You may choose to work with an agent selling different kinds of liability coverage for your business. This may be done entirely through the agency's website and via telephone, email, text, and/or postal mail. Your business may also be required to show proof of a bond for a certain amount of money. Proving a bond is common in the mortgage, insurance, title, and building industries.
Here are some typical questions that an agent will ask in order to prepare a competitive quote. The more detailed your quote is (i.e. specific to your structure and current operating conditions), the better insurance you will get for your money:
Legal Entity
This varies by state, but might include sole proprietorship, partnership, LLC, S corporation, and C corporation.
Number of Full-Time Employees
This the number of positions that your company maintains throughout the year. These employees may or may not be covered under your group health and workers' compensation policies.
Number of Part-Time Employees
This number of positions could fluctuate throughout the year. There should be a minimum number that you plan to keep on staff.
Subcontractors
What types of people work for you on this basis? They are not considered employees. However, the work they do for you may come under question if someone sues your business.
Partners / Owners
How many people have a share in your business? What is their percentage of ownership?
One-Time / Events / Seasonal Business
Some businesses need coverage for a special event, or they only operate at certain times during a calendar year.
What kinds of activities does your business engage in?
This is where you describe in detail the types of products and services that you sell and the types of operations that are involved. For example, a company might have sales facilities and manufacturing plants as well as corporate offices.
What kinds of coverage do you want to include on your business policy?
You may need an umbrella policy that also includes your personal liability insurance, identity theft insurance, homeowners insurance, boat insurance, motorcycle insurance, RV insurance, ATV insurance, and more. For business owners, some potential coverages are as follows: General Liability, Commercial Auto, Commercial Property, Cyber-Liability, Professional Liability, Directors and Officers Liability, Business Owners Package (BOP), Workers Compensation, and Commercial Crime.
Commercial Transportation Insurance
From bobtail insurance to cargo insurance, we receive many questions about the liability insurance that we sell and how it will help to protect truck drivers, truck owners, motor carriers, and other companies in the trucking industry. We offer different kinds of liability protection including truck insurance, cargo insurance, and bobtail insurance. It makes sense to speak with an agent to purchase an umbrella policy that includes the ones mentioned above as well as general liability coverage. You want to know that you and your drivers are out on the road and protected against different kinds of accidents and potential claims, whether they are the at-fault in an accident or not. You want to ensure the contents of each truck's load because products can be lost, spoiled, stolen, or damaged.
At StarNet Insurance Group, we're here to help you navigate the complexities of insurance. Please feel free to contact us with any questions you may have.
