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Commercial Insurance is a category of Insurance that deals directly with insuring the business entity itself along with people that make-up the business operation. Businesses are considered their own entity separate from the employer and the employees that work within the company, meaning that businesses are also at risk. Whether it’s the company car, the high risk services offered, or just one of those bad days; Commercial Insurance protects your business.

Business Auto

We can find coverage for your semi fleet or your florist delivery van. Business Auto Insurance is here to cover your business’s vehicle while performing the day-to-day duties. Reach our office with your business auto needs so we can make sure you’re moving forward safely.

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business overhead discussion

Business Overhead Expense

Business overhead expense (BOE) disability insurance, also known as Business Expense Insurance, pays the insured’s business overhead expenses if he or she becomes disabled. Business Overhead Expenses are those operating expenses that are required to run your business daily. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or one person) to produce revenue.

Business Cyber Insurance

With the world increasingly becoming digitized, more and more secure information is utilized online in business interactions daily. The beauty of the internet is to make our lives easier as we interact from business-to-business or business-to-consumer, however where there is great opportunity comes those who are looking to exploit it. That is where Business Cyber Insurance comes into place to safeguard your business from internet related cyber attacks that could put your business and clients at risk.

cyber security on laptop

Professional Liability Insurance

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, is a form of liability insurance. It helps protect professional advice, service providing individuals, and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

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The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm.
Professional liability coverage sometimes also provides for the defense costs, including when legal actionturns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potentialliabilities under civil law that are not enumerated in the policy, but which may be subject to other forms ofinsurance. Professional liability insurance is required by law in some areas for certain kinds of professionalpractice (especially medical and legal), and is also sometimes required under contract by other businesses thatare the benefi ciaries of the advice or service.


General Liability Insurance

Even the most careful startups and small businesses run the risk of injuring or damaging someone or something during the course of ordinary operations. General Liability Insurance protects your business assets in the event of a costly lawsuit so that you don’t have to drain your bank account or sell your equipment to fund legal fees and court settlements.

Coverage kicks in when your business is faced with a lawsuit alleging bodily injury or property damage. Someone might claim that your business created an unsafe environment where someone was injured, damaged personal property, or is responsible for an injury caused by you or one of your employees. General Liability Insurance protects your business against claims brought against the company as a whole, as well as claims brought against individuals on the company’s behalf.

When a lawsuit commences, your General Liability policy covers the costs of investigating or defending those claims, which might include paying attorney fees, witness fees, court expenses, and more. Up to stated limits, commercial liability policies may also cover bond premiums, settlements, and judgments arising from covered lawsuits, including the medical costs for someone suing about an injury. If it includes business interruption coverage, your policy may also pay for the income you lose while defending yourself in court, along with certain other expenses you may incur to return your business to normal operations.

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Worker’s Compensation

Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment. This insurance is in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.

man walking in warehouse about to trip

While plans differ in how they are set up, provisions can be made to Worker’s Compensation policies allowing them to act as many different forms of insurance in one. Either as weekly payments in place of wages(functioning in this case as a form of disability insurance), compensation for economic loss (past and future),reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance).

General damage for pain and suffering, and punitive damages for employer negligence, are generally not available in workers’ compensation plans, and negligence is generally not an issue in the case.

Philip Financial Group's involvement in these activities are outside their role with Principal Financial Group®.  Principal is not affiliated with and does not recommend or sponsor any of these applications.