Many business owners have questions about insurance coverage. Chat with ABIe, Allstate's Business Insurance Expert, to get answers to a variety of questions. You can also check out answers to some common business insurance questions below.
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Business insurance FAQs
Small business insurance (sometimes called commercial insurance) helps protect a company's assets, income and property. Business property, general liability and business interruption coverage are typically included in a business insurance policy, but there are many optional coverages available to business owners as well.
The price you pay for an Allstate® Business Insurance policy depends on the coverages you choose. It also depends on your coverage limits and deductibles. A limit is the maximum amount of money an insurance company will pay toward a covered claim, and a deductible is what you pay out of pocket toward a claim before insurance kicks in. You can get a personalized quote from a business insurance agent so you know what to expect.
Insurance requirements vary based on each state's laws and regulations. It's a good idea to contact a local business insurance representative to understand what kind of coverage may be legally required in your state.
An Allstate Business Insurance agent can help you get business insurance. They can also help you identify other coverages that may be available to fit your specific company's needs.
Standard liability coverage helps pay for some legal fees — but it's important to note that some types of lawsuits are only covered by other kinds of optional liability coverage. For example, employment practices liability coverage helps pay for legal costs if an employee or contractor sues your business. Some other optional liability coverages include errors and omissions coverage or data compromise coverage. An agent can help explain your options so you can purchase liability insurance that fits your needs.
It depends on the type of business you are running, the coverage you have selected on your homeowners insurance policy and your state's laws. For example, Allstate offers home-based business coverage that may help depending on your situation.
It's a good idea to consult with your homeowners insurance representative to review your coverage and determine whether it will help protect a business run out of your home.
Allstate's general liability coverage helps protect you if someone is injured at your business and sues you. For example, say you spill some water on the floor — but before you clean it up, a customer slips on it and falls. You could be found negligent for not cleaning up the water fast enough and therefore be legally responsible for the injured person's medical bills or lost wages. Your company's liability coverage would help pay for these bills.
Business property coverage helps protect the structure of a business building you may own and the contents inside it against covered perils. If the storefront you own is damaged by a fire, for example, Allstate's building protection coverage would help pay for repairs to the building, while personal property protection would help pay for damaged business property, such as office furniture or computers.
If your business is affected by a covered peril, such as a fire, and has to temporarily close for repairs, business interruption coverage may help replace lost income and pay for extra expenses you may incur (for example, the cost of renting a temporary business location).
If your business needs immediate repairs after a loss to avoid incurring further damage to your property, Allstate may provide referrals to help with temporary repairs (such as boarding up windows or doors). Be sure to bring up any immediate repairs that may be needed when reporting a claim to your insurance representative.
A standard Business Owner Policy does not extend to company cars. You would need to purchase a separate commercial auto insurance policy to protect company vehicles.
Allstate offers a variety of optional business insurance coverages such as miscellaneous professional liability/errors and omissions insurance and data compromise coverage. Be sure to ask your business insurance agent about coverages that may be available so you can choose the ones that make sense for your business.
Commercial auto insurance FAQs
Commercial auto insurance (also called business auto insurance) helps protect you and your business vehicles by paying for repairs or medical bills after a covered accident. Liability coverage is standard in an Allstate business auto insurance policy, but there are also other optional coverages that may be beneficial to you.
The price you pay for a commercial auto insurance policy depends on the coverages you choose. It also depends on your coverage limits (the maximum amount of money an insurance company will pay toward a covered claim) and deductible (the amount you pay out of pocket toward a claim before insurance kicks in).
Allstate's commercial auto insurance covers you (or one of your employees) if you're at fault in an accident while driving your business vehicle. Be sure to tell your Allstate representative about anyone who will be driving your company vehicle so you can ensure your coverage fits your business needs.
If you already have an Allstate Business Insurance policy, your current agent can help you get commercial auto insurance. Otherwise, you can find an Allstate Business Insurance representative to get started.
If you or an employee is at fault for an accident while driving a business vehicle, you could be held legally responsible for another person's injuries or damage caused by the accident. There are two types of liability coverage that Allstate includes in a commercial auto policy: bodily injury and property damage.
Bodily injury liability coverage helps pay for medical costs or loss of income for other people involved in an accident. Property damage liability coverage helps pay for repairs (or replacement) of another driver's vehicle.
Collision coverage helps pay for repairs to your vehicle if you collide with another car or something else, such as a building or tree. If someone hits your company car while it's parked, collision coverage may help pay for repairs, as well.
Comprehensive coverage helps pay for repairs to your vehicle caused by something other than a collision — such as theft, fire, vandalism, hail or falling objects.
Yes, as long as your Allstate commercial auto policy includes underinsured/uninsured motorist coverage. But remember, you will be subject to coverage limits and deductibles.
Underinsured/uninsured motorist coverage helps pay for medical expenses or vehicle repairs if you or your employee are driving the company vehicle and get hit by a driver with little or no insurance. Keep in mind that this coverage is typically optional and may not be available in some states, so be sure to check with your insurer.
Allstate medical payments coverage (sometimes called personal injury protection) is typically an optional coverage. It helps pay for medical services you may need within one year of a covered accident in a company vehicle. It may also help cover additional expenses such as loss of wages while you or an employee are recovering from an accident.
If you selected rental vehicle coverage when purchasing your commercial auto policy from Allstate, it would help pay for a rental vehicle while your company vehicle is in the shop. If you do not have this coverage, rental vehicle costs will not be covered.
Simply put, it depends on the coverage you have. Business auto insurance doesn't usually cover an employee's personal vehicle when they're using it for business purposes. However, if you have an Allstate business auto insurance policy that includes non-owned automobile liability coverage, it would help cover injuries or damage caused by your employee when they are driving their own vehicles for your business operations.
A commercial auto policy does not cover the belongings inside your vehicle. If you have a business insurance policy through Allstate that includes property coverage, it may help pay to fix or replace business-owned items that were stolen from your company vehicle or damaged in an accident. Allstate also offers separate Inland Marine coverage that helps protect company merchandise, tools and equipment you may need to transport while doing business.