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Business Insurance

The term “business insurance” pertains to protecting against operational losses by a business. What type of loss is covered by a business insurance policy depends on the insurance company, the policy wording and local limitations. Let Wilgus Associations agents help you determine the right insurance policy for your business.

 


 

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Common Coverage Types

There are several types of business insurance, each limiting coverage stipulations and restrictions. The most common types are:

  • Building Insurance:  Covers the cost of repairing damage to the structure of your property.  Garages, sheds and fences can also be covered as well as the cost of replacing items such as pipes, cables and drains.
  • General Liability Insurance: This coverage protects the business against liability claims, negligence, manufacturing or personnel error, bodily injury, or even property damage. Liability insurance often covers the policy holders’ legal fees if the liability or event is covered under the policy.
  • Product Liability: Coverage protects against faulty products and damage, injury, or death from use of the faulty product.
  • Business Income Coverage: Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms: the business income and extra expense coverage form (CP 00 30) and the business income coverage form without extra expense (CP 00 32). Business income coverage (BIC) is also referred to as business interruption coverage.
  • Cyber Liability:  Covers a business’ liability for a data breach in which the firm’s customers personal information such as Social Security or credit card numbers are exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic equipment.

 

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Workers Compensation

Also known as workmans' comp, is a state-mandated insurance program that provides compensation to employees who suffer job-related injuries and illnesses. While the federal government administers a workers' comp program for federal and certain other types of employees, each state has its own laws and programs for workers' compensation. For up-to-date information on workers' comp in your state, contact your state's workers' compensation office

In general, an employee with a work-related illness or injury can get workers' compensation benefits regardless of who was at fault — the employee, the employer, a coworker, a customer, or some other third party. In exchange for these guaranteed benefits, employees usually do not have the right to sue the employer in court for damages for those injuries.


 

Business Insurance is a Smart Investment for All Businesses

Because business insurance spreads the risk costs among all businesses with coverage policies, a business may experience rate increases when no claim was filed against that business. However, the replacement costs for the individual business are generally considerably higher, making purchasing business insurance a wise decision for many business owners, whether involving a large, established business or a small business just starting.

File a Claim

We represent the leading names in the industry and we want you to be able to make your claim quickly and easily. The best way is to contact your insurance company directly. 

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Trusted for Over 70 Years

We are a family-owned independent insurance agency started in Sussex County in 1945. We are now in our fourth generation of successful family ownership. Put us to work for you.

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Do you need to make a change or need answers to insurance related questions? As your world changes, so do your insurance needs. We’re here to help you through it. 

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