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Commercial Insurance takes on many forms. No matter what the form, it involves a business or group of people. Commercial insurance, more commonly referred to as business insurance, may be in the form of a Businessowners Policy, Workers Compensation, Commercial Umbrella Policy, Commercial General Liability, Commercial Inland Marine, Floaters, Group Health Insurance, Group Life Insurance, Group Long Term Disability, Group Short Term Disability, Media Liability, and more. There are literally hundreds of different forms of Commercial or Business Insurance.

Business Owners Policy

Roll it up in a nutshell and throw in everything you can. That is how you can best describe a Business Owners Policy (BOP). Usually, this type of policy incorporates a lot of coverages in to one nice neat policy.


Workers Compensation

In Virginia, if there are more than two employees at a business, the business owner is required to carry Workers Compensation. Workers Compensation pays for injuries to an employee which occur at the workplace.


Commercial Umbrella

There are many situations where an umbrella policy may come in to play. They are highly advised when there are a lot of assets that could be lost to a law suit. Also advised when a business has multiple locations. The umbrella policy provides an extension of coverages beyond the base limit levels.


General Liability

The General Liability policy provides coverages for those incidents that the insured is found to be legally liable. An example of liability usage would be in the following example: A customer slips on a wet floor in the store that causes a permanent disability. The customer sues the store and wins. The damages that are required by the court would be paid out of the General Liability portion of the policy. General Liability is usually part of a larger package policy.


Inland Marine

You would think this had something to do with water, but it really doesn't. Inland Marine comes as an opposite to Ocean Marine which has to with property while it is on a cargo ship or being transported over a body of water. The current Inland Marine contemplates property which is specifically listed for coverage while at or away from a primary location. In short, it is a schedule of property. Most companies now refer to them as a schedule. Many companies require a company to list item over a certain value in order for the insured to be paid the items' full value at any time of loss. By doing this, the company is more aware of the risk they are insuring and are better able to ensure protective measures are taken.


Floaters

Similar to an Inland Marine, but generally applies to a piece or collection of actual machinery. As a general rule, the items placed on a floater are often moved around and need their specific coverage to be available or "float" to other places while being used.


Group Health

A health insurance plan which covers the employees of a business. Every company that we represent, requires at least two people to create a group. The two people can be husband and wife provided the company pays them. When there is a group health plan in place, the business is required by Virginia law to pay for one half of the employee only cost regardless of which plan they utilize. For example, a 30 year our couple have two children. The insurance for the family comes from the husbands job. The total cost per month for the family is $500. If the husband had selected to just cover himself, the cost would have been $100. The business is therefore required to pay of the $100. The employee is responsible for the balance of the monthly cost. There are many more intricacies to Group Health insurance, and we welcome the opportunity to discuss them with you.


Group Life

A policy which covers the lives of the employees working in a business. There isn't a much more affordable way to purchase life insurance.


Media Liability

Newspapers, Authors, Book Publishers and the like utilize this coverage. Write an article and forget a step in the process causing someone injury or loss, this coverage responds. Print an advertisement somewhere and have a misprint included suggesting a lower price or better deal, this coverage responds.
People involved in this type of business know the importance of accuracy. They know that they can't live without this coverage. Group Underwriters is one of the very, very few agencies in the United States that understands, deals with and has expertise in this form of coverage. We have businesses insured in more than 38 states with this type of coverage in place.


505 Faulconer Drive, Ste 2A | Charlottesville, VA 22903 | 434-296-4144
Copyright 2006- Group Underwriters Insurance Agency. All rights reserved.

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