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What is a Certificate of Insurance and Why Do You Need One?

A Certificate of Insurance (COI) is more than simply a piece of paper—it’s proof of your coverage and professionalism.

Whether you’re a contractor, small business owner, event organizer, or another profession, having a COI guarantees that you meet legal and client demands while simultaneously building trust with your partners.

Now let’s take it a step further and discuss what a certificate of insurance is, why having one is so important, and how you can get one.

What is a Certificate of Insurance?

A Certificate of Insurance (COI) is a standardized document that verifies that your business or services are covered by active insurance coverage. Here’s what’s included in your standard COI:

Policyholder Information: Identifies the insured company or person.
Insurance Company Details: Provides contact information for the insurer.
Policy Types & Coverage Limits: Provides a list of insurance policies, (workers’ compensation, general liability, etc.), along with their respective limits.
Effective Dates: Indicates the beginning and ending dates of coverage.

COIs can include multiple different policy types such as general liability, professional liability, and commercial auto insurance, all listed on the same document.

Why is a Certificate of Insurance Important?

Provides Proof of Coverage: Having a COI shows others such as clients, partners and vendors that you’re insured, giving them peace of mind.
Establishes Trust & Professionalism: Demonstrates that you take financial responsibility seriously, increasing confidence in business interactions.
Meets Contractual Obligations: Guarantees adherence to contracts requiring insurance protection, shielding all parties from potential liabilities.

How Does it Differ from an Insurance Policy?

A common misperception is that a Certificate of Insurance (COI) is the same as an insurance policy. Although they are linked, they perform completely different functions:

A Certificate of Insurance is a Summary: A Certificate of Insurance is a one-page document that summarizes the insurance coverage a policyholder has. It contains fundamental information such as policyholder information, types of coverage, coverage limits, and effective dates.
An Insurance Policy is Comprehensive: In contrast, an insurance policy is a lengthy contract outlining all of the coverage’s terms and conditions. It offers information exclusions, deductibles, premiums, and other relevant clauses.
Why the Difference Matters: A COI is a quick way of proving coverage, but it does not include the complete terms or fine print of the insurance policy. Businesses that require a COI should always review the entire policy to ensure that it satisfies their needs.

When You Might Be Asked for a Certificate of Insurance

A COI may be required in a number of professional settings:

Business Contracts: Prior to beginning a project, clients may ask for proof of coverage.
Property Rentals: Landlords frequently ask commercial tenants to provide proof of liability insurance in the form of a COI.
Event Planning: Venues may request a Certificate of Insurance (COI) to prove your coverage for accidents or damage.
Client Peace of Mind: Clients frequently request COIs to limit their responsibility while working with contractors or service providers.

How to Get a Certificate of Insurance

Request a COI From Your Insurer: Most insurers will give them to you at no additional expense.
Review the Details: Check that insurance limits, dates, and coverage(s) making sure that they align with the details on your policy, and are consistent with client or contract requirements.
Request in Advance: Always have a COI available before beginning a project or signing a lease.

Mistakes to Avoid When Handling a COI

When providing or handling your Certificate of Insurance, make sure to avoid the following mistakes:

Providing an Outdated COI: Over time, insurance coverages and details tend to change. Using an expired COI or one that does not reflect current coverage may result in disputes or contract termination.
Failing to Meet Client Requirements: Certain contracts demand specific coverages or endorsements, such as adding the client as an additional insured. Always double-check the COI to make sure it fits the other party’s specifications.
Relying Solely on a COI: A COI does not replace the entire insurance coverage. Always check the entire policy to understand the actual terms.

Final Thoughts

A Certificate of Insurance is more than simply a requirement— it’s a valuable tool for protecting your business, winning client trust, and pursuing emerging opportunities.

Don’t wait to secure your business coverage and COI. Visit EZ.Insure today to learn about comprehensive coverage options so your business can stay successful and thrive for years to come.

To get started, just enter your ZIP code on the right side of the screen, or give us a call at (855)-694-0047.

Was this blog helpful? Check out our full resource library to gain more tips and advice to help your business stay safe and save money.

General Liability vs. Professional Liability: What to Know

Consider this scenario: a client sues your company for inaccurate advice, or someone slips and falls at your workplace. Suddenly, you’re facing thousands of dollars in unanticipated legal fees—all as a result of a simple error or accident.

