What to Know About Business Insurance and Rental Property

Does commercial property insurance cover rental spaces?smiling small business owner

While every business faces different risks that require unique insurance solutions, there are certain types of coverage that are considered universal.  For instance, if your business is operating out of a physical location, then you need to secure commercial property insurance to protect your building.  But is this true when you are only renting your business’s space?  Here’s what you need to know.

  • Commercial Property Insurance

Commercial property insurance is coverage that protects a company from losses related to physical damages to their building and other property such as equipment, supplies, inventory, furniture, and so on.  Business owners who own the building that they operate out of need to secure comprehensive commercial property insurance to protect the structure, contents, and other assets that their company owns.

  • Insurance for Leased Buildings

Many businesses do not own the building that they operate out of.  In this case, they lease a building or a portion of a building from a landlord.  In most cases, tenants are responsible for securing commercial property insurance to protect their rented space.  This includes important things like structural walls and fixtures.  Of course, their insurance should also provide coverage for their equipment, supplies, inventory, furniture, and other assets.

Landlords will typically lay out their tenants’ insurance requirements in the lease agreement.  So, your landlord will tell you the minimum amount of commercial property insurance that you need to secure in order to rent from them.  Please note that when you secure commercial property insurance on a rented property, you are not covering yourself.  Rather, you are protecting your landlord’s investment.  If you want financial protection for your business, then you should speak to your insurance provider and secure a separate policy to cover your losses.

This is what you need to know about commercial property insurance and rented spaces.  Do you have more questions about your business’s insurance needs?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with your commercial coverage needs today.

Why You Need Liquor Liability Coverage for Your Holiday Party

What is host liquor liability insurance?pouring glasses of champagne

Throwing a company holiday party is a great way to celebrate the end of the year and boost your employees’ spirits.  However, if you plan on serving alcohol at your company event, then you are leaving yourself open to serious risks.  To protect your company, you need to invest in host liquor liability insurance.  Here’s what you need to know about this specialized coverage.

What Does Host Liquor Liability Insurance Cover?

Businesses that allow alcohol to be consumed onsite or at an event that they are hosting are liable for the damage or injuries that intoxicated individuals cause following the event.  Business owners can protect themselves from this risk by securing host liquor liability insurance.  This type of insurance offers coverage for any third-party damages or injuries caused by intoxicated employees or party guests, ensuring that your business will not have to pay for these expenses out-of-pocket.

Does My Business Need This Coverage?

Some states have enacted laws that hold party hosts liable for the damages caused by an inebriated party-goers.  These states include the following:

  • Alaska
  • Arkansas
  • Connecticut
  • Hawaii
  • Maine
  • Maryland
  • Massachusetts
  • Missouri
  • New Jersey
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Washington
  • Wisconsin

If your business is located on one of these states, then you absolutely cannot afford to skip out on host liquor liability.  However, even if you don’t operate a business within these states, you are still highly encouraged to carry host liquor liability insurance.  This is because an injured party can still sue you for the damages an intoxicated employee causes following a company party.  Host liquor liability insurance will cover your legal fees and minimize the negative impact that such a case has on your company’s reputation.

This is what you need to know about host liquor liability insurance.  Looking for assistance with your business insurance this holiday season?  If so, then contact the experts at Miller Carlisle Insurance Services for assistance with your commercial coverage needs today.

How to Protect Your Business from Fire

Take these steps to reduce your business’s fire risk.fire alarm in business

Fires are one of the most serious and costly perils that businesses face.  Not only do business fires result in damage to your building and equipment, but it can also put the safety of your employees and clients at risk as well.  This is why it is so important to make fire prevention a priority.  Here are some of the steps that you should take to protect your business from fire.

  • Check Fire Extinguishers

All businesses are required to have functional fire extinguishers on their premises.  As such, you need to inspect and maintain your extinguishers according to your local fire code.  Additionally, you need to train all your employees on how to operate a fire extinguisher in the event of an emergency.  When your business’s fire extinguishers function properly, and your employees know how to use them, your risk for a serious fire decreases significantly.

  • Install a Fire Sprinkler or Suppression System

Fire safety regulations require all businesses to have a fire alarm system.  However, you can go the extra mile by installing a sprinkler or fire suppression system at your business.  These systems react to fire alarms by spraying water or a chemical fire suppressant to extinguish fires.  So, by installing one of these systems, you can add an extra layer of fire protection for your business.

  • Inspect and Maintain Equipment

Faulty equipment is a common cause of fires in the workplace.  To avoid this issue, you should inspect your machines and equipment routinely.  During your inspections, you should also take the time to clean, oil, and complete other maintenance tasks.  This will keep your business equipment in good shape for as long as possible.

These are some of the fire prevention strategies that you should employ at your place of business.  Are you looking for assistance with your commercial coverage?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the business insurance that you need today.

What Separates Personal and Commercial Car Insurance?

Why personal and commercial car insurance are different.line of semi-trucks

If your business requires the use of company vehicles, then you must secure the right commercial auto insurance to protect your business’s risk.  But why can’t businesses simply use personal auto policies to protect company vehicles?  Here’s what separates personal and commercial car insurance.

In actuality, personal and commercial auto insurance is not that different.  In fact, both types of insurance essentially offer the same types of coverage.  For instance, personal and commercial auto policies both offer coverage for collision, comprehensive, liability, and so on.  The main difference between these two forms of insurance is the amount of liability coverage each offers.  Because businesses have more assets and face a higher risk for liability lawsuits, commercial auto insurance policies have much higher liability coverage limits than personal policies.  Additionally, commercial policies are also equipped to cover a wider array of vehicles, such as delivery vans, shipping trucks, as well as standard cars.

