Chesapeake Business Liability Insurance

Chesapeake Business Liability Insurance

Chesapeake business liability insurance has two kinds of limits, an aggregate limit and a single occurrence limit. The single occurrence limit is the amount your insurer will pay for one single incident, and the aggregate limit is the total amount your insurer will pay during the period of your contract. Your aggregate limit is usually double the single occurrence limit.

It's important to understand what these limits include and what they don't. It's also important to understand what your Chesapeake business liability insurance covers, and, as you might expect, what it doesn't. You need to make sure you have all the forms of coverage you need. For example, if you have employees, you need Employment Practices Liability Insurance to cover you from claims made by employees. Your Chesapeake business liability insurance will only cover third-party claims (which does not include your employees).

You may also need a commercial auto policy, if your Chesapeake company has cars, or if you or any of your employees drives for work-related purposes. If you're opening an bar in Chesapeake, VA, you may need a liquor liability policy. If you have a product, you need Virginia product liability insurance. As you've probably gathered at this point, there are a lot of subtleties in business insurance.

Understanding Your Limits

The most important thing to understand about your Chesapeake business liability insurance limits is whether or not they include legal fees. Well, that and whether or not they're high enough to cover your Virginia company. As for the first concern: sometimes Chesapeake business liability insurance limits include legal fees, and sometimes they don't.

Whatever you do, don't underestimate the cost of legal fees. Attorney fees could easily surpass very high limits, so if legal fees are including in your policy limits, make sure they are very, very high. To figure out if your coverage is sufficient, you should consider other businesses in your industry. What kind of claims have they faced? How high, generally, are the damages sought?

A Virginia insurance agent can help you sort out these details, and make sure that your limits are high enough. If they aren't, you might want to consider purchasing an umbrella policy. An umbrella policy may be a less expensive way to raise your limits. For example, if you have a claim settle for $2 million, and your limits are set at $1 million, an umbrella policy can pick up the extra million.

Insuring Your Employees

Chesapeake business liability insurance covers you for third-party claims related to property damage, advertising injury and personal injury. It does not, however, protect you from claims that come from inside your Chesapeake, VA company. So, if an employee sues your business for wrongful termination, harassment, or anything like that, you're not covered.

It's a little disconcerting to think that such claims may come from your trusted employees, but they happen all the time. A disgruntled employee might sue you out of malice, or, perhaps, desperation. Employment Practices Liability Insurance, luckily, will cover you. Employment Practices Liability Insurance, or EPLI, is somewhat complicated.

Like Chesapeake business liability insurance, EPLI doesn't cover for intentional wrong-doing. So, it won't cover you if a manager actually harms an employee, or lies, or cheats, or anything along those lines. Also, it won't cover you for Fair Labor Standards Act violations, or Occupational Safety and Health Act violations, and a number of other exceptions.

That being said, and Employment Practices Liability policy will cover you if an employee does something wrong, and your Chesapeake, VA business doesn't know about it. If, for example, an employee embezzles money and a client then sues you, you have coverage. It's a little complicated, but it protects your business from problem employees.

Other Business Policies

Your Chesapeake business liability insurance doesn't cover your property. You need an additional policy to protect your Chesapeake, Virginia property in the case of a natural disaster. If there's a fire, flood, theft, or other problem, you absolutely need this plan in place to protect your assets.

You may also want to consider a commercial auto policy, if your Chesapeake business owns cars. Your personal auto policy won't cover you if you're driving for work related purposes. If you think it will, you should probably check with your insurer. You certainly don't want to spend time arguing about whether or not you're covered.

Talking to a good Chesapeake business liability insurance agent can make insuring your company much easier. An experienced agent knows the subtleties of your industry, and can help assess and cover your risks. He or she can also help you find a reputable insurer. As you probably understand, at this point, insuring a company is a rather complex task, so don't hesitate to contact a professional to assist you in the process.

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