Looking for Business Insurance in Lexington, KY?

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What’s the difference in standard auto insurance and commercial auto insurance in Lexington?

  • As a business owner, you need the same kind of insurance coverages for the car you use in your business as you do for a car used for personal travel
  • This includes liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists
  • In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the “principal insured” rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you
  • Whether or not you need to buy a commercial auto insurance in Lexington will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business
  • While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options

When I get a business insurance in Lexington, do I need additional business liability insurance coverage, other than my personal umbrella liability policy?

  • If you have a personal umbrella liability policy, there’s generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage
  • Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade
  • General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage
  • General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations
  • The Hartford’s liability programs extend far beyond the provisions of typical policies, with broadened coverage and increased limits in over 30 areas

What are the components of General Liability Protection under business insurance in Lexington, KY?

  • Bodily Injury, including the cost of care, the loss of services and the restitution for any death that results from injury
  • Property Damage coverage for the physical damage to property of others or the loss of use of that property
  • Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
  • Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
  • Contractual Liability insurance extends to any liability you may assume by entering into a variety of contracts
  • Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types

Do I need to purchase Workers Compensation Insurance in Lexington?

  • In most states, if you have employees, you are required to carry Workers Compensation coverage. Even in non-mandatory states, it can be a very good idea, particularly if you have many employees, or if they are engaged in hazardous activities
  • Workers Compensation Insurance in Lexington is not health insurance; it is designed specifically for injuries sustained on the job. This means coverage applies whether they’re hurt on the workplace premises or elsewhere, in auto accidents while on business and work-related illnesses
  • Workers Compensation provides payments to injured workers, without regard to who was at fault in the accident, for time lost from work and for medical and rehabilitation services
  • It also provides death benefits to surviving spouses and dependents

How does Workers Compensation Insurance benefit me, as an employer?

  • It serves to protect employers from lawsuits resulting from workplace accidents and to provide medical care and compensation for lost income to employees hurt in workplace accidents
  • It helps control the financial risks for employers, since many states limit the amount an injured employee can recover from an employer
  • Workers Compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee
  • Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance

Do states vary in requirements related to Workers Compensation Insurance?

  • Each state has different laws governing the amount and duration of lost income benefits, the provision of medical and rehabilitation services and how the system is administered
  • For example, in most states there are regulations that cover whether the worker or employer can choose the doctor who treats the injuries and how disputes about benefits are resolved

Can I bundle Workers Compensation Insurance in Lexington with my current commercial insurance policy?

  • Workers Compensation Insurance must be bought as a separate policy
  • Although in-home business and business owners policies (BOPs) are sold as package policies, they don’t include coverage for workers’ injuries

1 – Source : Fulbright & Jaworski LLP 2012 Litigation Trends Survey