Business Insurance
Our commercial expertise sets us apart from many other agencies. We insure a variety of industries including specialty programs for churches, dentists, schools, financial institutions, machine shops, and veterinarians to name a few. From business insurance to bonds, we can provide our clients with a complete insurance package.
Large or small, we can protect your business or
personal future.
Business / Commercial Insurance Products
- Business Owners Policy (BOP)
If you own and/or run a smaller business, your insurance needs may be properly handled by a business owner policy or BOP. BOPs are similar to a homeowners policy, offering both property and liability protection. Businesses such as retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices, and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they are not larger than 25,000 square feet in total floor area or have gross annual sales greater than $3,000,000 (per location). More restrictive guidelines typically apply to businesses that include cooking operations. - Commercial Property
Commercial property policy provides coverage for real and
personal property that is used in a business. An “all-risk,”
worldwide policy covering business property. Protecting the
insured's real and business personal property must be a
primary goal of any commercial insurance program. Regardless
of the size of the business, tangible property usually
represents a large portion of its total assets. As a result,
it should always be reviewed and used for comparison when
evaluating any commercial property coverage form. - General Liability
Commercial general liability (CGL) policy is extremely broad in nature. It insures the bodily injury liability and property damage liability exposures of a variety of commercial businesses, enterprises, and ventures. The broad nature of these forms eliminates having to select and group individual or specific hazards, with the resulting potential gaps in coverage. - Workers' Compensation
Workers' compensation and employers liability coverage insures against claims for work-related injuries or diseases suffered by employees that are compensable by statute and/or imposed by law as damages. Other states' insurance is incorporated in the policy and is activated by the appropriate entry on the declarations. Voluntary workers' compensation and employers liability coverage may be made effective for workers not subject to a workers' compensation law. - Business Auto
Almost every business may face a loss due to its owning, renting, using, or loading/unloading a vehicle. Most coverage needs can be handled by a business auto policy (BAP) or similar form. BAPs may cover a variety of operations, including trucking, garaging, public and private transport, and businesses with auto exposures that fall outside the other classes. Coverage is flexible. It may be purchased as a separate policy or as part of a package of coverage that may also protect buildings and business property (equipment, furniture, etc.). - Professional Liability
Professionals, such as doctors, lawyers and accountants, have long been held highly accountable for the consequences of their decisions. While such professions are still the “Big Three,” there are a growing number of other occupations that represent an exposure to liability loss that needs special protection, including pharmacists, architects, engineers, opticians, beauticians, insurance agents, consultants, and many others. -
Excess Liability (Umbrella)
In the case of the average (smaller) business, the commercial umbrella liability policy is a newer insurance coverage option. A commercial umbrella liability policy, increasingly referred to as an excess policy, can provide an additional layer of insurance protection to handle major losses. There are no standard umbrella liability policy forms; each company has their own variation. Each form offers different options that can help tailor coverage to specific business needs. One thing to remember is that an umbrella liability policy will not cover everything; there are exclusions in this form as in any other contract of insurance. However it still represents an excellent method to help shield a business from catastrophic claims. - Builder's Risk
The Builders Risk Policy is designed to provide coverage for
direct loss or damage from covered causes of loss to
buildings and structures under construction. The form
applies to new construction as well as to renovations,
remodeling, and improvements to existing buildings. This is
one of two coverage approaches for construction and
renovation risks. The other is provided by a variety of
Inland Marine coverage forms. While these forms are
basically similar to one another, each takes a different
approach to providing the coverage. - Directors and Officers
Decisions made by directors and officers impact the viability and value of a corporation. The current issues of accounting practices, financial reporting, and the use of corporate assets have resulted in an increase of lawsuits being filed against executive boards. Directors and officers (D&O) coverage should be considered a necessity for corporate entities. D&O coverage supplements the protection provided by general liability policies since the former responds to legal actions filed by shareholders, customers, scorned merger partners, and creditors.
- Nonprofit Organizations
Like a business or a homeowner, a nonprofit organization needs to protect its property from loss in a fire, by theft, or from many other hazards. Nonprofits can be lawsuit targets as well. Without insurance, a lawsuit could prove financially devastating. Whether a human services, arts, educational, civic, or other type of nonprofit, your organization should be protected by liability insurance to cover defense costs and damages.
Hanford Insurance Agency partners with many highly rated carriers and associations (see below) to provide the best options for you and your business.
to discuss your insurance needs.
