Understanding Phil Borgia – State Farm Insurance Agent

No matter the size or scope of your organization, the need for business insurance is one thing that remains the same. When applying for new business insurance – or updating your existing insurance policy – there are several different aspects of your business that you may want to take into account. Because every company is different, each one would have different criteria for insurance. A business that manufactures physical products, for instance, can require different insurance than a business that provides services. There are some parallels in either case, and listed here are a few forms of insurance that should be considered by both organizations. Visit Phil Borgia – State Farm Insurance Agent – Business Insurance.

Compensation Insurance for Jobs – for the team

In almost every state, Workers’ Comp insurance is mandated by legislation. For an employee who becomes injured or sick at work, it may include compensation for medical bills and a portion of missed wages. This form of policy usually only covers accidents or illnesses that occur on the work site – for example if an employee slips on a wet floor and falls.

Since Workers’ Comp laws can be different based on where your business is located, it is important to consult with an insurance professional to ensure that you have the necessary coverage as well as what you need for your specific company.

Insurance for general liability

General Liability Insurance is intended to protect you and your employer from a number of lawsuits, including accidents, injuries, or negligence claims. This form of insurance can help pay for items like damage to property, medical expenses, libel, defamation, legal costs, and goods that are defective. No one wants to be sued, but the fact is that it’s always an option. You do not want to leave your company exposed to these kinds of circumstances, and the wider the defence, the better.

Professional Liability Insurance – provision for “Errors and Omissions”

“Professional Liability Insurance may also be referred to as “Malpractice Insurance,” or “Errors and Omissions Insurance.” It protects you against claims claiming negligence in the provision of professional services, the provision of shoddy work, or errors or omissions. If you have a service-based company, this form of insurance is especially important, but may also be necessary for other types of companies. Mistakes happen – but it can be nice to have sufficient professional liability protection, even though you don’t think you’ll need it.

Insurance of Land

The definition of “property” is broad, and for different types of companies, it can mean different things. That’s why making sure that you carry adequate commercial property insurance is critical. Many small companies will not be able to repair their equipment without this form of insurance should anything happen to cause harm or destruction. Buildings, computers, inventory, materials and appliances may be included in the property protected by this form of insurance. There are two forms of property insurance: “all-risk” plans cover nearly everything and are a safe way to eliminate policy duplication or overlap, as well as gaps in attempting to cover the liabilities. The coverage of “Peril-specific” policies or “named-peril” extends only to specific perils explicitly named in the regulation. When there is a high risk in a very particular place, they are generally needed.

Life Insurance / Main Executive Insurance – Profit and security

Offering workers life insurance can be a competitive asset when seeking to retain high-quality staff. A organization may also give executives extra coverage. These workers are considered to be vital to the company’s running and success, and can often need extra insurance, beyond what is offered by the usual employee benefits. In attracting top talent, this could be another advantage.