If you own a small business, protecting yourself from these dangers is critical. But do you know which form of insurance will protect you—general liability or professional liability? The answer could mean the difference between being fully insured and experiencing significant financial loss.

Let’s explore all you need to know.

What is General Liability Insurance?

General liability insurance (GLI) is a type of business insurance that protects against third-party claims involving bodily injury, property damage, libel and slander, advertising injury and reputational harm as a result of your business operation. General liability goes a long way in helping cover incidents by paying for legal defense and other court costs.

Key Examples

A customer slips on a wet floor in your shop and submits a claim for medical expenses.
You accidentally damage part of a client’s property while working on their site, resulting in costly repairs.
A competitor alleges you of using advertisements that damaged their brand, resulting in an advertising injury claim.

The Importance of General Liability for Small Businesses

Regardless of the industry that you’re in, general liability can greatly benefit your small business. By protecting your operation against the financial burdens associated with accidents, injuries, property damage, and more, your business will handle the unexpected with ease and remain successful into the future.

Who Needs General Liability Insurance

General liability is essential for the majority of businesses but particularly those with physical location, or if businesses that deal directly with clients face-to-face. Think about businesses that could face claims involving property damage or physical injury, such as restaurants, retail stores, and contractors.

What is Professional Liability Insurance?

Professional liability insurance, also referred to as errors and omissions (E&O) insurance deals with claims resulting from negligence, misrepresentation, or inaccurate advice provided by your professional service. Unlike general liability, which focuses on physical risks (explained in the above section), professional liability is meant to protect service-based businesses where mistakes or advice could lead to financial loss.

Key Examples

An architect makes a mistake in a building design, resulting in structural concerns and expensive repairs.
A consultant delivers poor business advice, resulting in financial losses for the customer.
An accountant makes an error in financial reporting, resulting in tax fines for the customer.

Who Needs Professional Liability Insurance?

Professional liability insurance is essential for service businesses that offer specialist knowledge or guidance. Consultants, accountants, architects, real estate brokers, and healthcare practitioners are more likely to face accusations of carelessness or error. This coverage protects them from financial loss as a result of errors or unmet client expectations.

Do You Need Both Types of Insurance?

Combining Coverages

In some cases, businesses will need both professional and general liability insurance. Luckily most insurance providers offer bundled coverage options where you can get both for a discounted price.

Here are a couple examples of business who benefit from both types of protection:

Contractors and developers often provide advice in relation to project planning. This presents a need for professional liability insurance. On the other hand, since these professionals perform physical work on people’s properties, a general liability policy is also necessary.
Someone who’s a graphic designer may want to invest in both types as they probably invite clients into their office from time to time, but also want protection against errors made in their physical work.

Cost of Not Having the Right Coverage

Without the proper insurance policy, your business risks major financial losses. For example, if you only have professional liability, and someone gets injured on your property, you’ll likely still have to cover their medical expenses out-of-pocket.

Or let’s say you have general liability insurance, but no professional coverage, and you make an error when giving consulting advice. Unfortunately with no professional liability, you may have to pay for the costs of a legal settlement stemming from the misinformation.

Factors Influencing the Cost of Liability Insurance

Business Size and Revenue: Larger organizations typically pay higher premiums due to increased risk and more exposure to large claims.

Industry: High-risk businesses, such as construction, may incur higher general liability expenses, whereas advice-based industries may have higher professional liability rates.

Location: Insurance rates vary by state and locality due to changes in laws and overall operational costs. For example, coverage in a big city may be more expensive than in a rural community.

Coverage Limits: Higher coverage limits provide more protection, but also raise rates. Businesses that require extensive coverage may pay extra, depending on their risk exposure.

Claims History: A history of previous claims, indicates a higher risk and usually raises rates.

EZ.Insure—A Quick and Affordable Coverage Solution

EZ.Insure is the simple solution for your insurance needs, offering competitive business insurance rates and policies tailored to small businesses. With policies starting for as low as $24.95/month, your business can be equipped with a well-rounded liability insurance package, to ensure you’re fully protected without having to break the bank.

How to Choose the Right Liability Coverage for Your Business

Steps to Consider

Evaluate Your Business Risks: Take the time to sit down and list out all of the potential risks that your business might face. Be sure to consider both physical incidents and professional errors.

