What is commercial insurance? Commercial insurance protects businesses from financial loss due to various risks, including property damage, liability claims, employee injuries, and more.
What types of commercial insurance do I need for my business? It depends on your business type, size, and industry. Common policies include General Liability, Property Insurance, Workers' Compensation, and Professional Liability.
What is General Liability insurance, and why do I need it? General Liability insurance covers legal costs, medical expenses, and damages if your business is found liable for injury or property damage to a third party. It's essential for protecting your business from costly lawsuits.
Does my small business need Workers’ Compensation insurance? Yes, if you have employees. Workers’ Compensation is typically required by law and covers medical expenses and lost wages if an employee is injured on the job.
How is my premium determined? Insurance premiums are based on factors like the size and location of your business, industry risks, claim history, and coverage limits.
What does Business Interruption insurance cover? Business Interruption insurance helps cover lost income and operating expenses if your business is temporarily closed due to a covered event, such as a fire or natural disaster.
Do I need Cyber Liability insurance? If your business stores sensitive customer information online or processes payments, Cyber Liability insurance can protect you from data breaches, hacking, and other cyber threats.
Can I bundle different types of commercial insurance? Yes, many businesses opt for a Business Owners Policy (BOP), which bundles General Liability, Property Insurance, and Business Interruption into one affordable package.
What is Professional Liability insurance? Also known as Errors and Omissions (E&O) insurance, Professional Liability covers claims of negligence, errors, or omissions in the services your business provides.
How can I reduce my commercial insurance premiums? Maintaining a safe workplace, implementing risk management strategies, and reducing claims can help lower premiums. You can also work with an insurance agent to find the right coverage balance for your budget.
How do I file a claim? Contact our office directly or file online through our claims portal. We’ll guide you through the process and ensure a smooth resolution.
What are group benefits? Group benefits are insurance plans and perks provided by an employer to their employees, including health, dental, vision, life insurance, and retirement plans.
Why should my business offer group benefits? Offering group benefits helps attract and retain top talent, boosts employee morale, and supports the well-being of your team. It can also provide tax advantages for both employers and employees.
What types of group benefits can I offer? Common group benefits include health insurance, dental and vision coverage, life insurance, disability insurance, retirement plans (like 401(k)), and wellness programs.
Is health insurance mandatory for businesses? Under the Affordable Care Act (ACA), businesses with 50 or more full-time employees are required to offer health insurance. Smaller businesses are not required but can still provide health coverage as a benefit.
How does group health insurance work? Group health insurance pools employees together under one plan, allowing businesses to offer more affordable premiums and coverage options compared to individual plans.
What is the difference between fully insured and self-funded group health plans? A fully insured plan means your business pays a premium to an insurance company, which assumes the risk. In a self-funded plan, your company pays for employees' medical claims directly, which can offer savings but comes with more risk.
Can part-time employees qualify for group benefits? This depends on the specific policies of the insurance provider and your company’s guidelines. Many businesses offer some benefits to part-time employees, but coverage may be limited compared to full-time staff.
What is the enrollment period for group benefits? There is typically an open enrollment period each year where employees can sign up for or make changes to their benefits. New hires may have a set time frame to enroll after they start employment.
How do group disability and life insurance work? Group disability insurance provides income replacement if an employee becomes unable to work due to illness or injury. Group life insurance offers financial protection for an employee's beneficiaries in the event of their death.
How much do group benefits cost my business? Costs vary based on factors like the size of your workforce, the benefits you offer, and your location. You can control costs by sharing premium expenses with employees or offering optional add-ons.
Can employees choose their own coverage levels? Yes, many group benefit plans offer flexibility, allowing employees to choose different levels of coverage or add optional benefits like supplemental life insurance or disability.
What happens if an employee leaves the company? When an employee leaves, they may be eligible for COBRA, which allows them to continue their health insurance coverage temporarily, although they will be responsible for the full premium cost.
How do I choose the right group benefits plan for my business? Work with an insurance broker to assess your budget, employee needs, and long-term goals. We’ll help you find a plan that offers comprehensive coverage while staying within your financial means.
How do I file a group benefits claim? Each benefit, like health or disability insurance, will have its own claims process. Employees can file claims directly with the provider, or we can assist with navigating the process.
