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Business Insurance FAQs

Get the answers to the most commonly asked questions about business insurance.

Have a question that we haven’t answered here? Don’t hesitate to get in touch. Call 1-800-769-2000, ext. 3808 or email submissions@ncmic.com.

Business Insurance FAQs

  • You cannot be covered under anyone else's insurance policy as an independent contractor. As an independent contractor you are a separate business entity and not considered an employee under someone else's liability insurance policy. In most cases you will need your own general liability or business owners' insurance policy to protect yourself and your practice, including any of your owned property.

    Claims Example: Sue Smith is a patient who trips and falls on a piece of frayed carpet in the office and breaks her arm. Sue Smith then names all doctors in the office (three total, all independent contractors) in a liability lawsuit for negligence. If there is a claim in the office where a third party is injured and you are named in a lawsuit as an independent contractor, any other doctors general liability insurance may not come to your rescue. It is always important to carry your own liability policy to protect your business as an independent contractor, LLC, or corporation.

  • Professional Liability covers you for the act of treating the patient. This provides coverage for any negligent act while treating the patient. This coverage is also referred to as malpractice insurance.

    General Liability protects you against exposures other than professional liability, such as bodily injury (slip and fall) and property liability (damages to rented premises).

  • Yes, your general liability policy or business owners' insurance will provide coverage for your temporary rented space.

  • Yes. You still may be liable in a work-related injury for negligence and medical expenses. A workers' compensation policy will provide coverage for you and your practice for both types of loss.

  • This provides coverage for your loss of income due to a covered claim while your office is being repaired. This coverage may also pay for any extra expenses related to the covered claim to continue services.

  • Umbrella insurance provides additional liability coverage beyond what is covered by your existing home, auto, or other personal insurance policies. It kicks in when the liability limits of your primary policies are exceeded.

  • The amount of umbrella insurance you need depends on various factors such as your assets, potential risks, and existing insurance coverage. Generally, it's recommended to have enough to cover your net worth and potential future earnings.

  • The types of business insurance you need depends on your profession, practice size, and specific risks. Common types include general liability, property, business interruption, workers' compensation, and professional liability insurance.

  • Business insurance typically covers various risks, including property damage, liability claims, legal fees, employee injuries, and business interruption due to covered events such as fires, theft, or natural disasters.

  • Errors and omissions (E&O) insurance, also known as professional liability insurance, covers legal expenses, judgments, and settlements arising from claims of negligence, errors, or omissions in professional services or advice provided.

  • Property insurance protects your physical assets such as buildings, equipment, inventory, and furniture against damage or loss caused by covered perils like fire, theft, vandalism, or natural disasters.

  • Umbrella insurance covers liability claims beyond the limits of your primary insurance policies, including bodily injury, property damage, legal fees, and personal liability situations not covered by other policies.

  • An umbrella insurance policy is a type of liability insurance that provides additional coverage beyond what is offered by your primary insurance policies such as auto, home, or other personal insurance.

  • A business owner's policy (BOP) is a packaged insurance policy designed for small businesses, combining general liability, property insurance and business interruption insurance into one policy at a lower premium than purchasing them separately.

  • Business insurance refers to various types of insurance policies designed to protect businesses from financial losses from risks such as property damage, liability claims, business interruption, and employee injuries.

  • Business liability insurance, also known as commercial general liability insurance, covers legal liabilities arising from bodily injury, property damage, advertising injury, and other third-party claims against your business.

  • Business owner's insurance, or BOP insurance, is a comprehensive insurance package designed for small businesses, typically including property insurance, liability insurance, and business interruption insurance.

  • Business personal property refers to tangible assets owned by a business, such as equipment, inventory, furniture, and fixtures, which are used in the operation of the business.

  • Cyber liability insurance protects businesses from financial losses and legal expenses resulting from cyber attacks, data breaches, and other cyber incidents that compromise sensitive information or disrupt business operations.

  • Errors and omissions (E&O) insurance, also known as professional liability insurance, provides coverage for claims of negligence, errors, or omissions in the professional services or advice provided by businesses and individuals.

  • Employment Practices Liability Insurance (EPLI) protects businesses from lawsuits related to employment practices such as discrimination, wrongful termination, harassment, and other employment-related issues.

  • Umbrella insurance, also known as umbrella liability insurance, provides additional liability coverage beyond the limits of your primary insurance policies, such as auto, home, or other personal insurance. It offers protection against large and unexpected liability claims, helping to safeguard your financial well-being when your primary coverage falls short.

  • Workers' compensation insurance provides wage replacement and medical benefits to employees who are injured or become ill on the job, while protecting employers from lawsuits related to workplace injuries and illnesses.

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NCMIC Insurance Services is a licensed insurance agency. Insurance coverage is underwritten through many of the nation's leading insurance carriers. CA license #0B84564. In NY: NCMIC Insurance Agency. In MI: NCMIC Insurance Services Agency, Inc.