Consider Industry Requirements: Next, think about the typical insurance requirements in your specific industry. Based on industry norms, you should get a pretty good idea of what coverage(s) are necessary.

Determine Your Budget: Evaluate how much your business can realistically afford to pay per month in premium costs. Then in turn, consider the level of coverage your business actually requires. While you never want to be under-insured, for a small business, a policy with a hefty coverage limit may not be necessary.

Consult with an EZ.Insure Expert

If you’re still unsure of which coverage type is right for your business, or if you need both, seek the help of an expert insurance agent at EZ.Insure. Working with a licensed agent ensures that no detail is overlooked in regards to your business, so that you’re matched with the most optimal policy type. They’ll also be there to help with every step of the enrollment process, and answer any questions about the selected policies details, so you walk away covered and confident!

Don’t Leave Your Business Exposed—Get Covered Today!

Liability coverage is critical for protecting your organization from unanticipated hazards and costly lawsuits. Whether you require general, professional, or both forms of liability insurance, the appropriate policy will keep your organization safe and secure.

Ready to get started? EZ.Insure is here to help! For a fast, free quote, simply fill out a form on our site, or give us a call at (855)-694-0047 today!

Looking for more information on securing your business? Check out our resource library, that’s home to tons of helpful articles all aimed to help small businesses succeed today and for years to come.

Do You Need Home-Based Business Insurance? 5 Questions to Ask

There are many benefits that come with running your business from home. This includes convenience, flexibility as well as comfort. With all this being said, many home-based business owners don’t consider the risks associated with running an organization from their house. This poses the question — “Do I actually need insurance for my home-based business?”

While you may scoff at the question at first, thinking it’s unnecessary, the truth is that just like any other business, having the proper coverage provides essential protection safeguarding everything you’ve worked for. But don’t just take our word for it. Instead, to help you make an educated decision about your options, we’ll delve into five critical questions to ask yourself. When it’s all said and done, you’ll have a solid understanding of why home-based business insurance is so essential.

Question #1: Do You Have Expensive Inventory or Equipment?

One of the first things to think about is whether or not your home-based business involves inventory or expensive equipment. Your homeowners’ insurance probably doesn’t cover business-related objects in the case of damage, theft, or loss, even if you work from home.

Think about things such as your laptop, tools, technology or any other equipment that’s vital to your business operations. Then consider any inventory. Do you sell goods? If the answer is yes, these items could also be in danger without the proper protection. In the unfortunate case of a fire or break-in, you may have to replace these valuables out-of-pocket.

Why This Question is Important

Your operation relies on your inventory and/or equipment and without it your business is probably not functional.
Without home-based business insurance, replacing these items may be very expensive or unaffordable.
Homeowner policies alone usually don’t cover inventory or equipment losses.

Question #2: Do Clients or Customers Ever Visit Your Home?

Do you ever hold meetings at your house office with customers or clients? If so, you might be putting yourself in danger for responsibility if an incident occurs. For instance, you can be liable for a client’s medical costs if they trip and fall on your property, leading to an expensive lawsuit.

General liability insurance covers property damage and physical injury claims made by third parties. Even if your place of business is your house, this type of coverage it’s still necessary for any company that deals with clients or consumers face-to-face.

Why This Question is Important

Hosting clients without the proper home-based insurance leaves you liable in the case of an injury
General liability coverage will take care of the costs of lawsuits or claims relating to an accident, so you won’t have to pay out of pocket.
Having general liability coverage puts clients at ease and bolsters your reputation as a responsible business owner.

Question #3: Could a Lawsuit Affect Your Financial Stability?

If you own a small business and are on a strict budget, a lawsuit could be extremely detrimental to your business. Even a small claim could have a huge negative impact. In addition to an injury-related incident, clients may also file lawsuits if they think you’ve committed a professional error or if they feel you failed to provide a promised good or service.

Unfortunately, the legal and court costs stemming from these types of situations can add up quickly and jeopardize your finances. That’s why it’s so crucial to consider investing in professional liability coverage on top of the general liability protection that we discussed above.

Why This Question is Important

Small businesses suffer far more than large corporations in the result of lawsuits since they generally don’t have nearly as much funds or resources.
Professional liability coverage takes care of legal fees, court fees, and other payouts associated with a business error.
Without coverage, a lawsuit could be so expensive that you’re forced to sell your assets.

