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.

 

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