If you have a business in Wisconsin, there are two types of commercial insurance that many businesses are required to have. If you need more commercial insurance for your business, give us a call at Dern & Company in Milwaukee, WI.
Workers’ compensation is a type of insurance that covers your liability if an employee gets sick at work or is injured there. It helps your business to thrive by not requiring it to come up with all of the medical bills. It’s helpful to employees who are injured, as it provides payment for their medical costs after an accident or illness. In Wisconsin, this type of insurance is required for all businesses that have at least three employees, whether they are part-time or work full-time hours.
If your business owns a vehicle, it cannot be covered by a personal auto insurance policy. It has to be covered by a commercial auto policy. If you own a vehicle that is often used for business, though it is not owned by the business, it should have an insurance policy called hired and non-owned. This keeps your vehicle covered with insurance that will actually payout after an accident. This insurance type is not mandatory, but it is a policy that is highly recommended. This policy has specific minimums that must be met for bodily injury liability, uninsured motorists, and property damage liability. While you have to have the minimum amount of coverage, these numbers are low, and it’s often recommended that you get higher coverage amounts so that your business is safer from lawsuits and medical bills.
Get Your Commercial Coverage
If you’re a business owner, you need to make sure you have the right commercial insurance policies covering your business. Going without them can be disastrous. If you need coverage, call us at Dern & Company in Milwaukee, WI.