Question #4: Do You Rely on Your Home-Based Business for Income?

If your home-based business is your main source of revenue, you should think about how an unplanned disruption could affect it. What would happen if your home was damaged by a fire, a natural disaster, or some other unanticipated incident that prevented you from using it for several weeks or even months?

Business interruption insurance acts as a safety net paying for lost income during these unexpected down times. This coverage guarantees that, even while your business is recuperating you can continue to fulfill your financial and client obligations, pay your bills, and provide for your family.

Why This Question is Important

Without business interruption insurance, an unexpected event may force your business to shut down entirely, therefore bringing your income to a halt.
This coverage oftentimes provides relief in the form of a new, temporary space to operate out of.

Question #5: Do You Use a Vehicle for Business Purposes?

While this question isn’t directly related to your home, many remotely-based entrepreneurs utilize vehicles in their day-to-day operations. Unfortunately, if you’re regularly using a car, truck or van for business purposes, your personal auto coverage probably won’t cover it.

Consider tasks such as delivery, client visits, or inventory transportation. If any of these are applicable to your company, and you aren’t properly covered, you’ll be financially liable for any accidents on the job. This is where commercial auto insurance comes in, protecting your business vehicle in the case of an accident during the work day.

Why This Question is Important

When using a vehicle for purposes related to your business, personal car insurance policies will not be enough.
If an accident occurs while you’re conducting business, you won’t have to pay out of pocket.
Without commercial auto insurance, you’ll be held liable for any vehicle damage, personal injuries or lawsuits stemming from the accident.

Final Thoughts on Home-Based Business Insurance

If you run a business from the comfort of your house, investing in home-based business insurance is crucial. Even if you still aren’t sure whether it’s necessary for your organization or not, just review the five questions listed above. If your answer to any of these questions is yes, home-based business insurance is likely a smart investment.

It’s important to get ahead of potential risks before they actually take place. If you decide not to, it could cost you an exorbitant amount of money, or even your entire business. So don’t wait for any surprises, instead, take time to review your coverage options, and find a plan that best fits your small businesses needs.

Visit EZ.Insure For Your Business Insurance Needs

We understand that shopping for business insurance isn’t fun and it can be confusing too. Luckily for you, there’s a platform that makes finding insurance quick and easy. We’re of course talking about EZ.Insure. At EZ we pride ourselves on the seamless, simple platform that we’ve built out. All you have to do is enter your ZIP code and in a few minutes you’ll be matched with a customized insurance quote for free! We also have side-by-side plan comparison tools so you can be sure to find the perfect coverage. To get started, fill out the form above or call us directly at 855-694-0047 to get started!

5 Essential Reasons Why Your Business Needs Insurance

Imagine putting in years of hard work, money, and passion to establish your business, only to have it all come crashing down due to an unforeseen event. It could be as minor as a lawsuit from a dissatisfied customer or as severe as a fire that destroys your office. These unexpected incidents can not only disrupt your operations, but also jeopardize your company’s future and existence. That’s where business insurance comes in. Business insurance provides a layer of security, so your organization can keep thriving for years to come.

Take natural disasters for instance. According to a study by the Federal Emergency Management Agency (FEMA), “Almost half (43 percent) of small businesses affected by disaster never reopen after the disaster…” This alarming statistic highlights the need of having business insurance in place. To help drive home the point, let’s explore 5 essential reasons why your business needs insurance to secure its existence and future.

#1 To Protect Against Liability Claims

The first reason why your business needs insurance comes down being sued. A single lawsuit, whether it’s a malfunctioning product, a slip-and-fall accident, or anything else, can result in thousands or even millions of dollars in expenses. Potential costs include things like medical expenses, legal expenses and settlement payouts. Without the proper policy in place, your company will have to pay out of pocket and oftentimes leads to bankruptcy.

To emphasize the importance of insurance, let’s explore a real-life hypothetical example. Say a small restaurant is sued because a customer spills hot coffee on themselves, and there is no warning label. This lawsuit could easily amount to over $100,000 in legal and medical fees. With no liability insurance in place, the owner could have to shut down, or go into debt in order to handle the situation. So what’s the solution?

Solution: General liability insurance protects your company from lawsuits like these by paying for legal fees, medical expenses, and even settlements, so your company does not bear the financial burden of a legal fight. This form of insurance provides peace of mind by ensuring that a single lawsuit will not destroy everything you’ve fought for.

