Types of Business Insurance

Big I Best Practices Agency 2022

Types of Business Insurance (BOP)

The success of your business often depends on managing the factors under your control. Business insurance from King Insurance Partners is there to address those risks to your business assets, operations, and employees that you can’t always control. From property damage to employee accidents and lawsuits, having the right insurance coverage will protect your business by mitigating the financial losses caused by unexpected misfortunes. What risks your business could face also depends on factors like your type of industry or the number of employees you have. Consulting a King Insurance Partners agent to discuss the specific coverage options for your business is advisable. Contact us today to ensure your business is fully protected.

woman giving presentation in business meeting

Business Coverage Plans

With commercial insurance, undercovered is overexposed. Business owners should manage risk as they would any part of their company — by understanding the role it plays and using that information to maximize the benefits. While risk may not be beneficial, ensuring its absence from your business by having the right coverage plans will certainly have benefits for the financial health of your company. King Insurance Partners offers a range of plans to match your industry and the size of your business. With our customized coverage options, we offer financial protection and peace of mind to you and your employees. Browse the various categories of coverage plans we offer, then contact us to start choosing the perfect insurance plan to protect your business from risk.

Business Owners Policy

A Business Owners Policy combines multiple coverage options into a single convenient package. Featuring Property, Commercial General Liability, Crime, and additional insurance services, your customized Business Owners Policy will offer your business more benefits than a standard policy. These packages also offer more financial savings through competitive pricing.

Risks can take on many forms, from a tree that falls damages the roof of your warehouse after a bad storm to an employee who slips in the breakroom and becomes injured, but the right Business Owners Policy will cover these and other potential financial losses completely. The categories of protection covered by these packages include Building and Personal Property Protection, Products and Completed Operations, Premises Liability, Premises Medical, Fire Legal Liability, and more.

Commercial Auto Insurance

Commercial Auto Insurance protects your commercial vehicles by covering property or vehicle damage, injury to employees, or legal costs in the event of an accident. Traveling the roads or highways regularly can make a business fleet susceptible to a variety of risks. An accident caused by an employee, for example, or a collision involving an uninsured motorist could leave your business on the hook for expensive vehicle repairs. But the right coverage can give a fleet manager peace-of-mind knowing their vehicles and drivers are protected for multiple possible scenarios. King Insurance Partners has Commercial Auto Insurance options for commercial fleets in a variety of industries, from utilities companies and parcel carriers to other business vehicles. Among the policies we can offer for commercial vehicles are Bodily Injury Liability, Medical Payments Coverage, Personal Injury Protection Coverage, Comprehensive Coverage, Collision Coverage, Gap Coverage, and Uninsured and Underinsured Motorist Coverage.

Commercial Bonds

Commercial Bond can be required in order for a business owner or other professional to hold a certain license or permit. As a general type of Surety Bond, a Commercial Bond is also important for avoiding fines in some cases by making sure your business is operating according to the letter of the law. Commercial Bonds can also protect you in the case of accidents or damages during a job. There are Commercial Bonds to cover a large variety of situations, so finding the correct bond for your business is essential. King Insurance Partners offers bonds for many circumstances, a few of which include Performance Bonds, Contractor’s Bonds, ERISA Bonds, Fiduciary Bonds, Sub-Division Bonds, Court Bonds, Conservator Bonds, Surety Bonds, and Fidelity Bonds.

Commercial Property Insurance

Commercial Property Insurance offers your business additional coverage in case of a major accident or lawsuit which exceeds the limit of your current liability policy. From minor accidents to significant financial losses, Commercial Property Insurance protects the building and all the property of your business when your existing coverage fall short. A leaking water pipe that damages furniture in a large office, for example, could be costly and fall outside your underlying policy’s coverage limit. But Commercial Property Insurance would cover damage to interior items like furniture, outdoor items like signage, on-site equipment, and your product inventory, as well as equipment breakdowns and more.