There is also a special form of commercial auto insurance designed to cover heavy-duty vehicles.  Because heavy vehicles cause more damage in an accident than light vehicles, they need higher liability coverage limits.  So, if your business owns things like minibusses, cement mixers, semi-trucks, tow-trucks, and so on, then talk with your commercial insurance provider to make sure you have the right amount of coverage.

This is what you need to know about the difference between personal and commercial auto insurance.  Do you need help securing coverage for your company vehicles?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your business insurance needs today.

Try Out These Suggestions to Secure Your Business’s Insurance

How to choose the right coverage for your business.businessmen at work

If you run a small business, then it’s vital that you secure the right commercial coverage to keep your company safe.  However, with all the insurance options out there, it can be difficult to determine which coverages best meet your needs.  To help you secure the business insurance you need, here are some of the suggestions that you should try.

Know the Basic Forms of Coverage

While every business has its own unique insurance needs, there are certain forms of coverage that all businesses should carry.  Some of the most essential types of commercial coverage include the following:

  • General liability– Protects against customer, vendor, or other third-party injuries or property damages that your business may be held responsible for.
  • Commercial property– Protects your business’s physical structure as well as the equipment, supplies, inventory, and other property housed inside of it.
  • Business interruption– Offers financial support to keep your business afloat when your business’s normal operations cannot proceed as usual.
  • Workers compensation– Offers coverage for employees that are injured or become ill while on the job. This insurance covers an employee’s medical treatment, a portion of their lost wages, and the cost of their rehabilitation.

Secure Mandatory Forms of Insurance

It’s important to understand that certain types of business insurance are legally mandated.  For instance, every state requires businesses to carry some minimum amount of workers compensation insurance.  Additionally, certain states require companies to offer their staff disability insurance.  Finally, if you are renting or leasing a space for your business, then your landlord or lending agency might require you to carry commercial property insurance in your contract.

Learn About Specialty Coverage Options

In addition to basic and mandatory forms of business insurance, there are many other types of coverage that can be secured to address your business’s unique risk factors.  Some of the most common types of coverage include the following:

  • Product liability
  • Professional liability
  • Employment practices liability
  • Commercial auto
  • Cyber liability
  • Equipment breakdown
  • Home-based business
  • Commercial umbrella

In addition to these forms of insurance, there is a wide array of additional coverage options that you can secure for your business.  You should speak to an experienced insurance provider to learn about which coverages are right for your company.

Here are some of the things that you should do to secure the comprehensive coverage that your business needs.  Need help with your business insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you covered today.

Does General Liability Insurance Cover Injured Employees?

Will your general liability coverage take care of injured staff members?employee with arm in a sling

If you run a business, then you are responsible for the wellbeing of your staff.  Most business owners look to ensure the safety of their employees by securing the right insurance protection.  Unfortunately, some business owners incorrectly assume that their existing policies, such as their general liability insurance, provide coverage for injured employees.  It’s important to understand that general liability insurance only provides coverage for customers, vendors, and other third-party injuries.  The only way to secure coverage for your staff is with the right workers compensation insurance.  Here’s what you need to know.

  • Workers Compensation Insurance

The only way to protect your employees from workplace injuries and illnesses is with the right workers compensation insurance.  This type of coverage will address an injured employee’s medical expenses, lost wages, and rehabilitation costs.  However, workers compensation doesn’t just protect your employees—it also offers safeguards for your business as well.  For instance, should an injured employee decide to waive their workers compensation benefits in favor of suing your company, then this workers comp coverage can be converted to pay for your business’s legal and settlement costs.

  • Mandatory Coverage

Almost every state in the U.S. requires businesses to offer some minimum amount of workers compensation insurance coverage.  So, not only is offering workers comp coverage a great way to show your staff that you care about them, but it also ensures that you are not leaving yourself vulnerable to costly fines and legal trouble.

Interested in securing the right workers compensation insurance to keep your staff safe?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your business’s insurance needs today.

Small Business Owners, Watch Out for These Liability Risks

Don’t let these liability threats get the best of your small business.Small Business Owners, Watch Out for These Liability Risks

As a business owner, you know that your company faces a considerable amount of risk every day. However, some of the most serious risks are those stemming from a liability issue. Here are some of the most common liability threats that you need to look out for.

Product Liability

If your business manufactures or distributes products, then it can be liable for any injuries, property damage, or other losses that the product causes. Additionally, your business can be held responsible if a customer claims that your product was falsely advertised.

Employment Practices Liability

Employment practices liability issues arise when an employee (current, former, or prospective) accuses your company of unfair hiring protocols or mistreatment in the workplace. Common employment practices liability claims include discrimination, sexual harassment, retaliation, breach of employment contract, wrongful termination, and so on.

Cyber Liability

Cyber liability issues occur when your business is the victim of a data breach that compromises the personal information of your customers. If your business is held liable for a data breach, it will be responsible for the cost of notifying customers, recovering lost data, restoring compromised identities, and repairing damaged computer systems. Additionally, you will also face the threat of litigation from affected customers.

These are three of the most common types of liability risks that small businesses face. Luckily, having the right commercial liability policies in place can help you protect against these risks and any others that your company might face. To secure the comprehensive business insurance that you need, contact the experts at Miller Carlisle Insurance Services. Our dedicated team is ready to get you covered today.