Business & Commercial Insurance
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Business & Commercial Insurance Information
Starting a business is hard work and takes a ton of resources and dedication, so it is important to protect with a reliable commercial insurance policy.
With a broad understanding of companies’ offerings and key benefits, Ifft & Palmer agents use their experience and knowledge of the insurance industry to bring clients affordable and reliable commercial insurance policies. We are dedicated to inspiring confidence in our clients with effective communication and providing an extensive contract review to make sure you are getting the coverage you need. Ifft & Palmer will provide you with tools to make informed decisions about accepting risk in your contracts and operations.
What Does Commercial Insurance Cover?
Every business is different and may required specialized insurance depending on their industry. There are a few policies that are universal, however. Some of the important coverages we offer include:
General liability insurance is a common yet critical policy that protects your business in three areas:
Bodily injury:If someone is injured on your business’ property, you could be held liable for their injuries. General liability can help pay for the victim’s medical bills and protect your business in case of a lawsuit concerning the injury.
Property damage:If someone’s property is damaged due to everyday work activities, such as if a server accidentally spills alcohol on a guests’ expensive laptop, general liability insurance can help pay for the damages. It can also help cover your business in case of a property damage lawsuit.
Personal and advertising injury: Personal and advertising injury deals with more non-physical incidents such as libel, slander, malicious persecution, copyright infringement, theft of an advertising idea and more.
General liability isn’t required by state or federal law, but it is often required to work on certain projects or to get a license in certain industries. Liability insurance is crucial because it can protect your business from lawsuits that could cost thousands or even millions of dollars. Additional liability coverages to consider are:
Commercial Auto Insurance
Cyber liability: Cyber liability protects the business from claims concerning electronically stored information that is lost, damaged or stolen.
Liquor liability:Liquor liability covers businesses that sell alcohol in case a patron causes bodily injury or property damage to someone else.
Commercial auto insurance covers vehicles owned or used by the business for work purposes. Personal auto insurance policies often don’t cover commercial vehicles, so it is important to have the right policy to protect your business’ assets. A commercial auto insurance policy may include:
Comprehensive Coverage: Comprehensive coverage provides compensation for damages to the commercial vehicle caused by fire, wind, hail, lightning, smoke, explosions, theft, vandalism and other incidents not involving collision.
Collision Coverage: Collision coverage provides compensation for damages to the commercial vehicle caused by a collision with another vehicle or object.
Liability: Liability insurance covers property damage and bodily injury a driver may cause while operating the insured commercial vehicle.
Medical Payments Coverage: Medical payments coverage provides compensation for the driver’s and their passengers’ medical bills after an accident, no matter who caused the accident.
Uninsured/Underinsured Motorist: This insurance covers expenses related to an accident involving a driver who is not carrying insurance.
For vehicles your business borrows or rents, such as employee vehicles, you may need Hired or Non-Owned Auto Insurance.
Workers compensation covers your employees in case they are injured on the job. If an employee gets hurt while working, you could be held liable for their injury. Workers compensation provides monetary assistance for employees injured on the job and protects the business in case of a lawsuit. This insurance can help with medical bills, disability benefits, lost wages and, in extreme cases, death benefits.
Protect Your Business Today
Ifft & Palmer identifies and assesses clients’ current and future insurance needs to help you make the best decision for your business. Call us at
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Common Commercial Insurance Questions
What is a Commercial Insurance Plan?
A commercial insurance plan is a policy geared specifically for a business. This insurance protects your business from a range of dangers, from property damage to lawsuits.
How Much Does Commercial Insurance Cost?
The cost of a commercial insurance policy varies depending on several factors, including your location, industry, size of the business, claims history, credit score and more. Contact Ifft & Palmer to find out how much you can save on commercial insurance today.
How Much Commercial Insurance Do I Need?
Every business’ needs are different. Your insurance needs may be different than a neighboring business’ even in the same industry. In general, you should have enough commercial insurance to cover your business’ physical assets and potential lawsuits that could occur in the future.
When Do I Need Commercial Insurance?
You should have a commercial insurance policy in place before ever opening your doors. This helps prevent accidents and lawsuits from hurting your business before you’ve gained your traction.