Commercial

Commercial

Community Financial provides commercial insurance to protect businesses against risk. The wide array of commercial insurance policies we offer allows us to customize each policy to make sure every aspect of your business is protected.

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Business Owners Insurance

Insurance companies selling business insurance offer policies that combine protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the business owners policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOPs include:
  1. Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
  2. Business interruption insurance, 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.
  3. Liability protection, 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.
© Insurance Information Institute, Inc.

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Auto Insurance

Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy.

Auto insurance provides property, liability and medical coverage:

  • Property coverage pays for damage to or theft of your car.
  • Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
  • Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes, lost wages and funeral expenses.

An auto insurance policy is comprised of six different kinds of coverage. Most states require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements.

Most auto policies are for six months to a year. Your insurance company should notify you by mail when it’s time to renew the policy and to pay your premium.
© Insurance Information Institute, Inc.

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Property Insurance

Property insurance for buildings and contents owned by the company -- there are two different forms, standard and special, which provides more comprehensive coverage.
© Insurance Information Institute, Inc.

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Liability Insurance

Liability protection, 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.
© Insurance Information Institute, Inc.

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Umbrella Insurance

Coverage for losses above the limit of an underlying policy or policies. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.
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Worker’s Compensation Insurance

Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.
© Insurance Information Institute, Inc.

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Professional Liability Insurance

Covers professionals for negligence and errors or omissions that injure their clients.
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Inland Marine Insurance

Inland marine insurance indemnifies loss to moving or movable property. The property that is insured under inland marine coverage is typically one of the following:

  • Actually in transit
  • Held by a bailee
  • At a fixed location that is an instrument of transportation
  • A movable type of goods that is often at different locations
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Bond Insurance

Surety bonds are a contract among at least three parties – the principal, the obligee and the surety. To benefit the obligee, the surety agrees to uphold the contractual promises made by the principal if the principal fails to uphold its promises to the obligee. These types of bonds are frequently used in the construction industry. In order to obtain a contract to build a project, the general contractor (and often the sub-contractors) must provide the owner of a bond for its performance of the terms of the contract. Surety bonds are also used to secure the proper performance of fiduciary duties by persons in positions of private or public trust.

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Aviation Insurance

Commercial airlines hold property insurance on airplanes and liability insurance for negligent acts that result in injury or property damage to passengers or others. Damage is covered on the ground and in the air. The policy limits the geographical area and individual pilots covered.
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Agribusiness Insurance

Agribusiness insurance covers property and liability risks associated with farms, ranches, wineries, and other large commercial growers. This can include farm and ranch owners’ policies and equipment breakdown policies. However, it does not cover worker’s comp claims.

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Builder’s Risk Insurance

Builder's risk insurance is a special type of property insurance, which indemnifies against damage to buildings while they are under construction.

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Flood Insurance

Coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents. Flood coverage is excluded under homeowners policies and many commercial property policies. However, flood damage is covered under the comprehensive portion of an auto insurance policy.
© Insurance Information Institute, Inc.