Commercial Insurance provided by Omni is designed specifically to match the needs of business owners like you. Omni understands the unique risk management needs of businesses in Mid-Atlantic regions, as well as other metropolis in the Eastern coast of the nation. Whether your business is big or small, simple or complex, Omni has the special knowledge and expertise to identify proper risk managing and insuring all spectrums of business related perils.
The most fundamental types of commercial insurance are comprised of property, liability and workers' compensation.
In general, property insurance covers damages to your business property whether it is real property or business personal property; Liability insurance covers damages or injuries to second (customers) or third parties caused by your premises/operations; Workers' compensation insurance covers on-the-job injuries and illness to your employees.
Protects your business assets against perils resulting in losses of real properties and business personal properties such as furniture, inventory, equipment fixtures, as well in loss of income, in case of any claim arising from covered loses.
What if any second and/or third party sustain bodily injury or property damage caused (or allegedly caused) by your business activities, including premises and operations? General Liability will protect your business against legal claims for any such losses.
One of the hazards ordinarily insured by a general liability policy. It encompasses liability arising out of your products or business operations conducted away from your premises, once those operations have been completed or abandoned.
Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that, and thus to ensure security of compensation to the workers. Individual immunity is the necessary corollary to collective liability.
Umbrella insurance is extra/excess liability insurance. This insurance policy is designed to help protect you from major claims and lawsuits to protect your assets and your future. It provides additional liability coverage above the limits of underlying (different) Liability coverage limits.
Commercial Auto physical damage and liability Insurance. Commercial auto insurance helps protect you from costs associated with injuries or property damage suffered by others, as well as damage to your commercial vehicle/s in an accident caused by you or your employee in your insured commercial vehicle.
Insurance carriers sell commercial policies that combine protection from all major property and liability risks in one ‘pre-packaged’ policy. (Let’s not forget that they also sell coverages separately) That pre-packaged deal purchased by small and mid-sized businesses is the business owners’ policies aka BOPs. BOP policies are created for businesses that generally face the same kind and degree of risk. Larger businesses/companies might purchase a ‘non-prepackaged’ commercial insurance policy called ‘Multi-Peril Package’, which is customized and designed for their respective needs.
BOPs normally include:
for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
which covers your company's legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You'll need separate insurance policies to cover professional services, vehicles and your employees.
