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1 Commercial Insurance

2 Is your business properly insured? Don t wait until it s too late! Commercial Package Policy (CPP) Used by many classes of businesses manufacturers, restaurants, apartments, machine shops). Provides coverage for property, crime, inland marine, automobile and liability and can be tailored to meet the individual needs of your business. Business Owners Policy (BOP) Typically used with small retail businesses or businesses that require clients to come to their office/ building for services (examples: lawyer, barber, doctor, accountant, printer). Protects company s building and contents as well as loss of income your business would suffer in case damage to your property would ever force you to temporarily close your doors. Liability coverage is also provided to protect you from bodily injury or property damage claims brought against your company. Preferred Contractors Policy (PCP) Typically used with small and medium-sized artisans and trade contractors, where services are performed on customer premises (examples: electrician, mason, carpenter, carpet cleaner, painter). Protects owner s building and provides coverage for personal property, including tools taken off premises, belonging to your business. Liability coverage is also provided to protect you from bodily injury or property damage claims brought against your company. Vehicle Policy--Cars, trucks or trailers used for business must be insured. Indiana state law requires vehicle insurance coverage to include, at a minimum, liability (bodily injury or property damage to another). In addition, Indiana Farm Bureau Insurance requires that commercial vehicle policies include uninsured motorist coverage (damage to the policyholder resulting from an accident caused by an uninsured motorist). Physical damage coverage to the vehicle itself can be added.

3 Table of Contents 1 Introduction Terms You Need to Know 2 Commercial Insurance Basics Liability Examples 3 Workers Compensation Insurance 4 Audits Promoting a Safe Work Environment 5 Certificate of Insurance How Insurance Companies Determine Premiums (What You Pay) 6 Payment Information Indiana Farm Bureau Membership Introduction A commercial insurance policy protects you and your business from financial losses that may occur from a wide range of misfortunes something a local business owner and his partners discovered when their restaurant experienced a fire. Proper insurance coverage protected them from significant financial loss. It put them back to where they were financially before the fire occurred. In this booklet, you ll find information on commercial insurance, including specific liability examples and the types of things that can be covered. We ve also added an article on Workers Compensation Insurance. It explains how this type of insurance which is required by Indiana law protects you, your employees and your business as well. Contact us today to get insurance coverage that fits your business needs and your budget. Indiana Farm Bureau Insurance can be trusted to make sure you and your business are properly insured. Terms You Need to Know Insurable Interest: ownership or a financial reason for seeking insurance. If you own or use an item, then you might have an insurable interest in it. You cannot buy insurance to cover the loss of an item if you do not have an insurable interest in it. Personal Property: includes possessions that are usually movable and easily transportable. Real property: generally cannot be moved, and usually means land and structures affixed to it. Property Damage: can be physical destruction or damage to personal or real property. Bodily Injury: the death or physical injury of a human being. Risk: the chance of financial loss if something unexpected happens. Perils: unexpected events that may cause damage and financial loss such as fire, flood, windstorms, hail or theft, to name a few. Loss: a financial harm. The amount of money an insurance company will provide to help pay for a loss is determined by the insurance policy. Insurance Agent: an Indiana Farm Bureau Insurance agent works directly for Indiana Farm Bureau Insurance. They help you determine the kinds of insurance you need. Policy: written document that explains how much insurance coverage you have purchased and what is and is not covered. It is important to know what this document says. Claim: a request for payment for a loss which may be covered by an insurance policy. If something unexpected happens to something you have insured and there is damage, you should call your insurance company to report a claim as soon as possible. Premium: the amount you pay (monthly, quarterly or annually) the insurance company for your insurance protection. Deductible: the specific dollar amount you agree to be responsible for if you have a claim before the insurance company will help you pay for the covered loss. Having a deductible encourages you to protect yourself, your family and your property from risk as much as possible. 1

