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Commercial

O. Faulkner & Associates > Commercial
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Protecting Your Business

Commercial Insurance

Consumers understand the quality of a product is equally as important as the cost of coverage. Having access to obtain quotes from multiple commercial carriers, provides a greater value and allows the insured to know their needs are being met. By having various avenues to navigate, our agency can stay ahead of client needs. From catching unexpected rate increases to providing quotes from numerous carriers ahead of the policy renewal, we can assist clients in making sure that rates remain reasonable while providing ways to keep the cost of coverage down.

Commercial Insurance Photo

Business Insurance Facts

    • There are many types of commercial insurance liability policies. The most known form is the general liability policy. This policy covers basic business insurance needs including legal fees, settlements, judgements, damage to property and medical expenses. Some other forms of general liability insurance include errors and omissions, cyber liability, advertising and product coverage.

  • Commercial General Liability policies cover the insured, their company and any employees as separate parties. Employees are only covered during working hours or while transacting business on the company’s behalf.
  • It is always best for the business owner to do an overall insurance assessment on coverage needed so that all liability exposures are covered in the event of a loss. In conjunction with the client, the agent can assist with avoiding any gaps in coverage and make sure the business has the most board form of coverage.
  • Oversights, mistakes, human error and accidental damage are all covered under the Commercial policy. Criminal acts that are intentional by the employee are not covered, i.e. assault, vandalism, theft and other crimes detailed in the policy exclusion.

Additional Business Insurance Coverage

  • Liquor Liability: Liability coverage that protects a business against damages claimed or losses by covering against customers of the business becoming intoxicated and injuring themselves or someone else. Businesses that manufacture, sell, serve or facilitate the purchase or use of alcohol, will likely need this coverage.

  • Business Income Coverage: Covers business owners that have a covered loss that results in a decrease in income resulting in a slowdown of business or a temporary interruption.

  • Equipment Breakdown Insurance: Covers physical and financial damage as a result of equipment breakdown. This coverage covers mechanical breakdown, Electrical Arching and bulging and cracking of pressure vessels, which is not covered with the standard commercial liability policy.

  • Cyber Insurance: Coverage that protects against the costly effects of cybercrimes. Malware, ransomware, distributed denial-of-service (DDoS) or any other method used to breach sensitive data, or a network are covered as an add-on and can be customized for a company’s specific risks.