Insurance FAQs
Business Insurance
Are there policies that provide or combine the various
kinds of coverages in regard to commercial insurance the way a homeowners policy
does?
Yes. There are various package policies available, including the business owners
package (BOP) and special multi peril (SMP). Also, S&T-Evergreen Insurance designs
packages to meet your specialized needs.
What are adequate liability limits for my business?
There are some considerations that may be helpful in determining the amount of
liability insurance limits to purchase.
- Ascertain the largest judgment rendered against your type of business in your
service area.
- Examine your assets and liabilities to determine what you have to protect.
- Consider liability limits you can afford and with which you feel comfortable.
- Review business contracts for specific liability limit requirements, which will
determine the minimum liability limits you should carry.
- Consider the level of liability protection that is being carried by similar
businesses. Though we cannot disclose client information, S&T-Evergreen
Insurance is a good source of general information.
What is Workers’ Compensation Insurance?
The current workers’ compensation system represents a compromise between
employers and employees regarding employment-related injuries or illnesses.
Employees relinquish their right to sue employers if they suffer a job-related
injury, and employers agree to provide benefits if an injury occurs. To ensure
that employers have the money to pay these benefits, most states require them to
purchase workers’ compensation insurance.
How do I protect my business from claims regarding discrimination, wrongful
termination, or violations of the Disability Act?
Business liability coverage and workers’ compensation insurance do not pay these
types of claims, but you can insure your business with coverage called
employment practices liability insurance or EPLI. This insurance protects
against employee allegations and can cover the legal defense aspect, which is
often higher than the amount of the claim.