4 2 Commercial Insurance Basics Things you should know about Commercial Insurance: A fire breaks out and you lose your inventory, a severe storm sends a tree smashing down onto your office, or your business is robbed and thousands of dollars of equipment is stolen. These are some of the most common losses experienced by business owners. How well you recover financially from such losses is determined by your commercial insurance coverage. Commercial insurance helps cover the costs of your loss whether it s to repair damaged property or replace what you ve lost. Commercial insurance can literally mean the difference between life and death for your company. Many companies that aren t properly insured have gone out of business after a severe loss. Those that have appropriate commercial insurance are able to recover with minimal interruption or financial burden to the business. There are two main types of commercial insurance: property or liability. Property insurance provides coverage for property or inventory that is stolen, damaged or destroyed by a cause of loss. With this coverage, you protect your property against such causes as fire, explosion, windstorm, vandalism or flood. Liability insurance helps pay for damage to someone else s property (property damage) and covers their injuries (bodily injury) and their medical expenses when you or your business cause or are responsible for the damage. Indiana Farm Bureau Insurance will work with you to determine what type of commercial insurance you need and what parts of your business need coverage. Properly insuring your business is an important and ongoing financial investment. Getting adequate commercial insurance for your business is as important as good health insurance for your family. Basic Items to Cover with Commercial Insurance Buildings and other structures Any outdoor property such as signs or fences Mobile property such as construction equipment or automobiles Machinery Furniture, equipment and supplies Inventory Leased equipment Computers and other data processing equipment Records, valuable papers, books and documents Liability Examples You or your company becomes liable, or responsible, when someone else s property or body is damaged as a result of you or your company. Here are some examples of when you may become liable: It s raining outside and a customer steps into your grocery store, slips on the wet floor and breaks her hip. You are painting a house and the owner trips over a ladder that you left in the grass. A customer becomes sick from food prepared in your restaurant.

5 Workers Compensation Insurance If you are a business owner with employees, you need to provide workers compensation benefits to your employees. Indiana state law requires most employers to carry this type of insurance. If you fail to provide workers compensation, you risk significant fines and penalties by the state. It does not matter how many workers are employed in a business; all employees must be covered. (One exception to the rule: Self-employed individuals or those in a partnership are exempt from this regulation and do not have to provide workers compensation for themselves. They are, however, still required to have workers compensation for their employees. Another exception is that farm workers and domestic servants are exempt from mandatory coverage under the Workers Compensation Act.) 3 Workers compensation is a benefit program that pays for work related injuries suffered by an employee. The program also provides limited wage replacement if the injured worker is not able to continue working. As an employer, you are responsible for the costs of the insurance, which can be purchased through insurance companies such as Indiana Farm Bureau Insurance. It s The Law Workers Compensation Insurance protects your employees. Workers compensation provides medial coverage for employees who are injured in the course of their employment. If an employee is unable to work because of injury, he or she is considered disabled and may receive limited wage-replacement compensation. The employee may be placed on light duty or on a reduced schedule as well. When the injury heals to the point that it will likely get no better or no worse, the employee may be examined to determine if there is any permanent loss of a body part or function. If the injury is found to result in permanent impairment, the employee will be compensated according to the Workers Compensation Act. Reporting Workers Compensation Claims If an employee suffers an accident or injury on the job, you must file a First Report of Injury, or FROI, with your insurance company within seven days of the incident. If you are an Indiana Farm Bureau Insurance client, the FROI can be faxed to Indiana Farm Bureau Insurance at (317) Workers compensation also protects you and your business. By carrying this insurance, you are able to financially cover an employee s medical needs in the event of an on-the-job injury. An employer who fails to carry workers compensation insurance coverage could be sued by an injured employee and may be ordered by the court to pay reasonable medical expenses, double compensation and reasonable legal fees to an employee injured during the period in which the employer s liability is uninsured. The Indiana court can also force you to stop doing business in Indiana until you carry workers compensation insurance. Visit an Indiana Farm Bureau Insurance agent today to discuss workers compensation insurance and other ways to protect your business. Indiana Farm Bureau can help you understand your insurance options so you can make an informed decision for your company s future.

6 4 Audits Commercial Policy Audits Compare Estimated Dollars with Actual Dollars Each year, Indiana Farm Bureau Insurance determines annual premiums for commercial policies by evaluating businesses on an individual basis. That way, your company pays for the appropriate amount of coverage for the size and nature of your business. Premiums for commercial policies are determined by payroll dollars. At the beginning of the policy period, you and your Indiana Farm Bureau Insurance agent estimate the total payroll dollars for the next 12 months. At the end of the policy period, Indiana Farm Bureau Insurance conducts a review, called an audit, to determine how close your actual payroll dollars were to the estimated amount. (Premiums also are developed for uninsured subcontractor costs. Therefore, make sure you have a Certificate of Insurance from subcontractors.) Every insurance company performs this process so you pay premiums based upon the actual amount of payroll used. This means that each company only pays its fair share of the total commercial insurance costs. If payrolls were underestimated, your company will need to pay the difference. Likewise, if payrolls were overestimated, Indiana Farm Bureau Insurance owes you a refund. The process is similar to that of paying taxes. There are three types of audits: 1) Paper Audit 2) Phone Audit 3) Physical Site Audit The type of audit done on your company depends on the size of your company and the complexity of your account. As a general rule of thumb, the greater the size of the company and the more complex the account, the higher the level of audit that is required. When Indiana Farm Bureau Insurance contacts you about your annual audit, it is to your advantage to respond quickly. If you owe, you can close your books quicker and not carry over an expense. If Indiana Farm Bureau Insurance owes you, you will get your refund quicker. Either way, it s a good choice for your company to respond to their request in a timely manner. Types of Audits: Paper Phone Physical Site Promoting a Safe Work Environment Educate your employees in advance about safety rules and their duties and responsibilities in the workplace. The more education and training you give your employees, the more you will find that problems are reduced with injured workers. Establish safety procedures that are reasonable and easily followed. Make sure that injuries and illnesses receive immediate treatment. Require employees to report all accidents immediately. Establish and make known procedures to be followed in the event of an accident. Inform the treating physician of the physical demands of an injured employee s job so that the doctor can make a realistic determination of the employee s ability to return to work. If possible, offer reasonable light duty assignments so that the employee can return to work.

