Commercial Insurance
If you are thinking of operating your business in Rhode Island or Massachusetts, we recommend protecting your company, yourself, and employees. The most effective way to do so is obtaining commercial insurance, and here is what you need to know to get started:
- A standard business insurance policy covers the following: personal injury (copyright infringement, wrongful eviction, libel, slander, etc.), bodily injury (personal damage to a person caused by a business owner or one of the employees), advertising injury (damage caused by advertising), property damage (damage that is caused to the someone else's property), legal defense and judgments (costs associated with real or frivolous lawsuits), business personal property (your property assets).
- All business owners that hire employees are required to carry workers' compensation insurance. The purpose of workers' compensation is to motivate safe working conditions and help injured workers to get to their productive employment as soon as possible.
- If you use any vehicles for business purposes, they must be covered by commercial auto insurance. Personal cars driven for work purposes should be covered by hired and non-owned auto insurance.
- Certain factors may affect the cost of your commercial insurance. They include your industry and the risks, coverage types and limits, number of employees you hire (both full-time and part-time), previous claim (if any) and location of your company to name a few.
- Depending on your business, you may require other types of coverages such as:
- Professional insurance (coverages your legal costs if a client sues you for negligence and other types of claims)
- Business income and extra expense (coverage for loss of income due to a covered cause of loss and coverage for extra expenses incurred because of a covered cause of loss)
- Liquor liability (bars, restaurants, taverns, etc. serving liquor need to carry this coverage)
- Cyber liability (protecting your business from a data breach or software attack)
- Employment practices liability (coverage for legal costs from current, former or potential employee lawsuits)
- Directors and Offices insurance (coverage for board members and officers' legal expenses if sued for decisions made that led to a financial loss)
- Inland marine insurance (coverage for business personal property on the go – such as tools and equipment)
- Surety bonds (coverage is required by a contract or local regulations and is coverage if your business fails to deliver contractual services)
The Insurance agency you can count on
If you are looking to cover your business, you have come to the right place! Regardless of the type of business that you decided to run, commercial insurance is what you need to protect your assets. Our knowledgeable and experienced agents will provide you with the information you need and help you find the policy addressing your individual and business needs. Give us a call (401-900-INSU) or send an email to info@schiappainsurance.com for additional information or to request a quote.
