Commercial Insurance in Iowa
Commercial insurance protects your business from financial loss due to injury or damage claims caused to others by your employees. Commercial insurance is not required by law for a company operating in Iowa because it is a comparative negligence fault state. This means the plaintiff can hold up to 50-percent fault and sue for damages. Therefore, if you own valuable assets and property, it is best to protect yourself and invest in enough commercial insurance in Iowa.
Commercial Insurance for Iowa Businesses
The typical commercial insurance policy covers the following claims:
- Advertising injury – losses resulting from your advertising.
- Bodily injury – physical damage to a person at your business or injuries causes by an employee at the client’s work or home.
- Legal Defense and Judgements – costs associated with defending frivolous or real lawsuits up to the coverage limit, not including punitive negligence damages.
- Personal injury – false arrest, libel, slander, wrongful eviction, invasion of property, copyright infringement, or similar acts that can cause damage to an individual’s reputation.
- Property damage – damage is done to an individual’s property by your employee while conducting business.
Commercial insurance offered by Aussie Agencies in Knoxville, IA is based on numerous factors such as the type of products and services provided, the length of time in business, the number of employees you employ, and your claims history. Coverage is usually capped at a specific amount based on your policy period.
Workers’ Compensation Insurance
While Iowa does not require commercial insurance, they do require Workers’ Compensation Insurance, which can be rolled into a business insurance policy.Workers’ Compensation insurance protects you against injuries to your employees while on-the-job.
Commercial Auto Insurance
Similarly, Commercial Auto Insurance is required and financially covers you in the instance that your employee is injured while operating an automobile during their work hours. There are certain stipulations when it comes to commercial auto policies. It is important to discuss this with your agent.
If you are starting a new business or want to upgrade your existing policy in Knoxville, IA, look no further than Aussie Agencies! Our professionals are here to find the best policy to meet your needs, so call us today!