#2 To Safeguard Your Business Assets

The second reason why your business needs insurance is to protect its physical assets. Whether it’s the office space you work out of, equipment you use, or your product inventory, it’s all valuable assets that your operation relies on. Some common disasters having the potential to destroy business assets include:

Natural disasters (wind, rain, snow, hail etc.)
Burglary/Robbery
Vandalism
Fire

Without insurance, the expenses of restoring or replacing these assets affected by one of these factors may be overwhelming or impossible. Take this story covered by Business Insurance USA. A local florist’s shop suffered major structural damage after a severe hailstorm. Much of the inventory was destroyed, and windows were shattered.

Solution: Luckily in this case, the business owner had a commercial property insurance policy which covered the costs of repairs and replacement items. Commercial property insurance safeguards the physical assets of a business, when one of the above mentioned disasters takes place. Having this protection in places helps businesses recuperate quickly to avoid long-term financial losses.

#3 To Ensure Business Continuity

Theft, accidents and natural disasters are all physically damaging, but they can also cause your business to shut down for an extended period of time. This leads us to the third reason, why your business needs insurance—so your company can stay afloat during an unexpected interruption. Think about it…if you can’t run your business, how will you pay for regular expenses like employee salaries and rent?

Solution: Business interruption insurance is crucial for businesses to protect themselves against income loss due to unforeseen events. When a disaster strikes, having a bus

iness interruption policy can be the difference-maker between needing to close down indefinitely or being able to open up a couple months later. It generally covers expenses such as:

Lost revenue.
Ongoing expenses.
Costs associated with moving to a temporary location.

#4 To Build Trust and Credibility

In any industry, it’s important to have a credible and trustworthy reputation. Clients, consumers, and partners want to know that they are working with a reputable business. Otherwise, they’ll likely do their own research and work with one of your competitors instead. A great way to bolster your organization’s image is by having adequate insurance coverage. Safeguarding your business demonstrates that you’re prepared for the unexpected, letting colleagues know that you value their well-being and time.

In some industries, being properly insured has a huge impact on business dealings. For example, many individuals or businesses will not hire a contractor unless they first show proof of particular insurance coverage such as a professional liability policy. Having protection like this shows others that both parties will be protected in the case of an error or mistake. In the case of an accident or costly mistake without coverage, your business’s reputation could plummet, not to mention the expensive costs you’ll be forced to pay out of pocket. So what can you do?

Solution: Understand the risks involved in your line of work and industry, and in turn, get insured with the proper coverage. Doing so not only protects your company, but also protects clients and customers. Additionally, people will view your business as stable and trustworthy which makes it easier to form new relationships and foster long-term growth.

#5 To Ensure Compliance with Legal Requirements

In many industries, obtaining certain forms of insurance is not only a good economic move, but also required by law. Depending on your area and sector, certain coverage

types such as workers’ compensation or commercial auto insurance, are legally required. Failure to comply with these laws may result in significant fines, legal action, or possibly the closure of your business. Also, if you regularly perform contracted work, it’s vital to pay attention to contractual requirements in addition to state and federal mandates. For the failure to provide workers’ compensation insurance common penalties in many states include fines upwards of $50,000 and the suspension of business operations. So how do you avoid this happening to you?

Solution: Understand which forms of insurance are legally required for your business to be compliant. Workers’ compensation is required by law for all businesses in all states other than Texas. Additionally, coverages such as commercial auto insurance and professional liability are mandatory in many industries. With that being said, requirements are always on a case by case and state by state basis, so if you’re unsure about your business being compliant, we recommend performing your own research.

Final Thoughts on Business Insurance

While it’s tough to plan for the unexpected, it’s important to understand the most common business risks and the corresponding solutions to protect against them. To help you get started on this venture we’ve explore 5 essential reasons why your business needs insurance which includes:

Protecting against liability claims that could result in financial devastation.
Covering your business assets, such as your property, inventory and equipment.
Ensuring that your company stays afloat after an unanticipated disruption.
Increasing your organization’s credibility and customer confidence.
Avoiding hefty legal penalties by complying with legal and contractual obligations.

