Commercial Insurance

There are two types of commercial insurance that many businesses must-have. Find out what the rules are and whether your business needs these types of commercial insurance. If you have any questions about these or other insurance policies, call us at Hill Insurance & Financial Services.

Commercial Auto Insurance

If your business owns a vehicle, it must have a commercial auto insurance policy. The policy has several parameters mandated by the state. There is a specific minimum amount of coverage that you must have for one person who gets injured in an accident that you caused. There is another amount mandated for all of the people who are injured. Another amount is required for property damage liability in an accident you caused. There is another amount required for uninsured motorist coverage. This includes an amount for each person injured and another number needed for two or more people injured. There is also an amount of property damage coverage.

If you regularly use a vehicle for work tasks but your company doesn't own it, a personal insurance policy may not payout after an accident. Instead, it's a good idea to have a policy called hired and non-owned. This protects you in the event of an accident that happens as you are using the vehicle for work.

Workers' Compensation Insurance

While some states require that any business with any number of employees must have this coverage. It mandates that a company with at least four employees, whether part-time or full-time, must carry workers' compensation coverage. Suppose an employee were to have an accident at work or develop a work-related illness. In that case, this policy pays for their medical bills and wages lost due to missing work during recovery.

Get Your Commercial Insurance Policies

If your company needs commercial coverage, don't hesitate to call us at Hill Insurance & Financial Services.