{"id":117,"date":"2018-02-28T03:00:00","date_gmt":"2018-02-28T15:00:00","guid":{"rendered":"https:\/\/www.insuringky.com\/blog\/?p=117"},"modified":"2019-05-08T18:18:02","modified_gmt":"2019-05-09T00:18:02","slug":"is-commercial-insurance-a-requirement-for-your-company","status":"publish","type":"post","link":"https:\/\/www.insuringky.com\/blog\/is-commercial-insurance-a-requirement-for-your-company\/","title":{"rendered":"Do you need business insurance?"},"content":{"rendered":"
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Do I need business insurance?<\/a><\/figcaption><\/figure>\n
Does your business have commercial insurance?<\/a>\u00a0 Some businesses <\/span>are required<\/span><\/span> to have insurance, others are not.\u00a0 How do I determine where my business falls. If you <\/span>are required<\/span><\/span> to have businesses insurance, you likely know. A governmental body may <\/span>require<\/span><\/span> your business to have a license. If that’ the case, it’s very likely that you couldn’t get your license unless you had prior proof of insurance.\u00a0 Truckers, plumbers, insurance agents, and real estate agents are a few examples. <\/span><\/div>\n<\/div>\n
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If I am required, what types of insurance will I need?<\/strong><\/h6>\n<\/div>\n
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There is a purpose behind governmental units requiring businesses to carry insurance. They do so because of their charge to protect consumers.\u00a0 As a<\/span><\/span>
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Commercial Liability Insurance<\/figcaption><\/figure>\n
result, when insurance <\/span>is required<\/span><\/span>, it is, most likely to be a Liability coverage.\u00a0 The two most common forms are General Liability (GL) and Professional Liability. Many contractors <\/span>are licensed by<\/span><\/span> the state.\u00a0 In Kentucky, this <\/span>is done by<\/span><\/span> the Department of Housing, Building, and Construction.\u00a0 Plumbers <\/span>are governed by<\/span><\/span> a subdivision of the department, the Division of Plumbing. The Division of Plumbing has as many requirements. The one we are focusing on is the <\/span>requirement<\/span><\/span> to provide proof of insurance.\u00a0 It is a state mandate that all Kentucky plumbers have in place a general liability policy. The policy must have a <\/span>minimum<\/span><\/span> limit of $250,000.<\/span><\/div>\n<\/div>\n
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Many industries revolving around motor vehicles use a different form of liability insurance.\u00a0 One example is Truckers. Their liability protection comes from policies identified as Trucking or Non-Trucking Liability. They are very specific coverages that are part of the Commercial Auto Policies (CA).\u00a0 <\/span><\/div>\n<\/div>\n
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Auto dealers, garages, and body shops <\/span><\/span>are protected by<\/span><\/span> two liability policies created <\/span><\/span>specifically<\/span><\/span> for them<\/span><\/span>. Dealer customers test drive vehicles and there is a very high turn over. Garages test drive customer vehicles, some even tow the client’s cars. These are a few reasons this group needs specialized coverage. <\/span> Garage Liability<\/a> and Garage Keepers Insurance have characteristics that appear like a blended GL and CA policy<\/span><\/span>.\u00a0<\/span><\/div>\n<\/div>\n
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Professional Liability Insurance has long <\/span>been associated<\/span><\/span><\/a> with services industries. <\/span>It goes by many names; errors and omissions (E&O), medical malpractice, directors, and officers<\/span><\/span>. This coverage protects businesses against claims of negligence.\u00a0<\/span> Kentucky Insurance Agents and Real Estate agents are two examples of businesses required to have E&O coverage<\/span><\/span>.<\/span><\/div>\n<\/div>\n
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Why are we still here if insurance isn’t required?<\/strong><\/h6>\n<\/div>\n
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If anyone ever tells you that you don’t need insurance don’t ask why <\/span>just<\/span><\/span> run!\u00a0<\/span> I recently I saw someone involved in the insurance industry proposed the following absurdity<\/span><\/span>. <\/span> They suggested that risk change if your business operated online and didn’t have employees<\/span><\/span>. Actually, they went as far <\/span>as to<\/span><\/span> say that such companies had little need for commercial insurance. <\/span><\/div>\n<\/div>\n
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WHAT!\u00a0 <\/strong><\/div>\n<\/div>\n
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Be sure to get their E&O info before taking there advising.<\/span><\/div>\n<\/div>\n
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Before deciding to waive the insurance coverage, step back. What could go wrong today and how will I pay for it. Reconsider all your risk. Think about the online company, <\/span>the one that has no risk. The one that doesn’t need commercial insurance.<\/span> a<\/span><\/div>\n<\/div>\n
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Consider the following: Do you have customers, clients, consumers, or readers?\u00a0 If you answered no then are you <\/span>really<\/span><\/span> in business? <\/span><\/div>\n<\/div>\n
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Could you make a mistake that would cause financial loss, or negative impact a customer? It is most likely insurable! <\/span><\/div>\n<\/div>\n
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Could a vendor, affiliate, or other business relationship impact your business? Could one cause a temporary shutdown of your business? In most cases, you can protect yourself with insurance!<\/span><\/div>\n<\/div>\n
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Ever heard of Cyber Liability?\u00a0 What exposures do you have when someone hacks into your system? Cyber risk can <\/span>be defended<\/span><\/span>.<\/span><\/div>\n<\/div>\n
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Everyone has risks, even an online business.\u00a0<\/span> When you start to consider cyber exposures you very <\/span><\/span>quickly<\/span><\/span> release that this could be a very significant exposure<\/span><\/span>.\u00a0 If you’re interested in reviewing your risk profile feel free to give us a all.\u00a0 (502) 410-5089. Some form of commercial insurance <\/span>is needed by<\/span><\/span> almost all businesses.\u00a0 \u00a0That’s why it is so important that you find an insurance agency that you can trust.\u00a0 No insurance premium versus the option of no insurance company. When you have a claim, what is the highest the loss can be? When I do the math, those are odds that I don’t like.\u00a0<\/span><\/div>\n<\/div>\n
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give us a call, we’re TruePoint Insurance. An insurance agency that’s committed to doing insurance your way. We know our role, and it’s not to sell insurance.\u00a0 We help businesses like yours every day.<\/span><\/div>\n<\/div>\n\n\n

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Does your business have commercial insurance?\u00a0 Some businesses are required to have insurance, others are not.\u00a0 How do I determine where my business falls. If you are required to have businesses insurance, you likely know. A governmental body may require your business to have a license. If that’ the case, it’s very likely that you […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[1202,1231,1232,1233,151,1230,939,118,22,1235,1234,1237,1238],"class_list":["post-117","post","type-post","status-publish","format-standard","hentry","category-commercial-insurance","tag-do-i-need-business-insurance","tag-do-i-need-commercial-insurance","tag-do-ky-plumbers-need-insurance","tag-do-ky-truckers-need-insurance","tag-kentucky","tag-ku","tag-louisville","tag-louisville-ky","tag-truepoint-insurance","tag-what-businesses-are-required-to-have-business-insurance","tag-what-businesses-are-required-to-have-insurance","tag-why-do-i-need-business-insurance","tag-why-do-i-need-commercial-insurance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t