Professional Liability Insurance

Professional Liability Insurance protects against the costs of lawsuits due to minor or significant errors, such as negligence, misrepresentation, violations of good faith, or inaccurate advice. Sometimes called either Error and Omissions Insurance or Medical Malpractice Insurance, Professional Liability Insurance helps you avoid financial loss in the event of these specific types of legal claims. After treating a patient who falls ill once more, for example, a doctor may find himself or herself in a lawsuit. The same could happen to a lawyer whose client feels the legal advice he or she received was inadequate. The nature of lawsuits will vary based on the industry, but King Insurance Partners offers a range of industry-specific coverages to suit your business. Directors and Officers Liability, for example, protects people in leadership roles who bear liability for their job position. Employment Practices Liability Insurance covers losses due to assertions of employee misconduct, such as discrimination or harassment. While Errors and Omissions Liability covers the cost of errors made by an employee who charged fees for work done on behalf of your business.

Commercial Umbrella Insurance

Commercial Umbrella Insurance is an extra layer of coverage intended to protect your business in severe cases, such as a major lawsuit, a large financial loss, or a situation that puts your entire operation at risk. These types of risks can take on many forms and significant risks like these can really hinder your business financially, but adding Commercial Umbrella Insurance from King Insurance Partners will protect against losses tied to these unexpected yet major risks.

Workers’ Compensation

Workers’ Compensation reimburses the expenses from on-the-job accidents and injuries to employees. Workers’ Comp Insurance Coverage for employees in the event of an accident could include medical care, rehabilitation, lost wages, and even death benefits for dependents. Workers’ Compensation also protects your business from financial losses associated with a lawsuit from an injured employee or his or her family. In the eyes of the law, injuries at the workplace can happen anywhere an employee is operating within the “course and scope” of his or her duties. Especially if you have several or more employees who do physical labor or work in risky conditions, covering your business for Workers’ Compensation to minimize the financial risk from injuries and lawsuits is absolutely a priority.

Inland Marine Insurance

Inland Marine Insurance protects your products and equipment from any damages sustained while you were working or traveling off-site. This insurance protects you from paying the financial costs associated with accidents, vandalism, theft, or even the total loss of your transported goods, storage items, hauled equipment, or construction tools. If you are a business owner who physically moves assets between locations, such as a parcel service or a vendor who attends trade shows, then Inland Marine Insurance is good protection to have. If your products are stolen somewhere during transport, or your equipment is damaged from a vehicle accident, you are covered for those losses. Inland Marine Insurance can protect many categories of items, from buildings under construction to computer equipment and data, contractors’ tools, artwork, and transported property. If you aren’t certain what coverage you need, a King Insurance Partners agent can guide you through the different Inland Marine Insurance options.

Surety Bonds

Surety Bonds are often essential for structuring a profitable business plan. A Surety Bond is both your guarantee to a customer that the product or service you offer will have the integrity you promised, and your protection if for some reason the result is not as you promised. For example, a contractor might have a Surety Bond called a Contract Bond to give his or her clients confidence about how a specific construction project will turn out. But if that job does not go as planned, the bond will ensure all subcontractors, laborers, or suppliers involved with the project are still payed on time. Public officials often have their own Surety Bonds that ensure they will faithfully perform the duties of their offices. There are also general categories of Surety Bonds as well as specific commercial Surety Bonds, including for mortgage brokers, auto dealers, tax collectors, and people in many other industries. Consult a King Insurance Partners agent to select the right Surety Bond for your business.

Commercial General Liability

Commercial General Liability protects your business from liability claims due to injuries or damages that happen on your company’s property. Rather than taking money from your business, the claims are paid by your insurance policy. In a grocery store, for example, if a display falls and injures a shopper, who then sues the store, Commercial General Liability will pay for attorney fees, medical expenses, and other damages. Almost any commercial insurance company will regard Commercial General Liability as basic safeguard for a business. At King Insurance Partners, our policies can include coverages for Premises Liability, Products and Completed Operations, Premises Medical, Fire Legal Liability, Casualty Coverage, Liquor Liability, and Concession Liability.

Fidelity Bonds

A Fidelity Bond indemnifies your business for financial losses that occur in the event of theft or fraudulent activity by an employee. Another threat from a dishonest employee could be the loss of data or intellectual property that is important to your business. In such cases of fraud or dishonesty, a Fidelity Bond will protect your business assets (such as money, equipment, and supplies) as well as the personal belongings of any employees, volunteers, or visitors. King Insurance Partners offers different options of Fidelity Bonds, including ERISA Bonds, Employee Dishonesty Bonds, and Business Service Bonds, that are designed to address your specific coverage needs.

