Geico Commercial Insurance- Everything You Need to Know

Geico Commercial Insurance: When you run a business, there are two types of insurance coverage that you need to ensure you and your business are covered in the event of an accident or injury. You need property damage insurance and liability insurance, but these policies are not created equal! Your commercial insurance policy is designed specifically to help protect you from any potential losses that could occur as the result of bodily injury or property damage that might occur while your business is open to the public. But what should you expect from this commercial insurance coverage? How much does it cost? What types of policies will meet your specific needs?

The Basics of Geico Commercial Insurance

Many of us have seen a Geico commercial, so you know the basics, but what about when you actually need commercial insurance? Let’s take a look at some of the most important things that might interest your business.

Choosing Between Product Liability and Geico Commercial Insurance

No matter what kind of business you are in, you should have both product liability and general liability insurance. If you make or sell a product, you need general liability insurance to protect yourself against lawsuits if your customers are injured or harmed by the products they purchased from you. With general liability insurance, any customer who buys your product will be covered up to a certain amount depending on the coverage level they choose when they purchase your product.

Options Based on Industry Type

We specialize in providing commercial insurance for companies of all sizes.
We can tailor a plan specifically for your needs and protect you against some of the most common risks.
Whatever your company’s size, we’ll work with you and make sure that it’s properly covered.

What to Consider When Pricing General Liability

Your General Liability (GL) insurance will protect you from lawsuits arising from things like property damage, personal injury, or product liability. As with most types of insurance, the GL policy is a bit different and there are many factors to consider when pricing one. Below are some of the most important points you should keep in mind as you research your options.
*Product Liability: If your business uses products in any way (think home furniture), this is an essential coverage!

Defining Keywords, Phrases, and Trademarks

Named for the Greek god of gods, Geico offers not only personal car insurance but also commercial insurance policies. To start, here are the basics on commercial insurance and what it entails: • Businesses with assets worth more than $5,000 must have a general liability policy. In other words, if your business hires subcontractors and they cause damage while working on the property you’ll be covered.

Deciding between Inland Marine vs. Property Damage

The difference between property damage and inland marine insurance is the event in which it will pay out. If you’re looking for coverage for something that could be lost or damaged from any possible source of contamination, then inland marine insurance is best. On the other hand, if there is a specific event such as an earthquake, flood, storm, etc., then property damage would cover your losses.

Coverage for Contractors, Equipment Breakdown, or Trespassers Section: Covering Staff versus Independent Contractors

Contractors are important people in any industry. Each industry typically has a number of contractors working for various companies at any given time. A variety of businesses may use contractors to execute various tasks because they don’t want the liability or overhead that comes with hiring a full-time employee. Contractors are not employees but they work with business on a contractual basis. When it comes to Commercial General Liability Insurance, Contractors should be covered under either the company’s policy or their own policy when working for another company.

How is an E&O policy Different from CGL?

E&O stands for Errors and Omissions, which are claims from a third party alleging negligence on the part of the insured. The CGL, or Comprehensive General Liability, protects an insured’s risk of liability due to personal injury (including advertising injury), property damage, product defect or breach of contract.

Understanding Exclusions in General Liability Policies

Sometimes, general liability insurance policies exclude coverage for some types of lawsuits. This is called an exclusion. Exclusions in general liability policies often involve bodily injury or property damage that result from intentional acts or the breach of a duty assumed by the policyholder and are specifically listed in the exclusions section of the policy itself.

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