7 Certificate of Insurance 5 In your business dealings, another company that you plan to work with may ask you for proof that your business is properly insured. In those cases, contact your insurance company and request a Certificate of Insurance be sent to the company requesting proof of your insurance. There is no cost to the insured to request a Certificate of Insurance. A certificate can be obtained by calling your agent. The process doesn t take long and can even be done over the phone. A Certificate of Insurance lists the insurance policies you have for your business. The Certificate of Insurance is not a business contract it is sent for information purposes only. The Certificate of Insurance provides a snapshot of the types and limits of insurance carried by your company. Your company s insurance is still subject to all of the requirements, terms and conditions listed in your policies. On the document, you will find: Types of insurance: Options include general liability, automobile liability, umbrella liability, workers compensation and employers liability. Policy numbers: Numbers that identify your particular policy. Effective date: Date coverage began. Expiration date: Date coverage ends. Limits of coverage: Maximum dollar amount available to pay for a covered loss. How Insurance Companies Determine Premiums (What You Pay) Insurance companies use several factors to determine your commercial insurance premiums, including: Length of time your company has had an ongoing insurance program Willingness and cooperation of management to address safety issues Gap in coverage depending on date of payment Experience in the industry Financial stability: A financial condition that allows you to handle your financial obligations; good credit rating; sufficient cash or assets on hand to permit continued maintenance and/or upgrading of equipment Minimal loss experience: Having few or no losses; not having losses that could be easily avoided; controlling losses so that insurance companies want to write the business Condition of physical assets: Well-maintained condition of physical property (building, personal property, contractor equipment); ensuring good housekeeping and preventative maintenance to prevent losses from occurring

8 6 Payment Information Payment Options Customized billing is available for Commercial and Personal policies. The Ability to choose an invoice due date that is convenient for you and your business. benefits of customized billing include: Billing statement that offers various Electronic Funds Transfer (EFT) deduction - an easy, convenient payment frequencies - monthly*, quarterly*, semi-annual*, annual*. payment option to ensure the policy remains in force and avoid Billing Charges. Acceptable payment methods include cash, check or credit card (MasterCard and Visa only). Ability to pay one or many policies on an Account with a single invoice to remit. *Billing charges apply on all installment plans. Charges may be avoided by paying Easy-to-read statement for all of your Property and Casualty policies. premiums annually. Pay on Time You need to pay your insurance premium on time according to the due date on the bill. If you don t, you risk having your insurance cancelled. (Be sure to notify Indiana Farm Bureau Insurance of address changes so you ll get your bill on time.) Additional Billings Charges and a lapse in coverage can be avoided by remitting payment in full by the Payment Due Date. Indiana Farm Bureau Insurance Can Boost Your Future Before your future goes up in flames, protect yourself and your company with help from Indiana Farm Bureau Insurance. We can help you prepare for the unexpected damaged property, theft, liability exposure with a variety of insurance policies that help cover your costs in the event of a loss. Our Indiana Farm Bureau Insurance agents will work with you to determine which policies best meet your company s needs. We want to help you make a wise financial investment so your company will explode with growth! It Pays to be a Member. Membership has its benefits protecting your family and property is just one. Indiana Farm Bureau Incorporated was established in It is the parent company of Indiana Farm Bureau Insurance. Indiana Farm Bureau Insurance customers pay annual membership dues to Indiana Farm Bureau Inc. In order to obtain coverage through Indiana Farm Bureau Insurance, it is required that you become a member of Indiana Farm Bureau Inc. In return, Indiana Farm Bureau Inc. members can take advantage of numerous money-saving benefits. The organization offers a number of discount programs to aid families like yours in their pursuit of a better life. Participating vendors in Indiana Farm Bureau Inc. s discount program include: Avis Rent-A-Car Save up to 10% Sherwin Williams Save up to 25% off list price on regular priced merchandise Choice Hotels Save up to 20% (with advance reservations) For more information on how to take advantage of Indiana Farm Bureau /12 Incorporated member benefits, call or visit

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