Category Archives: Business Insurance

Hired and Non-Owned Auto Coverage

If employees use their vehicle for business, it  may leave a huge coverage gap.

If an employee uses their own vehicle at work or runs an errandDriving in summer for their employer,  the company could be held financially responsible in case of an accident. Usually a business auto policy only protects against loss involving company-owned vehicles and an employee’s personal auto policy  excludes business use. This can present a coverage gap. Even if a business rarely uses non-owned autos, it only takes one serious accident to create a significant loss for the business

How Non-Owned Automobile Coverage eliminates coverage gap

If your company has a business auto policy, make sure it includes coverage for hired and non-owned automobiles. Non-owned autos are vehicles owned by others (such as an employee) that are used for business purposes for their employer.

If your business does not own any automobiles, it is possible to purchase coverage for only losses involving use of Hired and Non-owned vehicles. The ‘hired’ portion would cover your business for liability purposes when renting a vehicle for business use. The ‘non-owned’ portion would cover employees using their own auto in the business.

Make sure your limit for Hired and Non-owned coverage is enough to cover large court judgments.  Non-owned coverage will protect both the business and the employee for liability, but this does not cover the damage to the employee’s auto.

Contact us for solutions designed specifically for your needs.

 

 

Excerpts from: Insurance Publishing Plus, Inc. 2014

Business Interruption Insurance

Reasons you need Business Interruption Insurance

As a business owner, you understand that active business operations generate a profit.  If your business shuts down, so does the cash flow. Do you have enough resources in the bank to weather a prolonged closure?

Common causes of financial hardship for business owners include:

  • Fire: Even if it only destroys a part of your building, you man need to close for a few weeks.
  • Hail: Broken windows, damaged roof and water clean-up can take longer than you think.
  • Windstorm: Replacing roofing or siding while your business is open can place customers in danger, increasing your liability.
  • Vandalism: Depending on the extent of the damage, you may find yourself with complicated equipment replacement problems.
  • Equipment damage; Even the most reliable machine breaks down.  It could take weeks to get the right part to be back on schedule.

How Business Interruption Insurance can help

If your business must close due to a covered loss, Business Interruption Insurance will reimburse you for the revenue that you could have earned during the closure.  It also provides coverage for expenses like rent or electricity and can keep your employees on the payroll while your doors are closed.

Make sure your insurance  takes care of your needs and see if the options offered by Business Interruption Coverage would benefit you. Call the experienced professionals at Cobb-Hall Insurance to provide solutions designed specifically for your needs.

 Excerpts from Trusted Choice/Independent Insurance Agents