Should My Small Business Have Commercial Insurance and Commercial Vehicle Insurance?

Posted on January 31, 2025January 28, 2025 by admin

As a small business owner, you must cover contractual and legal obligations and other risks. Your commercial insurance policies help ensure you meet some of these obligations, but some small business owners do not adequately cover their business vehicle use, thinking their personal auto policy will handle those situations. Contact Gateway Property & Casualty, serving Dover, NH, to ensure you have the necessary commercial coverage.

Commercial and Commercial Vehicle Insurance

Each small business has unique insurance needs that vary by its type, whether it has employees, and how it uses motor vehicles. While many think commercial vehicle insurance applies only to companies with work trucks, delivery vans, or similar vehicles, a much wider range of businesses should have it.

Small business owners sometimes think their personal auto policy will cover the business use of the vehicle. However, your individual policy does not cover business uses, including:

Vehicles leased or owned by the business
Transporting work tools or products
Making deliveries
Driving clients or employees to a business-related event

In some circumstances, business owners make claims against individual policies that their insurance company covers. However, if a business-related accident results in a substantial claim, an investigation may determine the accident was business-related and reject the claim. Also, individual policies generally have lower liability limits than commercial vehicle policies. Be sure to protect yourself and your business by discussing your business-related vehicle use with your agent.

Working with Gateway Property & Casualty

Gateway Property & Casualty proudly serves Dover, NH’s individual and business communities. We will apply our experience in individual and commercial insurance to design policies that suit your needs. Call (603) 294-1902 or stop in today to discuss your insurance options.

Lesser Known Commercial Insurance Coverages

Posted on March 29, 2024March 28, 2024 by admin

While most business owners are familiar with common commercial insurance policies like property and liability insurance, there may be other more specialized coverages that your business could benefit from. Here are a few lesser-known commercial insurance protections that could be important for your business.

Employment Practices Liability Insurance: Warding Against Workplace Claims

Employment Practices Liability Insurance (EPLI) offers protection against covered claims by employees alleging issues such as discrimination, wrongful termination, harassment, and other employment-related matters. Even the most well-intentioned businesses can face these kinds of allegations in today’s increasingly litigious society. Therefore, at Gateway Property & Casualty, we often recommend that most businesses in Dover, NH with employees consider EPLI.

Crime Coverage: Shielding from Theft and Fraud

Typically, crime coverage protects businesses from losses due to theft, fraud, forgery, or burglary committed by employees or third parties. Regular coverages often exclude employee theft. Since the risk of financial crime is a reality that can affect any business, crime coverage ensures that companies can recover from covered losses stemming from such incidents.

Cyber Liability Insurance: Safeguard in the Digital Sphere

As businesses increasingly move their operations to digital platforms, the threat of cyber-attacks and data breaches rises. Cyber liability insurance generally covers the costs stemming from data breaches, including notification expenses, credit monitoring services, and legal fees.

Selecting the Right Commercial Insurance Coverages for Your Business

At Gateway Property & Casualty, we understand that navigating through commercial insurance coverages can seem complex. But we’re here to help. If you own or run a business in Dover, NH, contact our agents today to find the commercial insurance right for your specific business needs.

What is Professional Liability Insurance?

Posted on February 8, 2023February 8, 2023 by admin

Commercial insurance is not mandated by law for residents of Augusta, ME and Dover, NH, however, it will be necessary to obtain workers compensation coverage only. Many business owners decide to purchase professional liability insurance to offer protection for their interests.

What is Professional Liability Insurance?

When you run a practice, there are certain types of mistakes that can happen with regard to oversights or negligence. This category of indemnification can work well for people employed in the medical industry or who are accountants or lawyers. Architects and IT specialists can also benefit from professional liability insurance.

Your overarching general liability commercial insurance policies usually cover a broader range of contingencies and don’t extend to issues pertaining to malpractice or misrepresentation. Your knowledgeable Gateway Property & Casualty insurance representative can give you more information about the specific scenarios that can be included.

It’s also important to understand that this insurance is specialized and must be purchased separately. It cannot be provided in other ways, such as through endorsements or add-ons to your homeowners or other business coverage.

Typically, the covered perils are only those that are listed and not all forms of criminal or civil law violations. Examples of situations that may be accounted for are breach of contract, services that went undelivered, unmet deadlines, or failure to meet protocol.

Your professional liability insurance will usually consider claims and lawsuits that were made or happened during the period of time your policy was active and in good standing.

Gateway Property & Casualty Is Here To Help!

We specialize in offering our clients insurance products tailored to their needs. We serve those in the regions of Augusta, ME and Dover, NH. We invite you to call, visit us online, or stop by the office to further discuss your business insurance requirements.