Crime Insurance

Crime Insurance is a specialized policy that protects your business and assets from risks associated with all categories of crime and employee dishonesty. An intruder could break into your office and steal your computer and personal valuables; or you could have an employee who commits subtle thefts over a long period of time that prove costly by the time you uncover the damage. Crime Insurance policies can address these risks, but different policies do have limitations in coverage. It is thus a good idea to consult an agent about specific crime threats to your business before taking out Crime Insurance. Some of the common situations Crime Insurance would likely cover include a robbery or burglary, computer fraud, forgery, financial losses due to employee dishonesty, and theft of personal property. Contact King Insurance Partners to discuss which Crime Insurance coverage options are appropriate for the risks your business could face.

Loss Control Insurance

Loss Control Insurance is a proactive way to minimize business risks by maintaining a safe work environment for employees. The philosophy of loss control is to identify potential sources of risk and then create either a voluntary or mandatory response to those risks. Since risks vary by industry, King Insurance Partners offers industry-specific services that reduce the risks specific to your business. Safety training, program development, customized loss prevention materials, and risk management services are but a few of the resources our Loss Control Insurance can offer.

Marine Insurance

Marine Insurance provides both inland and ocean marine coverage to protect your property during transport. While shipping a large piece of equipment between business locations, for example, you could face the risk of that equipment being damaged or even lost in transport. Marine Insurance covers the financial losses associated with shipping mishaps. Also, the extent of protection from Marine Insurance is often large because your policy can incorporate other types of coverage, such as Property Insurance, Loss Control Services, General Liability, and Umbrella Coverage.

Employee Coverage Plans

King Insurance Partners offers a number of coverage plans to protect the employees of your business from risk while also making them feel secure and happy at the workplace. Our employee coverage plans are customizable, so we can build a package that covers businesses of different sizes and industries. Whether you own a start-up business or a rapidly growing company, our agents will guide you toward the right insurance coverage for your employees. Review our different policy options, then contact us to customize your coverage plan.

Group Benefits

Group Benefits comprise a single policy to cover all of your employees as well as their dependents. An attractive quality of a group benefit plan is that it covers both the employer and the employees alike. As the employer, you will be issued a master policy that is then distributed to each employee of your company. Offering Group Benefits is also a great tool to reassure employees of your commitment to their well-being, which can then inspire their loyalty and a strong work ethic. Plans for Group Benefits from King Insurance Partners are customizable, and coverage options can include Disability Insurance, Life and Accident Insurance, Health Insurance, and Voluntary Benefits.

Voluntary Benefits

Voluntary Benefits like Health Insurance Plans are an effective way to make your employees feel protected, appreciated, and personally invested in your business. Depending on the size of your company and the specific concerns your employees have for coverage, King Insurance Partners can customize a benefits package for you. While Health Insurance is a desirable type of coverage, Voluntary Benefits can also include Life Insurance Plans, Disability Services, and more. Contact us to start building a benefits package that your employees will appreciate.

Group Disability Insurance

Group Disability Insurance covers part of an employee’s income in the event he or she is absent from work because of a disabling illness or an injury. Having this type of coverage helps your business run more efficiently for two reasons: Group Disability Insurance minimizes the financial loss of an employee who is out of work by covering part of his or her salary; and the continued payments from this coverage encourage that employee to return to work at your company when he or she is able, which prevents turnover. King Insurance Partners offers a range of Group Disability Insurance options, including Short-Term Disability, Long-Term Disability, Statutory Disability, and Absence Management Services.

Customize Your Business Insurance

Business insurance is not one-size-fits-all. Choosing the right coverage options starts with identifying the potential risks that could cause financial losses to your business. Your type of industry, the size of your company, and even the location of your business could all affect what risks you confront. As a business owner, you probably are used to having the responsibility for big decisions on your shoulders. But choosing business insurance does not have to add to that weight. King Insurance Partners offers customized business insurance coverage plans that are perfect for small and medium-sized businesses in a variety of industries. Our agents can both assess the risks to your business as well as offer suggestions of policies that will provide appropriate coverage.

Commercial Insurance

King Insurance Partners has been commitment for more than 40 years to helping business owners find the right insurance coverage to protect their businesses from financial risk. We offer customized coverage options to businesses throughout the state of Florida. Working one-on-one with a King Insurance Partners agent ensures your business will be adequately protected from risks that result in costly financial losses. Is your business adequately protected from risk? Contact us today to start building your perfect Commercial Insurance coverage plan.

Call Now Get a Quote