage, and advertising injury. However, this policy has numerous exclusions, including:

• Intentional acts
• Breach of contract
• Pollution
• Liabilities arising from your vehicle
• Wrongful advertising
• Unauthorized use of another’s name or product

Contact Us Today

Want to learn more about your commercial insurance policy in Huntley, IL? We are here to help. Please call, email, or visit August Vincent Insurance Agency for more information.

With business ownership comes great responsibility. There are many layers to the success of your business, and it is very important that you have the proper insurance protection for each of these layers. At August Vincent Insurance Agency, serving Huntley, IL, we can help you better understand the insurance products available for business owners.

Commercial Insurance FAQs

What Is Commercial Insurance?

Your business operates at many different levels. You need insurance protection at each level. However, having multiple insurance policies is not efficient or affordable. A commercial insurance policy bundles the many different types of coverage you will need into one efficient, streamlined policy. This makes insurance more affordable and less complicated. 

What Does Commercial Insurance Cover?

You can customize your commercial insurance policy to meet the unique needs of your business, but in general, a commercial policy will cover the following areas:

• Property- The physical location of your business and any equipment or inventory you keep there will be protected with property damage insurance. This type of policy will kick in to pay if the property, equipment, or inventory is damaged, lost, or stolen. 
• Vehicle Coverage- If you need to use vehicles for the everyday operation of your business, you will need a solid auto insurance policy in place to protect both the drivers and the vehicles being used. 
• Liability Coverage- A business owner is at a heightened risk for liability because you have customers coming in and out of your place of business and using your goods or services. If someone is injured at your place of business or because of your goods or services, they can hold you responsible for medical bills. If a lawsuit results from the incident, you may also be responsible for legal fees. Liability insurance will pay for these types of expenses should the need arise. 

If you would like to learn more, please contact us at August Vincent Insurance Agency serving Huntley, IL, and the surrounding areas.   

 

What is a BOP and why would a business want it?

No matter what kind of business you own, you need insurance. What type of insurance differs by what kind of business you own. August Vincent Insurance Agency serving Huntley, IL offers a full range of insurance policies, so your business can obtain just the insurance it needs.

While commercial business policies are custom in nature, each starts with the same essential insurance types, such as business liability. Each bricks-and-mortar business does need four essential types of insurance – liability, property damage, business interruption, and peril. The customization part happens after you obtain these four policies.

Business Owner’s Policy (BOP)

A business owner’s policy (BOP) bundles these four policy types into one package and, by doing so, reduces the premium cost to you. You can add any type of business insurance to this BOP from malpractice to errors and omissions. You can tack on glass insurance or boiler insurance. Any insurance type your business needs, you can add to the foundation of a BOP.

Because you customize all commercial policies, you create a package of insurance that perfectly suits your business. This saves you money and ensures that you insure your business against every risk.

Example of How a BOP Works

For example, every brick-and-mortar business has a physical location, such as a storefront. If that storefront incurred damage in a storm, you’d receive coverage under the peril policy and the property damage policy for repairs to structure and repair or replacement of the business equipment. The business interruption insurance would pay for any days you had to close your business due to the peril damage. If one of your customers had a slip-and-fall accident at your business while you were closing it up before the storm, your liability coverage kicks in. The glass insurance that you added to your BOP covers any broken windows that the storm causes.

Contact August Vincent Insurance Agency serving Huntley, IL about a BOP policy for your business today. Protect your business with the insurance it needs to thrive.

Operating a thriving business in Huntley, IL always comes with unique inherent risks. Risks ranging from a client being injured on your business premises, a natural disaster striking, to a client filing a lawsuit may disrupt your business operations. Therefore, it is imperative for a business owner in Huntley, IL to have solidified commercial insurance in place to safeguard your business and your assets and employees. Protecting your precious investment is an instrumental element in ensuring you have a thriving business. Are you a business owner in Huntley, IL searching for commercial insurance? Don’t look beyond August Vincent Insurance Agency. Our agents will help you to select outstanding commercial insurance meeting your needs and budget. Keep reading to establish why commercial insurance is an absolute necessity.

Protection of your employees

What happens if one of your employees gets extensive injuries or gets ill while working on your premises? Securing workers’ comp insurance is paramount as it caters to your worker’s medical care if they sustain a work-related injury or contract an illness. It also replaces some of their lost income partially and avails financial benefits to deceased workers’ families.

It’s a legal requirement.

Many states, including Illinois, advocate for small businesses to maintain workers’ comp insurance if a business entity possesses employees. It caters to the medical expenses accrued by your workers if they suffer any work-related injury or contract general ailment.

Protection of assets

 Did you know that Illinois is home to 1.2 million small businesses? Therefore, businesses are susceptible to vagaries of nature like hailstorms damaging your business assets. Therefore, commercial insurance is an instrumental option that can safeguard a business’s assets ranging from treasured fixtures to computers and inventory.

It covers advertising liability.

If your business entity violates the copyright rules of some other parties or business, it can culminate in a copyright infringement issue. Luckily, liability insurance kicks in and caters to legal liability against such claims. 

Are you a business owner in Huntley, IL searching for commercial insurance to safeguard your business and employees? Please call or visit us at August Vincent Insurance Agency; our agents do our best to protect our clients with affordable and sufficient coverages.