If you’re a contractor in Huntington, WV, chances are you’ve heard of commercial insurance but may not know exactly what it is or what it covers. Partners Insurance & Financial Services Inc. can give you a brief overview of commercial insurance and some of the things it can cover for contractors in West Virginia.

What is Commercial Insurance?

Commercial insurance helps protect businesses from financial losses. It covers property damage, liability claims, and lost income. Insurance companies offer different types of coverage depending on the needs of the business, so it’s important to talk with an agent to find out what type of coverage is right for you.

Commercial Insurance for Contractors

As a contractor in West Virginia, there are a few things that you should make sure your commercial insurance policy covers.

1. Damage to property that you may cause while working. This includes things like accidentally drilling through a water line or breaking a window.
2. Any injuries that occur on the job site. This includes things like slips and falls or even more serious accidents. If someone is injured while you’re working, they may try to sue you for damages. Having commercial insurance can help protect you from these types of liabilities.
3. Lost income if something prevents you from working. For example, if a storm damages your work site and you can’t work until it’s repaired, your policy should cover any lost wages during that time.

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As a contractor in Huntington, WV, having commercial insurance is crucial to protecting your business from financial losses. It covers property damage, liability claims, and lost income. Make sure to talk with Partners Insurance & Financial Services Inc. to determine what type of coverage is right for your business needs.

Insurance, as you well know, protects people and businesses from financial loss. When you’re running a business, you take on a certain amount of risk, and damages can sometimes be very costly or even financially devastating. The last thing any business owner would want to do is pay for those losses out of pocket, and that’s why it’s a good idea to buy business insurance. 

Now, you might be asking, “Am I required to buy business insurance?” The short answer is no, but there are a number of types of business insurance you should know about. They’re available to businesses when faced with a lawsuit or claim or in the event of a catastrophic disaster. Partners Insurance & Financial Services Inc. in Huntington, WV offers the following guide.

Business Insurance: What You Need To Know

In most states, including West Virginia, businesses are required to carry workers’ compensation insurance. Covered risks under this type of policy include injured workers’ lost wages, theft, and more. Without this coverage, your business has to pay expenses out of pocket when a worker files a claim – an event that could totally ruin your business if you lack the financial resources. 

Although disability insurance isn’t required in West Virginia, businesses are strongly encouraged to buy this coverage as well. That way, if an employee with a disability is unable to complete their tasks on the job due to their condition, they can still earn at least a portion of their income. This coverage helps not only the employee but also the employer since they don’t have to worry about a possible compensation lawsuit.

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If you’re running a small business in the Huntington, WV area, chances are that you’ve considered buying business insurance coverage. For expert insurance advice, Partners Insurance & Financial Services Inc. is here to help you. For more information about how we can serve you, give us and get in touch with one of our trusted partners.

Owning a small business is not for the faint heart and you’ll want to do everything possible to protect your livelihood. Consequently, understanding the minimum requirements for commercial insurance in West Virginia while also knowing what optional coverages may best safeguard your business are of high importance.

In West Virginia, state law requires that any business with one or more employees – regardless of whether they are full-time or part-time – carry workers’ compensation insurance. Workers’ compensation insurance helps pay the costs associated with an illness or injury that an employee develops while at their place of work. If you employ independent contractors then you are not required to provide workers’ compensation insurance. Additionally, if your business owns any vehicles then they must be covered under a commercial auto insurance policy with at least minimum liability coverage. While not required, if you ask your employees to use their personal vehicles for work related tasks such as deliveries you’ll want to ensure that a hired and non-owned auto insurance policy is taken on their vehicles as personal auto policies typically exclude business use. 

Although not required, additional coverage that you may want to consider for your business includes cyber liability insurance and professional liability insurance. Cyber liability insurance protects your businesses from the costs associated with lawsuits and recovery from a data breach or hack. Also known as errors and omissions insurance, professional liability insurance protects West Virginia businesses that provide professional advice or services and covers lawsuits associated with work performance. 

For more information on commercial insurance, contact Partners Insurance & Financial Services Inc in Huntington, WV. Our friendly and professional team can answer any questions and help you customize the perfect policy for your business.