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Business Insurance FAQs

There are several types of business insurance; some are required by state law, some are not.

Premises Liability

Premises liability for an office space is not required by state law. It can be required by a bank or a landlord under most circumstances.

Professional Liability

Professional liability, AKA E&O insurance, is generally not required, although many times customers will ask a contractor to have this coverage. An example would be a computer consultant working at a financial institution – very often this professional will be required to have E&O coverage with minimum amounts specified.

Workers Compensation

Workers compensation is required by law. If you own a business, under certain circumstance you may be able to opt out and not protect yourself, but you must have this coverage to protect your employees.

Product Liability

Product liability is not required by law, but it may be required by customers who purchase your product in volume or resell it.

Commeral Auto

Commercial vehicle insurance, in particular liability coverage, is required by states. Again, this coverage is also often required by customers with minimum amounts specified.

Health Insurance

Health insurance is generally required by law – most employers must give coverage to their employees. Under the Affordable Healthcare Act, financial penalties can be imposed for employers who do not comply.

Advertising Liability

Advertising liability is not required by law.

Property Coverage

Property coverage is not required by law, but often landlords and equipment leasing companies can compel you to carry it. BUYER BEWARE: Many commercial insurance policies have coinsurance clauses and impose stiff penalties if you don’t insure your building, or belongings adequately.

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