Don’t let your business go unprotected for any longer. Instead, visit EZ.Insure. Our quick and easy process gives you access to a free business insurance quote, comparison tools, and a team of insurance experts to help you find a policy customized to fit your needs. Plus, EZ.Insure also has an in-depth resource library filled with dozens of informational blogs to help you become more informed about protecting your company from risks. To get started, simply enter your ZIP code at the top of the screen or call us at 855-694-0047.

FAQs

Question: Which types of insurance are required for my business?

Answer: The type(s) of insurance you need is determined by your industry, geography, and individual hazards. However, important coverages usually include general liability insurance, commercial property insurance, workers’ compensation, and professional liability insurance. A business insurance professional can assist you in designing a policy that meets your specific requirements.

Question: How much can I expect to pay for business insurance?

Answer: The cost of business insurance varies depending on the size of your company, the industry you’re in, and the coverage levels you select. For example, small businesses often spend anywhere between $500 to $3,000 per year for general liability insurance, but it’s important to speak with an insurance professional to get a more specific estimation.

Question: Can I tailor my insurance policy to meet the specific needs of my business?

Answer: Yes! Most insurers provide customisable packages, allowing you to select the specific coverages that are appropriate for your business. This flexibility guarantees that you obtain the protection you require without having to pay for coverage you don’t.

5 Disasters Covered by Business Hazard Insurance

Disasters are unpredictable, and without the proper coverage, they can cause devastating financial losses for your company. That’s why business hazard insurance is critical for safeguarding against a wide range of potential hazards. From fires to vandalism and everything in between, hazard insurance ensures that your company is financially equipped to deal with damages and inconveniences caused. To understand why this coverage is important for your organization, let’s examine five frequent disasters covered by business hazard insurance.

Business Hazard Insurance for Fires

Fires are one of the most serious hazards that any business can face. Not only do they pose a threat to employees’ physical well-being, but they also have the potential to cause irreparable damage to facilities, documents, technology, and really anything else in their path. Fires are caused by a variety of circumstances including:

Electrical Issues
Cooking Accidents
Wildfires
Chemical Accidents
Smoking
And much more…

When it comes to dealing with the aftermath of a fire, business hazard insurance provides coverage for things like:

Structural repairs and rebuilding.
Replaces destroyed or damaged inventory.
Provides coverage for lost wages during the interruption.

Take the state of California for example. In a region that is known for its frequent wildfires, business hazard insurance is a must. While damage from natural disasters, in the aftermath of these events, businesses with sufficient protection will be able to start rebuilding, while the owner’s with no coverage may not be able to recuperate their losses.

Business Hazard Insurance for Storms

Storms and severe weather come in a number of forms, all of which can be extremely damaging to businesses and their property. Such events include windstorms, tornadoes, hail, snowstorms, and

more. During these unfortunate events, businesses face risks like structural damage, broken windows, loose debris, and erosion. While we suggest that all organizations invest in business hazard

insurance, it’s particularly important if your company is in a storm-prone area. In these cases, be sure that the policy includes some sort of comprehensive storm coverage.

In the event of a damaging storm, business hazard insurance usually covers:

Structural damage caused by winds and hail.
Broken windows, signage and roofs in need of repair.
Lost wages and other expenses caused by business interruption.

Business Hazard Insurance for Water Damage

Water damage can be catastrophic to businesses and while you should do everything possible to avoid these situations, sometimes they’re out of your control. While all policies vary, most business hazard policies cover claims involving water damage caused by leaks or burst pipes.

It’s important to note that business hazard insurance usually DOES NOT cover flood damage caused by rising water from hurricanes or extreme rain. For these circumstances, a separate flood insurance policy should be considered. Having a specialized flood insurance policy working in tandem with your business hazard insurance, ensures complete protection from all water-related incidents. With all that said, when it comes to water damage, be sure to read the fine print of your policy to understand what’s covered and what isn’t.

Business Hazard Insurance for Lightning Damage

Lightning strikes can cause significant harm to your business. Common damages caused by lightning include burn damage (if the lightning starts a fire), as well as damage to electrical systems and other equipment. The latter generally happens when a power surge takes place, which can affect any electrical infrastructure. Luckily, most business hazard insurance policies protect against lightning damage. In these scenarios, your policy should help to cover:

Damaged equipment
Structural damage
Wages and expenses caused by the business interruption.

