Business Insurance Policies

› › ›  MITIGATE THE RISK OF UNEXPECTED FINANCIAL LOSS  ‹ ‹ ‹

Why do i need Business insurance?

At Tatum Insurance LLC, we are committed to providing excellent insurance services to you. We will assist you to find the right business insurance coverage so that you don’t have to worry about uncertainty.

Tatum insurance will educate you about the requirements of business insurance in simple language you can understand. We can show you how to save on your monthly premiums by qualifying for discounted rates, while still being adequately covered.

Understanding Business Insurance

Whether you are venturing into business for the first time or you have an existing business, disaster could happen anytime and collapse your establishment. From small local start-ups to large international businesses, companies purchase insurance to mitigate the risk of unexpected financial loss.

Your business affects the well-being of your employees and customers in serious and costly ways. Business insurance protects you financially from consequences which may arise from day to day business transactions. Find out what the requirements for business insurance are in your state and make the right choice.

Business Insurance Coverage Types

In most states, it is mandatory for your company to have some type of business insurance like workman’s compensation. Some businesses require specialized insurance coverage depending on the underlying risk in the industry. This coverage may be bought separately, or they may be added to your policy as endorsements.

Find out from your insurer whether you need special coverage for your business or not. Business insurance coverage available for most businesses includes:

• General Liability Insurance
• Commercial Property Insurance
• Business Owner Policy (BOP)
• Professional Liability Insurance
• Workers Compensation
• Commercial Auto
• Excess/Umbrella

General Liability Insurance

Commercial general liability (CGL) insurance is a type of policy that provides coverage to a business for bodily injury, personal injury, and property damage caused by the business’s operations, products, or injuries that occur on the business’s premises.

Lawsuits may arise while interacting with customers, renting property, and working with clients. General liability will also offer you financial protection in the following areas:

• Bodily Injury/Accidents On Your Property: A client may decide to sue you for a fractured arm after slipping and falling in your business premises
• Property Damage: Your landlord may sue you after a fire in your business premises destroys part of the building
• Reputation Damage: Your competitor may sue you after posting comments on social media which may harm their reputation
• Copyright Infringement: A competitor may sue you claiming your marketing and advertising materials are similar to their own

Property Insurance

Commercial property insurance can help provide coverage for the physical assets you need to operate your business. With this coverage, business owners may be able to submit a claim to get help with replacement, repair or reimbursement costs when certain types of accidents or emergencies occur. Business property insurance covers your buildings, the contents within those buildings, and loss of income if you’re out of business due to a claim.  It can help protect your business in case of unexpected accidents or tragedies like fire, theft, wind damage, or even a building’s collapse under the weight of snow.

Professional Liability Insurance

Professional liability insurance is business insurance that protects you if a client files a lawsuit over an alleged mistake or bad piece of advice. It’s also known as errors and omissions insurance. If you provide services to clients for a fee, you should have professional liability insurance. Some examples include:

• Breach of contract
• Error
• Omission
• Failure to perform resulting in a financial loss

Workers Compensation

Workers’ compensation is a form of insurance that protects a business owner from claims by employees who experience a work-related injury or illness-either sustained on business premises or due to business operations.

Umbrella/Excess

Umbrella insurance is often referred to as excess liability insurance. If a policyholder is sued for damages that exceed the liability limits of business auto insurance, liability insurance, or other coverage types, an umbrella policy helps pay what they owe. Umbrella insurance may also provide coverage not included in a basic insurance policy, such as libel, slander, and false imprisonment. Help protect your business from these events with an umbrella and excess liability solution.