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What Does Commercial Insurance Cover?

The agents at the Gill Insurance Agency in Plainfield, IN want Indiana business owners to know and understand the importance of commercial insurance. Commercial insurance is designed to help a business owner pay for the replacement cost or repairs of any damaged property or merchandise. All business owners take a certain amount of risk when they open a business, but small business owners tend to take an even larger risk since about 40 percent of businesses never get the chance to reopen after a disaster occurs. This is the reason that commercial insurance is so very important.

What Does Commercial Insurance Cover?

Commercial Auto Liability

In the state of Indiana, all business owners must have commercial auto liability insurance under the law. This means that any vehicle that is owned by the business and preferably any vehicles that are driven for business purposes, be covered under at least a liability insurance policy to cover any property damage or injuries that could be caused during an accident.

Worker’s Compensation Insurance

Workers’ compensation insurance is important for business owners to have in place if they have several employees working for them. This type of insurance will cover an employee’s wages while they are off work due to an injury sustained at work. This will also help offset any medical bills that are incurred due to an injury that happens on the job.

Commercial Liability Insurance Coverage

Commercial liability insurance coverage is extremely important to assist business owners in paying for medical bills that are incurred if a customer becomes injured at their business or due to something that is related to their business. This part of a commercial liability insurance policy can also protect business owners from copyright infringement, libel, and even slander.

Commercial Property Insurance

Whether a business owner owns the building in which their business is located or rents it, it is imperative to have commercial property insurance in place to cover the business itself. This can include merchandise, computer equipment, cash registers, and any other things that must be in place for your business to function. These items can be replaced or repaired if your business is damaged due to a fire, an act of vandalism, or even some sort of natural disaster. This part of a business insurance policy will help recover items that are stolen due to a burglary or theft incident.

Get Commercial Insurance Today

To create a commercial insurance policy that is best for you and your business, contact the experienced and trusted agents from the Gill Insurance Agency in Plainfield, IN today!

Does A Home Business Need Commercial Insurance?

If you have a home business, you should have commercial insurance. There are many different types of policies, and it’s important to find one that will cover your particular needs. Gill Insurance Agency can help Plainfield, IN home business owners choose the best policy. We have a wholehearted interest in your business. 

Does A Home Business Need Commercial Insurance?

Home businesses need a variety of types of insurance to protect their assets. In addition to liability coverage, home business owners should consider professional liability insurance, also known as errors and omissions insurance. This coverage protects your business from claims of negligence in the provision of professional services. Worker’s compensation insurance is required for home businesses with employees, but different policies apply to different types of home businesses. It’s important to remember that business property insurance covers your business equipment. Homeowners’ policies do not cover business equipment, so be sure to purchase a separate policy for your home business.

Small business owners have three basic choices for their insurance needs. They can either add endorsements to their homeowner’s insurance policy or buy a Business Owners Package (BOP) policy that offers all the necessary coverage for their home-based operation. The choice depends on the nature of your home-based business and how much you’re willing to spend. Some policies offer liability coverage for visitors to your home. For smaller businesses that receive very few business visitors, this endorsement is optional.

If you run a home-based business, you’ll need to adjust your policy on a yearly basis. You’ll also need to update your policy in case something happens to your property. A home-based business policy will only cover some of the risks, and it’s important to make sure you know all the details. 

Give Us A Call

Running your own business takes a ton of time and effort. Let Gill Insurance Agency, now serving the greater Plainfield IN community, take away the headache of commercial insurance shopping today.

What Does Commercial Insurance Cover?

The agents at the Gill Insurance Agency that serves the entire Plainfield, IN area want you to know all of the commercial coverage options that are available to protect your Indiana business.

You have invested an incredible amount of time and money into your amazing business and you want to protect that investment. The best way to achieve that is to have the appropriate amount and types of commercial insurance in place for your business.

Commercial Auto Liability Insurance Coverage

In the state of Indiana, you must have commercial auto liability insurance in place. You need to have liability auto insurance to legally drive on any public streets, roads, and highways and that law applies to any vehicles that are owned by your business or that you use to conduct business. You can also obtain other coverage options when it comes to business auto insurance if you so choose and you can discuss that with your agent.

Worker’s Compensation

In the state of Indiana, you must also have worker’s compensation insurance in place through your commercial insurance policy that will cover any employees you may have if they are injured on the job. This type of coverage will help compensate them for lost wages and help with medical bills from their injury.

Business Liability Insurance

You will want to have a general liability insurance policy in place under your commercial insurance umbrella since it will cover any injuries that are sustained by a customer or other person who is visiting your business and is injured on your property. This will also cover anyone that is injured because of an incident that happens involving your business.

Other Commercial Insurance Options

Other insurance options that are available when it comes to commercial insurance include cyber insurance and professional liability insurance period these types of coverage can assist you with any lawsuits or other legal issues that may come up as well as any breach in the security of your customers’ information due to a cyber-attack.

To discuss the options you have when it comes to commercial insurance, contact the agents at the Gill Insurance Agency in Plainfield, IN today to create your policy to protect your business.

Don’t Make These Common Commercial Insurance Mistakes

At Gill Insurance Agency, we provide insurance policies for many Plainfield, IN businesses. Unfortunately, however, many of our customers make the following coverage mistakes that impact their bottom line.

Mistake One – Picking the Cheapest Policy 

When you’re covering your business, you shouldn’t skimp out on your insurance policy. Yes, it might save you $1,000 a year if you get a policy that is $100 less per month than a better coverage option. However, you might find yourself with lapses in your policy that cause serious financial troubles. 