Lightning strikes are unpredictable and can happen anywhere, so it’s important to have a comprehensive protection plan in place. In the aftermath of a damaging lightning strike, business hazard insurance will help your organization to recover quickly without facing large out-of-pocket expenses.

Business Hazard Insurance for Vandalism and Theft

While most of the hazards we’ve discussed involve the weather, remember that not all risks come from natural disasters. Unfortunately, two of the most common business damages are theft and vandalism. When we talk about theft and vandalism, it usually refers to goods being stolen, property being damaged, or defaced in some way. In most cases, business hazard insurance will protect against such incidents by covering:

The repair costs of vandalized property.
The replacement costs of stolen inventory or goods.
The costs of security upgrades to help avoid future issues.

Protect Your Company From The Unexpected

Whether it’s a fire, tornado, break-in, burst pipe or power surge, business hazard insurance will protect your organization from financial ruin. Without adequate protection these distatars can

result in huge out-of-pocket expenses, or the need to shut down for an extended period – both of which could destroy your business. When considering your needs in relation to business hazards, it’s important to understand what you’re already covered for. Then, based on a variety of risk factors such as the nature of your business and your geographic location, consider adding on additional protection.

Don’t wait for disaster to strike. Instead, be prepared and get a free quote from EZ.Insure. Our easy-to-use comparison platform allows you to view competing plans side-by-side, ensuring that you find something that matches your budget and needs. We also have a library of articles, all aimed at helping business owners save money and stay protected. So what are you waiting for? To get your quote just enter your ZIP code at the top of this page, or call us at 855-694-0047.

Professional Liability vs E&O vs Malpractice

It’s time to settle something once and for all. Are all types of liability insurance created equally? The quickest answer is, of course, no. General liability covers the physical damage that we often think of when we think of commercial insurance: property damage or a personal injury that happens on your premises. But then we come to the policies that protect businesses against the costly mistakes they could make: professional liability, errors & omissions, and malpractice. If you’re wondering whether these three terms can be used interchangeably, read on for clarification.

Professional Liability vs E&O

Professional liability and errors & omissions insurance, or E&O, are the terms that are often used interchangeably. Historically, these two types of policies were actually different. Professional liability was bought by professionals such as doctors and lawyers. E&O was for semi-professionals such as accountants and real estate agents. Nowadays, most people don’t make this distinction between them, and use either term when talking about insurance that covers mistakes or damages that do not involve injury to people or property.

There is, however, a small difference between the terms “professional liability” and “E&O.” Professional liability is actually more of an umbrella term that includes policies like E&O, directors and officers liability insurance (D&O), and employment practices liability insurance (EPLI).

This small difference is also related to what type of business you have. If you’re a consultant, engineer, or accountant, you’ll probably have a professional liability policy. These policies are also highly recommended for estheticians, hairdressers, yoga instructors, personal trainers, or anyone who offers a service to customers that has a risk of going wrong. However, if you’re an accountant, real estate agent, tech professional, or anyone who could make an “error” or “omission” when giving advice, then the policy you buy is more likely to be called E&O insurance.

Malpractice

If professional liability and E&O are essentially the same thing, then is professional liability the same thing as malpractice insurance? Well, no. As described above, the term “professional liability” is an umbrella term for insurance policies that protect businesses against lawsuits stemming from mistakes. Malpractice is a type of professional liability insurance, but professional liability is not necessarily malpractice insurance.

Malpractice is industry-specific, required for doctors and often bought by lawyers. The idea behind the coverage is essentially the same: professionals pay premiums to be covered in case a patient or client alleges damages due to negligence. What is different in this case is who it covers.

Insurance can be complicated. It can often seem like you need to learn a whole new vocabulary just to figure out what your business needs. Remember, you need to be covered for all eventualities. You don’t want to see all of your hard work go to waste because of one costly mistake. You wouldn’t risk your property being uninsured, and you should be just as serious about insuring yourself against unseen damages. If you are offering a service or advice to your customers/clients, then you should have some form of professional liability insurance.

If you’re looking for the right insurance for your business, EZ.Insure is the best place to look. We offer instant quotes and access to local, knowledgeable agents – for free! We’ll answer all of your questions, and will find you just what you’re looking for at just the right price. Easy as that. To get started simply enter your zip code in the bar above. You can also speak to a licensed agent by calling (855) 694-0047.