Business Insurance coverage can be broken down into the following coverage types. The definitions of the coverage, and the extent of coverage vary by company and product. So it is important for you to discuss these coverages with your licensed agent. InsuredOK.com offers these definitions for reference purposes only*.
Property Insurance Coverage: Business property insurance including business interruption insurance protects business owners from losses to physical space or equipment. The types of losses covered can vary by policy, so be sure to discuss these coverages with your licensed agent.
Commercial vehicle Insurance: Different than personal vehicle coverage, commercial vehicle insurance usually carries higher liability limits and may have special provisions specific to the type of business conducted. A licensed agent helps determine which commercial vehicle coverage options are right for you.
Business Health Insurance: Covers employees for personal injury or illness. Please note that at this time, InsuredOK.com does not offer business health insurance referral services.
Worker’s Compensation Coverage: Workers’ compensation insurance protects a business from the employer's obligation to provide coverage for its employees who experience a work-related injury or illness on business premises or due to business operations. Workers’ compensation typically covers an injured employee’s medical expenses, rehabilitation costs and lost wages. be sure to discuss these coverages with your licensed agent.
Business Owner’s Policy (BOP): A business owner’s policy, also referred to as a BOP, is a package product that typically includes property, business interruption and liability insurance coverages together, in a single policy. For many small businesses, selecting a BOP can be a less costly option than buying individual policies. It is important to note that some business types may not qualify for a BOP because of the unique risks associated with that business. A licensed agent will help you determine what coverage is the best for your business.
“Key Person” Life Insurance: In your business, a few people are critical to its success. These individuals may be founders, partners, or experts such as a software developer. The death of any of these key people may have a serious negative impact on the business. Should a key person die, the business becomes the beneficiary and receives proceeds from the policy because the business is the policy owner. A licensed agent can help you determine what coverage is the best for your business.
Group Life Insurance: Covers employees with a term or permanent life insurance benefit in the case of death of the employee. Please note that at this time, InsuredOK.com does not offer Group life insurance referral services.
*InsuredOK.com offers the above information for reference purposes only. Specific coverage limitations and exclusions may apply depending on the insurance company that provides coverage. Discuss all coverages with your licensed agent and thoroughly review your insurance policy for a complete description of your coverages, limitations, & exclusions.