Do you need to have commercial insurance if you operate a business in Alabama? The simple answer is yes, though the type of policies you require depends on different factors. An agent from Attain Insurance of the Fort Payne, AL area can assist you with such matters.
Commercial Insurance Considerations in Alabama
For one, it’s not necessary that you have commercial liability insurance for your Alabama business since Alabama is a fault state where the plaintiff can only get compensation if they share no liability for an accident. However, it’s beneficial to have this in place because lawsuits do happen. In most cases, your liability insurance will cover at least a portion of the legal costs when your business is involved in a lawsuit. It also covers bodily injury, personal injury (libel, slander, wrongful eviction, etc.) and property damage if this occurs at your place of business or on a worksite. You’ll want to double-check the specifics of what is offered in your policy.
It is required that you have workers’ compensation insurance in Alabama if your company employs 5 or more people who aren’t related to you by blood and it also doesn’t apply to contractors. This is regardless of their status as full or part-time employees.
Commercial Auto Insurance
Since auto insurance is required in Alabama for all drivers, it stands to reason that the state also mandates commercial auto insurance if you’re driving a vehicle for business purposes. This also should cover employees who use business vehicles.
An Attain Insurance agent in Fort Payne, AL can give you further information, like determining what your minimum coverage and deductibles should be for your commercial insurance policies.