Business Owners Policy

Business Owners Policy

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Business Liability Insurance Offers Protection for Property & Liability Risks

(Small and medium-sized businesses)

Sudden disasters or situations can lead to one of the most destructive issues businesses encounter, yet businesses also face a myriad of other property, business interruption, and liability perils that require comprehensive coverage.  

Our number one goal is to protect you and your business financially. Our second mission is we want to be your information source and share details of insurance protection that you might not know.  Business losses are devastating.  Correct coverage can help restore your business and take care of you during interruptions.

Common Concerns When Selecting Business Liability Insurance

Here at Smith Kenyon Insurance Resources, we solve your issues with placing and maintaining business owner’s insurance. We know most people experience these concerns:

  • Understanding Coverages
  • Coverage options to help you manage your budget
  • Ease of setting up coverage or switching.
  • Did I get the right price? Did I get a comparison of prices instead of just one price?
  • Do I have an agent that understands the claim process or are they just sales experts?
  • Did they provide me options to protect my business from financial hardship?

Expert Guidance from a Licensed Business Liability Insurance Agent

You are a knowledgeable business owner but might need additional expertise and situational understanding. Coverages are complex.  We provide you coverage recommendations, sort through the price options, and help you save money to manage your budget.  Your end goal is to protect your business, personal property and your assets. We help you meet that goal.

What You Need To Know When Selecting The Right Business Liability Insurance Policy

The basics on business liability insurance coverage:

  1. Landlords can require you to have business insurance
  2. Business insurance protects you from a variety of natural disasters but not all
  3. Other lines of business insurance (cyber, workers compensation professional) may be needed

What you should know about your business liability insurance when filing a claim:

  1. Why some agents recommend certain coverage but miss some that are important.
  2. What is coinsurance and how does it apply
  3. The role deductibles play in setting pricing
  4. Business classification are critical, why
  5. Carriers and Claim handling can vary.

Additional factors to consider when selecting business liability insurance:

  1. Unique business attributes require specialized coverage, sometimes
  2. Classifying property types correctly can impact the rate you pay
  3. Single company agents do not price compare because they only offer one price
  4. Discounts and Rating variables
  5. Internet only providers and 24-hour call centers are convenient, yet they miss one key item

We’re Also Here To Help You When Filing A Business Liability Insurance Claim

After we review your circumstances, we survey our providers and compare prices and coverage. Once your policy is placed our priority to you is to help you with service needs and at claim time to guide you through the process.

At Smith Kenyon Insurance Resources, we built our insurance agency around serving the community, because everyone deserves to feel good about protecting what they love.

We’re easy to work with every step of the way. Call us at 515-259-7782 or contact us to get started.

Business Liability Insurance FAQ’s:

Why does my agent ask me so many questions about my business building?

A lot of components are put into play when it comes to insuring a commercial property. A building’s age, location, structural parts, and overall layout must all be considered. Commercial insurance plans can cover the main building and additional smaller structures (ie: sheds, garages, workshops, etc.) on the property. Therefore, the entire property plus all listed structures must be surveyed and considered when calculating an insurance premium.

Why do I have to estimate or reveal my revenue?

Rates are set for some lines of business based on your revenue or payroll. There are considerations your agent can help you with when selecting the right coverage for your business. These are worth the time to discuss options.

Why would my insurance company care about my hiring practices?

The hiring process may differ at your company. Modify the steps that best suits your needs. Consider the expertise offered by your agent or carrier to help you avoid complex litigation for employment litigation or worse employee injuries. A few examples to illustrate might help. If the position requires driving, then you will want to make certain that your new hire has a good driving record. Background checks may be essential for your company to ensure the security and safety of your clients and workforce. Keeping good records about the selection process and the rationale for hiring the selected candidate can minimize future risk in case of a legal challenge.

Will liability insurance cover me for accusation of libel?

Liability insurance for “Personal and Advertising injury” is a component featured prominently in your business’s commercial general liability (CGL) insurance policy. But it is often overlooked as it is not considered an important portion of liability coverage. To answer the question, let’s dive a little deeper and sort through some definitions.

Defamation is a statement that causes unjustified injury to a person’s reputation. When the defamation is spoken, it is considered slander. When it is written, it is considered libel.

There are four legal criteria for proving defamation:

  • The statement must be false
  • The statement injured the subject of the statement or their business in some manner (if they were fired or list customers, for instance)
  • The statement was communicated to a third party
  • The statement was made publicly (it was not privileged information)

With that out of the way, the answer to your question is yes. Liability insurance will cover you if you are accused of libel. And the circumstances of the claim will decide other elements of how coverage may or may not apply.