COMMERCIAL OR BUSINESS INSURANCE:

Each year many small businesses are forced to close their doors because they had little or no insurance. They are sued for negligence, or because an employee was badly injured on a job. Without the proper insurance coverage your business may not be yours for long. Don't jeopardize your company's future as well as your family's future.

Business insurance comes in many different forms. Here are just a few of the most common:

General Liability - it is often included in a package with property insurance to protect you and your business against incidents that might occur on your premises or at other covered locations where you normally conduct business. When your property coverage is included in your general liability policy it is referred to as a bop (business owner policy). When you combine the coverages it makes the policy less expensive. This type of insurance gives you the ability to continue normal operations even though your business faces real or even fraudulent claims of certain types of negligence or wrong doing. General Liability coverages include:

  • Bodily Injury
  • Property Damage
  • Personal Injury (including libel or slander)
  • Advertising Injury

This policy also covers legal fees, even if the claims are fraudulent.

Professional Liability or Errors and Omissions Insurance:

Even if you combine your general liability and your property insurance, this policy does not cover every liability. Professional liability is an important type of insurance that picks up where general liability leaves off. It protects your business against loss due to a claim of alleged acts, errors or omissions in the performance of your professional services. If you or your employees make professional recommendations or judgments, during the course of your business you need to ask about E&O coverage.

Workers Compensation - this is a type of insurance, provided by the employer, that comes into play when an employee is injured on the job or when performing official business duties. Usually, this insurance pays money to the injured party instead of you being sued for damages. In some jurisdictions, this type of insurance is required. Even if not required, it is usually considered a wise insurance purchase.

Most Mississippians are protected by the Workers Compensation Law, but there are exceptions. If you are an employer with a minimum of five employees, then you are required by law to carry Workers' Compensation. If the employer has less than five employees, this coverage is not required but may be provided voluntarily by the employer. However domestic and farm labor, and employees of non-profit organizations are not covered under the law unless coverage is provided voluntarily by the employer. Also, Federal employees or certain transportation and maritime employees are covered by Federal Compensation Laws. Independent contractors are ordinarily excluded from coverage although special protection is given to employees of subcontractors.

Coverages include any injury, however slight or serious, which arises out of the course of employment. Occupational illnesses and diseases are also covered if job-related, as well as work related deaths. Other coverage includes:

  • Medical Benefits
  • Wage Loss Benefits

If the injury causes death, the Workers' Compensation Law guarantees the payment of benefits to any surviving spouse and certain surviving dependents. Also, there is an obligation to pay up to $2,000.00 in funeral expenses, as well as an immediate lump sum of $250.00 to the surviving spouse, by the employer or the insurance carrier.

For Olive Branch commercial insurance, Southaven commercial insurance or if you live in any of the surrounding areas, please give us a call for a free quote. You may also go to request a quote and we will be glad to call you.