Our independent insurance agents can help you navigate all the ins and outs of corporate business insurance. They’ll compare policies and quotes from several different providers to help find the right coverage for your needs. But first, let’s talk about the risks and coverage needs you need to consider.
Corporate Insurance Coverage Needs
For any insurance company issuing a commercial policy, it all comes down to risk. While any business has its own fair share of risk, the policies you need should specifically address the unique threats in your world.
The policies you need will all depend on the products and services you provide, the size of your company, the number of employees, and a number of other factors. Your complete insurance portfolio you’ll will need to combine a few different coverage types to give you the full protection you need. These include:
- Liability coverage, in several different forms
- Property and equipment insurance
- Commercial vehicle coverage
- Data breach insurance
- Employee fidelity insurance
- Intellectual property insurance
- Group life insurance
- Inland marine insurance
- Surety and fidelity bonds
- Business interruption insurance
- Workers compensation
A small business with less than 500 employees doesn’t face the same liability issues as an international company with thousands. A solid business insurance plan is required for both large and small companies. However, more underwriting is required for the large corporation due to its size, which typically makes more complex coverage necessary.
This is why it’s important to work with an agent who really knows their stuff. They’ll understand your risks and concerns and help tailor a complete insurance plan to your company.
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Corporate Liability Insurance
Corporate liability insurance, in any form, is arguably the most important insurance for a business. A corporate entity can become somewhat of a target in our quick-to-file-a-lawsuit society, making this coverage critical to protect the financial well-being of your corporation.
Several forms of liability protection are available for corporations, including:
- General liability: Covers bodily injury and property damage your company or employees may cause.
- Professional liability: Also known as errors & omissions liability or "E & O," this covers risks pertaining to information, professional services, consulting, and advice that can potentially lead to losses for clients or customers.
- Product liability: If you manufacture or sell products, this coverage protects you from potential legal claims and lawsuits consumers may file against your corporation due to illness or injury related to your products.
- Directors and officers insurance: This liability policy protects the directors and officers for risks related to the work they perform for the company if they’re sued.
- Fiduciary liability insurance: This policy covers your company for legal liability of a fiduciary or trustee (e.g. benefits plan administrator) on your staff, in the event that person is responsible for an error or negligent act that results in a loss.
- Business umbrella liability: This is "excess liability" insurance that provides extra protection over your existing liability policies (including general liability, employers liability, and commercial auto liability). Sold in increments of $1 million, this affordable coverage is excellent protection against large lawsuits due to catastrophic loss by a customer or other party.
Corporate Health Insurance
Offering health benefits to your staff has a number of benefits. For example:
- A good health benefits package can help to ensure that your employees have the coverage they need to manage their health.
- Healthy employees are less likely to have downtime from illness and lose productivity.
- Excellent health benefits can help your company to retain valuable employees.
Group health insurance can be expensive since employers foot at least half of the premium, but they are completely tax-deductible. The Affordable Care Act brings many changes to the healthcare system, including federal regulations on the minimum amount of health insurance protection that can be offered to employees.
If your corporation already offers health insurance, you’re exempt from this standard, but it’s a good idea to speak with your insurance agent to make sure you’re in compliance with federal law. Otherwise, you could be facing some hefty fines.
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Corporate Insurance Services and Risk Management Teams
In the corporate world, it often takes one or more professional teams of advisors to fully manage risk. Larger corporations often use a range of services to identify and mitigate the risks.
While there is often crossover in the functions of the various professional services your corporation may need, sometimes all are necessary to make sure your corporation understands their risks to help manage them proactively.
For example, you may require:
- Professional risk management services to help assess your corporate risks and minimize their impact on the company's financial standing.
- A team of legal advisors to address public liability concerns and make sure that the language of all of your corporate communications is legally sound.
- Forensic accountants to investigate potential employee fraud, for example with regard to fiduciary responsibility.
- Corporate insurance services to help manage your commercial insurance coverage, from professional liability insurance to workers compensation.
An independent insurance agent who specializes in business insurance can be a valuable part of your risk mitigation plan. Our agents can help fully assess your risks and get the right corporate insurance in place to protect your company financially. With access to numerous commercial insurance companies, they can manage your complete insurance portfolio, even when various policies need to come together from multiple providers.
Finding Corporate Insurance with the Trusted Choice Network
When you work with a Trusted Choice independent insurance agent, you have a local expert who will meet with you, help fully review your company’s risks and identify the exact coverage you need to manage them.
The Benefits of an Independent Insurance Agent
Independent insurance agents are kind of like the Google of insurance quotes. You tell them what you’re looking for, and they bring in the results. And since they aren’t tied down to one carrier, they’re free to shop around and bring multiple policy options to the table.
And it gets better, you don’t have to review the policy options alone. They’ll walk you through everything you need to know about finding the right coverage, and price, for you. But it doesn’t end with your signature. Along the way, if something bad ever happens, they’ll handle the entire claim process for you and deal with the carrier, so you can focus on your corporate empire. How sweet is that?