Business Insurance aka Commercial Insurance protects your company from unexpected losses in today’s sue happy world. Below is a brief description of some of the different types of commercial insurance you as a business owner might be required to carry if you own or lease a building, office, storefront, or warehouse.
Commercial General Liability (CGL) is an essential part of any business insurance plan. General liability protects your business against claims and lawsuits that arise from your business products, services, or operations.
Commercial Property Insurance is a key coverage for business owners that own or lease property. This type of coverage protects your business and its physical assets.
Builders Risk is a specialized type of property insurance that protects a person or organization's insurable interest such as materials, fixtures, and equipment on a jobsite during construction or renovation of the building or structure.
Commercial Auto Insurance provides coverage for one vehicle or an entire fleet. Commercial auto insurance protects your business vehicles and employees from the unexpected.
Workers Compensation is a type of business insurance that provides employee compensation for injuries and or illnesses. In Georgia, workers compensation is required for any business with three or more regular employees to include full time, part time, and/or seasonal employees.
Business Owner's Policy (BOP's) bundle the commercial general liability, property insurance, and business interruption insurance into one policy. BOP's generally offer optional coverages at a discounted rate that monoline policies do not offer.
Employment Practice Liability Insurance (EPLI) protects your business against claims made by employees alleging discrimination based on age, disability, race, religion, gender, retaliation, equal pay, genetic information, national origin, pregnancy, or sexual harassment.
Bonds are not insurance but a guarantee of payment if an obligation is not fulfilled. Below is a description of the different types of bonds contractors’ encounter.
Surety bonds assure the project owner that the contract will be complete, and the work is done as outlined in the contract or the project owner is compensated.
Fidelity bonds protect contractors from dishonest employees on a jobsite.
Bid bonds guarantee a contractor will enter a contract if they win the bid.
Performance bonds guarantee that a contractor will perform the work outlined in the contract.
Payment bonds guarantee a contractor will pay for services, making sure all the subcontractors and materials are paid at completion of the job.
Maintenance bonds guarantee that a contractor will provide maintenance, repair, and upkeep for a specified period.