Business & Commercial Insurance

Looking for coverage?  Look no further.  Newby Insurance Agency works with several top rated insurance companies to tailor a policy to fit your business and find the most competitive rates. We can provide coverage for all types of business insurance including but not limited to:

-        General Liability

-        Property

-        Workers Compensation

-        Business Auto

-        Inland Marine

-        Bonds

-        E&O Insurance or Professional Liability

Business & Commercial Insurance Information

General Liability

Unfortunately for every business owner, the chances of getting sued have dramatically increased over the years.  General liability insurance can prevent a lawsuit from becoming a financial disaster by providing protection if your business is ever sued or held legally responsible for some injury or damage.

General liability pays for losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. This should not be confused with professional liability or E&O insurance.  Many types of businesses should carry both liability policies.  For more information about professional liability and E&O insurance, see the paragraph below for more information.

Although general liability coverages vary from company to company, below are examples of coverages most include.  Call our office to find out about specific company’s coverages.

-        Bodily Injury, including the cost of care, the loss of services and the restitution for any death that results from injury

-        Property Damage coverage for the physical damage to the property of others or the loss of use of that property

-        Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided

-        Products Liability is more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents

-        Contractual Liability extends to any liability you may assume by entering into a variety of contracts

-        Other coverages many include: Reasonable Use of Force, Borrowed Equipment, Liquor Liability, Non-Owned Vehicles; Advertising Injury, and specialized liability protection for specific business types

Property

There are several types of property coverage that can be tailored to your business.  Property coverage can include building coverage, on site business property, off site business property, stock, property of others on your premises, and many more.  Contact Newby Insurance Agency to discuss the types of property coverage you need for your business.

Workers Compensation

Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards.  This eliminates the need for litigation and creates an easier process for the employee.  It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from their employer.

Workers compensation insurance is designed to help companies pay these benefits.  As a protection for employees, most states, including Indiana, require employers carry some form of workers compensation insurance.  This is NOT health insurance.  Workers compensation is designed specifically for injuries sustained on the job.

Do I Need Workers Compensation Insurance?

Employers have a legal responsibility to their employees to make the workplace safe.  However, accidents happen.

To protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in work place accidents, most states (including Indiana) require businesses to buy workers compensation insurance.  It not only covers workplace injuries but also work-related illnesses.

Workers compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services.  It also provides death benefits to surviving spouses and dependents.

Most states, including Indiana, require you to carry workers compensation insurance if you have employees.  Determining whether your employees are actual employees or contracted work can be difficult.  Consult the Indiana State Workers Compensation website to determine whether you are required to carry workers compensation insurance or not.

Some independent contractors are required to carry workers compensation for a specific job they are contracted.  If the independent contractor does not wish to purchase this insurance for themselves and they have no other employees, they may qualify for an exemption.  For more information about this exemption click here.

Business Auto

As a business owner, you need the same types of insurance coverages for your business vehicles as you do for your personal auto insurance.  In fact, many business people use the same vehicle for both business and pleasure.  If the vehicle is title in the name of your business you need to have your business listed as the “principle insured” rather than your name.  Whether you need to buy a business auto policy will depend on the kind of driving you do and sometimes the limits you are required to carry.  A good insurance agent will ask you many details about how you use the vehicles in your business, who drives them and whether employees will be driving them or their personal vehicles for your business.

While the major coverages are the same as a personal auto policy, a commercial auto policy is different in many technical aspects.  Ask a Newby Insurance Agency expert agent to explain the differences and options available to you and your business.

Inland Marine

Inland Marine policies are mostly used for property coverage on business property in transit, off premise, scheduled/valuable items or construction sites. Sometimes inland marine coverages can be included on a regular property policy and sometimes they are separate.  Contact Newby Insurance Agency to discuss your needs for an inland marine policy.

Bonds

There are many types of bonds that may be required for your business including but not limited to:

-        Surety bonds

-        Fidelity bonds

-        Contract license bonds

Local and state governments require many types of businesses to secure bonds to legally operate in that area.

Surety bonds are contracts between 2 parties where one party is contracted to perform a service.  If that party does not complete their duties the other party is financially compensated.  Surety bonds include court judicial, public official, license and permit bonds, as well as others that provides a guarantee on a contract job.

Fidelity bonds covers employee dishonesty and theft. Losses can include property, money, and other securities.

Contract bonds guarantee the performance and obligations described in a written agreement between two parties. They are often referred to as bid, payment and performance bonds.

E&O or Professional Liability Insurance

Professional liability insurance fills in most of the gaps that general liability insurance policies have.  They are most often used for service related industries such as doctors, lawyers, consultants, IT services, engineers and brokers.  But many other fields are purchasing professional liability insurance to make sure all of their bases are covered.

Coverages that are included on most professional liability insurance policies include but are not limited to:

-        Negligence

-        Violations of good faith or fair dealing

-        Misrepresentation

-        Inaccurate advise

Contact Newby Insurance Agency to find out if professional liability insurance is right for your business.

Ready to get a quote for your business insurance?  Click below to quickly submit some information regarding your business insurance needs and an expert agent will contact you shortly.

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