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Business & Commercial Insurance

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Determining the best insurance options for your business is tricky, especially when requirements vary depending on the nature of the business. However, our licensed agents at Family Insurance Agency can offer you an individualized assessment that covers all the bases.

Although your coverage needs may vary, most businesses in the US Virgin Islands will require all or several of the following:

  • General liability insurance
  • Commercial auto insurance
  • Business personal property insurance for your home business
  • Commercial building property insurance
  • Inland marine insurance

 

    Commercial Auto

    As a business owner, you need the same kinds of insurance coverages for the car you use in your business as you do for a car used for personal travel -- liability, collision and comprehensive, medical payments (known as personal injury protection in some states) and coverage for uninsured motorists. In fact, many business people use the same vehicle for both business and pleasure. If the vehicle is owned by the business, make sure the name of the business appears on the policy as the "principal insured" rather than your name. This will avoid possible confusion in the event that you need to file a claim or a claim is filed against you.

    Whether you need to buy a business auto insurance policy will depend on the kind of driving you do. A good insurance agent will ask you many details about how you use vehicles in your business, who will be driving them and whether employees, if you have them, are likely to be driving their own cars for your business.

    While the major coverages are the same, a business auto policy differs from a personal auto policy in many technical respects. Ask your insurance agent to explain all the differences and options.

    General Liability

    If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Make sure you have sufficient auto liability coverage.

    Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.

    General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations.

    Broad Range of General Liability Protection

    • Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
    • Property Damage coverage for the physical damage to property of others or the loss of use of that property
    • Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
    • Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
    • Contractual Liability extends to any liability you may assume by entering into a variety of contracts
    • Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types

    Workers Compensation
    Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance. Workers Compensation Insurance is not health insurance. Workers Compensation is designed specifically for injuries sustained on the job.
       

    Do I need workers compensation insurance?
    Employers have a legal responsibility to their employees to make the workplace safe. However, accidents happen even when every reasonable safety measure has been taken.

    Since the US Virgin Islands is a monopolistic state, coverage must be purchased from the VI Department of Finance.  (340)774-4750

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