There are many different types of insurance for business owners. It is important for every owner to determine what coverage they need to operate their business. Do you have a building you work out of? Do your employees drive company cars or haul important cargo? Ashcraft Insurance has years of experience in all areas of commercial insurance, and we are here to help!
General liability (GL) insurance provides vital protection for your business. This protection, also known as business liability insurance or commercial general liability (CGL) insurance, protects your business should injury or property damage occur to others as a result of your business operations.
Commercial Property insurance offers financial reimbursement to the owner in the event of damage or theft. It offers liability protection for the owner towards tenants or customers (general public) in the event the owner causes damage or harm due to negligence. This coverage also protects the owner/insured from a liability stand point towards lawsuits, and prevents the owner/insured from suffering a large or catastrophic financial loss.
With nearly six million traffic accidents occurring every year, or more than 16,000 a day, you want to have confidence in your commercial auto insurance. Ashcraft makes it easy for you to choose the right protection for your business vehicles, and you can count on us to be there for you during a claim.
Workers’ Compensation insurance (Workers’ Comp insurance) is a mandatory type of insurance carried by many businesses. It also protects companies from being sued by employees for workplace conditions that can cause an injury or illness.
Inland Marine / Equipment
This type of insurance is usually for contractors or builders. Inland Marine insurance covers property in transit over land. Equipment coverage protects items that are moved from place to place in the event of physical damage as well as liability in the event a loss or incident occurs.
Quite often truckers, towing companies, and others that move cargo, simply pay attention to their truck insurance, and forget about coverage for the load that they are hauling. Motor Truck Cargo insurance provides coverage for damage to the load, while it is in transit. Sometimes, this coverage can even extend to the load for a short period of time while it is being stored. Coverage may not simply cover damage as the result of an accident, and depending on the coverage desired by the trucker, this coverage may even extend to theft or vandalism of the load as well. Without the proper coverage, the hauler, trucker or towing company could become financially compromised.
Restaurant insurance covers your building and business personal property for replacement cost and protects you against claims for damages because of bodily injury or property damage to others resulting from your business operations. The benefit of this coverage is to protect your business from a financial loss or catastrophic event which could put you out of business.
General Liability coverage protects a company and all parties involved (event planner, venue, caterer, etc..) for losses due to bodily injury or property damage caused by the insureds employees or agents. It will also protect the company from a sizeable loss that may cause financial ruin.
Bond insurance (also, known as “Financial Guaranty Insurance”) is a type of insurance whereby an insurance company guarantees payments of interest and principal on a bond or the security in the event of a payment or contract default by the user of the bond or security. It guarantees the repayment of the principal and all associated interest payments to the bond holder in the event of default or failure to deliver on contract. This is a way to reduce your exposure usually the bond cost pennies on the dollar compared to the total cost of the required amount of coverage requested.
A business umbrella policy from Ashcraft can help by providing increased limits of financial protection to your business from unexpected risks – and it’s surprisingly affordable. That’s because the underlying policy limits are used first and your commercial umbrella coverage limits only kick in after those policies have reached their limits.
Interested in commercial insurance?
We’ve got you covered.