Commercial Insurance

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Flood Insurance

Flooding is the most common natural disaster in the nation. Damages from flooding are typically excluded from your homeowners policy.

Commercial Auto Insurance

Whether you have a fleet of company vehicles, or just one, the Insurance Professionals at Frank Smith Insurance & Real Estate will assess your needs. For instance, should you have a Business auto policy, or can you stay listed on your personal policy with business use?

For many business owners, figuring out what coverage best protects the vehicles you own, operate, and depend on, can be a challenge, especially with the time and effort involved in running a successful business. You have enough to do – let us figure it out.

Frank Smith Insurance can provide a commercial car insurance quote that can include:

  • Auto Liability
  • Medical Payments
  • Collision Coverage
  • Underinsured Motorist
  • Coverage for autos you borrow or rent
  • Coverage for employees using their cars for their business (yes you could be liable if your employees are using their own car for business)
  • Uninsured Motorist
  • Comprehensive Coverage
  • Workers Compensation

For many, Workers Compensation is a mystery. Our professionals are here to help take the guesswork out of this state-required insurance.

What is workers’ compensation?

Workers’ compensation is a form of insurance that covers the medical and rehabilitation costs of your employees if they’re injured on the job. (It also covers some lost wages.) Typically, having insurance that covers these costs means employees give up their right to sue your business for negligence—and in turn, they get peace of mind knowing they will be compensated for recovery from work-related injuries without the complexity of a lawsuit.

When should I purchase workers’ compensation?

In most states, workers’ compensation insurance is required as soon as you have one or more employees who aren’t the business owner or partner.

Is it expensive?

Cost is determined by the workers’ compensation board in your state. Each occupation is assigned a “risk classification” determined by two factors:

  • Frequency of injury at work
  • Severity of the injury

Then each classification is assigned a dollar amount based on the risk. For example, clerical workers in Massachusetts have a classification of $.09—a lower risk. If an office manager makes $600 per week, the workers’ compensation premium for that employee would be $54.00. That being said workers compensation does have a minimum premium. (Please note rates are subject to change). Your premiums, however, can be increased or decreased based on your business’ safety history, whether your business offers health insurance, and other factors.

Liability/Business Owner's Insurance

Like you, Frank Smith Insurance is a small business and we understand the importance of developing a plan for continued security. Our knowledgeable agents can work with you to determine the right blend of insurance products for you and your business.

We offer solutions for property and liability insurance needs, as well as commercial vehicle, workers compensation and professional/specialty products insurance.

Protect Your Growing Business: Business Owners Policy

We have coverage for many types of businesses such as retail, food shops, and contractors. We have many companies to help quote these types of businesses and more.

  • Retail Shops
  • Office
  • Medical Office Professionals
  • Food Shops
  • Personal Services
  • Contractors
  • Farm/Ranch
  • Apartment Owners
  • Residential Community and Homeowners Associations
  • Religious Organizations
  • Other Specialty

Commercial Liability Umbrella

Your liability insurance policy would protect your livelihood from lawsuits arising from your business. The policy would cover you to a certain limit, but is it enough?

For businesses that need $1 million or more of liability protection, Frank Smith Insurance will find a Commercial Liability Umbrella Policy offers broad coverage at a sensible price.

Surety Bonds

There are many different surety bonds and each are written with a different obligation and bond form.

What types of surety bonds?

  • License & Permit Bonds
  • Public Official Bonds
  • Probate & Other Court Bonds
  • Miscellaneous Surety Bonds
  • Contract Performance Bond

License & Permit Bond

This bond guarantees the Principal will complete any and all obligations and regulations established by Obligee. This is usually a government entity as City, Town or State. They grant Privileges.

Types can include:

  • Electrical License
  • Plumber License
  • General Contractor
  • Sign Permit
  • Sales Tax

Public Official Bond

This bond guarantees that elected or appointed officers will perform their duties. Usually the bond amount as well as duties are unspecified by statute or ordinance.

Types can include:

  • Treasurers
  • Tax Collectors
  • Peace Officers
  • Judges
  • Hunting & Fishing License agents
  • Notaries
  • Real Estate Brokers

Please note not all Public Officials need to be bonded.

A complete understanding of the job description, character of individual and experience are some of the underwriting aspects of this bond.

Probate and Other Court Bonds

A Probate bond guarantees an honest accounting and faithful performance of duties by fiduciaries/trustees. Estates of deceased, incompetent or minors are set up; these bonds are required by courts.

Types include:

  • Administrator
  • Executor
  • Guardian
  • Conservator
  • Trustee

This bond guarantees an honest accounting and performance of duties while managing and distributing assets.

Miscellaneous Bonds

These are the bonds that don’t fit into any other surety categories. These tend to be more hazardous obligations.

Possible Types:

  • Utility payment guarantees
  • Lost security/lost instruments
  • Union Wage and Welfare

These types of bond require tough underwriting as they may require more information as financial statements, additional forms and signatures may be requested.

Contract Performance Bond

As it states, contract bonds guarantee the performance of a written contract according to its terms and conditions.

Due to the nature of contract surety bonding, contract bonds require extensive underwriting and can be lengthy in quoting. It is best to contact Frank Smith Insurance at least one month before bidding on a contract.

Types of Contract Bonds:

  • Bid Bond
  • Performance Bond
  • Payment Bond

A bid bond guarantees that if the contractor is the winning bid, they will enter into a contract and provide a Performance bond.

A Performance bond guarantees the contract will be completed according to its terms and conditions.

A Payment bond guarantees payment of laborers, subcontractors and material supplies.

Insurance We Offer

Two Drivers Arguing After Traffic Accident looking at damage

Personal Insurance

Woman inviting to her flower shop

Commercial Insurance