Mistake Two – Underinsuring Yourself 

This mistake is often connected to the first but may be separate in some circumstances. For example, you might get a high-value policy to find that it isn’t suitable for your business needs. You may need to upgrade to a more comprehensive policy designed for larger companies like yours. 

Mistake Three – Buying Too Much Insurance 

While it might seem tempting to insure your company for more than it is worth, your policy will never pay more than that. So, if you get insurance for $1 million and your company is only worth $250,000, you might be surprised to find that you won’t get that $1 million. 

Mistake Four – Not Understanding Your Insurance Options 

Insurance companies often provide various commercial options that help cover you and ensure that you are safe. For example, a Business Owners Policy can cover things like your property, liability, and interruption coverage. That kind of protection is critical. 

Speak With Your Agent Today 

If you want commercial insurance from Gill Insurance Agency to protect your Plainfield, IN business, please don’t hesitate to contact us right away to learn more. Our team will help you better understand your policies and give you the insight that you need.

What is a business owners policy?

A business owner’s policy (BOP) refers to the commercial insurance that includes the four most typical policies available. It saves the business owner money by providing these four policies at a reduced rate. You can obtain this type of policy from Gill Insurance Agency of Plainfield, IN to protect your business.

The typical BOP includes liability, named perils, property damage, and business interruption coverages. Like other insurance policies, you can add other coverage to the BOP. This means if you own a dry cleaning business, you can add your inland marine policy to the BOP. Although it begins as a bundle of four policies, you can add to it. If you purchased each policy separately, you would have to pay full price.

Your coverage remains the same as if you purchased each separately. There’s no reduction in the amount of protection. You still get the same coverage.

  • Liability: If someone becomes injured while visiting your business or incurs an illness from exposures occurring at your business, your liability policy covers you. It also pays for court costs and settlements if you get sued because of a faulty product or if you libel or slander a person or organization.
  • Named Perils: The BOP provides coverage from damages caused by named perils such as a tornado, snow, fire, and hail damage. Each policy differs in the named perils included. Some states exempt certain perils. You may find that Florida or Texas do not include hurricanes, but this depends on the agency and policy.
  • Property Damage: This type of coverage occurs when your business incurs damage from an event that is not a named peril or you damage another individual or organization’s property.
  • Business Interruption: This policy type protects you from loss of income during an event that interrupts your ability to do business as usual. This includes named perils, so if a fire caused your business to close for a week, the BI coverage pays you for the income lost.

Contact Gill Insurance Agency serving Plainfield IN, for more information on BOPs. We can help you insure your business for less.

3 Tips to Preparing Your Small Business against Disasters

With natural disasters on the rise all across the country, it’s only natural for Indiana business owners to be concerned about their enterprise’s safety. At Gill Insurance Agency, we offer commercial insurance packages to protect small businesses against disaster damage. If you own a small business in Plainfield, IN, here are a few ways you can protect it against disasters.

Identify Your Assets

Make a list of your business assets such as your office, warehouse, business equipment, furniture, products, etc., so you’ll have a clear idea of what you need to protect. Then consider ways to protect these assets in the event of disaster damage.

Commercial policies in Indiana provide numerous coverage types to protect your assets against disasters. Property coverage, for example, protects your business location, equipment, and inventory. Business interruption coverage protects you against loss of revenue and payroll if your business has to shut down due to disaster damage. This helps safeguard your business finances.

Assess Your Risks

Next, consider what disasters pose a risk to your business. Indiana is prone to such natural disasters as rainstorms, blizzards, windstorms, wildfires, and tornadoes. When purchasing your commercial policy, make sure it covers those disasters that pose a greater risk to your company.

Create a Disaster Prep Plan

Create a disaster preparation plan, so your employees know what to do in the event of a disaster. Assign different tasks to supervisors to cover different aspects of your business operations, create evacuation routes for your employees and customers and establish a means of communicating with employees, customers, and suppliers during and after a disaster. You can also establish a temporary headquarters in case your main location is compromised due to disaster damage.

To purchase commercial coverage to protect your Plainfield, IN business against disasters, contact Gill Insurance Agency today.

How commercial insurance protects your business

Businesses of all sizes have vulnerabilities. Commercial insurance needs to be tailored to each particular business to ensure that protection is as complete as possible. You can never anticipate everything that will go wrong, but if you feel covered for most of them, that allows you to spend your time and energy making your business a success and not worrying about all the things that can hurt your bottom line. At Gill Insurance Agency in Plainfield, IN, we make it our business to know your business and provide the expertise you need to get the best policy for your business. 

For your business to thrive, you need to have the products to do business. Commercial property insurance covers not only your building, but it also protects all the materials you need, like office equipment, electronics, inventory, raw materials, and more. You want to be back up and running as quickly as possible after the covered hazard happens. 

Your employees are valuable assets. Hiring and retaining good help requires you to take care of them, and workers’ compensation insurance is one way to do that. Most employers in Indiana are mandated to carry worker’s compensation insurance. This insurance pays medical expenses and lost time when an employee is hurt on the job or performing their job. 

Commercial liability insurance protects your business from legal actions against you. You can be sued for so many reasons these days, and a judgment could be large enough to devastate your business. 

If your business is closed by a covered event, business interruption insurance can make the difference between surviving and having to close your doors. It helps to pay not only payroll but day to day operating expenses.  

Commercial insurance is a valuable protection for your business. Gill Insurance Agency in Plainfield, IN can help you put together a policy that will give you the coverage you need. Please stop by the office or give us a call to discuss your needs. 

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