Small Businesses Watch Profit Margins & Cash Flow, But Often Neglect The Unexpected

Online, May 17, 2012 (Newswire.com) - ThomCo Associates Insurance Services is in the business of protecting your business against the unexpected. We offer a wide range of business insurance protection including business life, business liability insurance , personal insurance, worker's compensation, and even pension programs and employee benefits. ThomCo covers it all - for companies big or small. Business owners can't afford to waste valuable time worrying. Leave the worrying to us and start doing what you do best - making money!

When it comes to insurance, like any other product, you get what you pay for. Because we're an Independent Insurance Agent, we can find the best program for your type of business. We don't believe that you should pay for protection you simply won't use, and Thomco can offer plans that are able to grow with you, so you won't be under insured and left to deal with it on your own. Let ThomCo Associates Insurance Services be your partner!

As a business owner you might be asking questions like; what type of insurance do I need?, What type of small business insurance coverage is right for my business? We hear these questions a lot, so we've tried to provide a little more information for you.

What type of insurance coverage do I need for my business?
Business general liability coverage provides insurance against business liability exposures which may arise out of the commercial operations of the insured and result in the business owner losing substantial assets. It is important for any business to carry adequate business liability insurance.

What Business Liability Coverage Do I Need?
Every business is exposed to different liability risks which Business General Liability (CGL) policies try to cover. The following common risks can be insured against under the commercial general liability coverage:

• Premises and Operations Exposure refers to the liability risk that could arise out of the business operations, or occur at the business location of the insured.


• Product Operations Exposure is the risk pertinent to businesses that are involved in the manufacture, distribution, wholesale or retail of products. If the products are found to be faulty by design or defective, businesses could be made to pay huge settlement amounts.


• Contingent Liability Exposure refers to the risk of a business owner to be held liable for the errors of others such as contractors and employees.

There are, of course, many other liability risks a business is exposed to, such as pollution liability, liability for occupational injuries to employees, contract liability, commercial auto liability, aircraft liability, and watercraft liability. These liability risks are typically specifically excluded from a business general liability policy: there are special types of insurance you can purchase if you wish to be covered against these exposures. What Kind of General Liability Insurance Does My Business Need?

A Commercial General Liability policy consists of three basic coverages which may be offered on an occurrence or claims-made basis:

• Coverage A - Bodily Injury and Property Damage Liability pays on behalf of the insured any legal damages the insured might owe a third party for causing them bodily injury or property damage as a result of the business activities of the insured. Under Coverage A, the insurer is also obligated to provide the insured defence in the event of a liability lawsuit.


• Coverage B - Personal and Advertising Injury Liability pays the damages on behalf of the insured for liability that may cause personal or advertising injury to a third-party, such as slander, libel, false imprisonment, etc.


• Coverage C - Medical Payments comes into force when a third party suffers from bodily injury on the commercial premises of the insured. Coverage C pays the medical expenses of the injured party, regardless of whether the insured is guilty or not.

All these coverages of a business general liability policy have a lot of exclusions, and there are a number of supplementary payments that are available under Coverages A and B.