Commercial

Commercial Insurance Services

    Business Auto

    Business or Commercial auto insurance is needed to protect your business in the case of an auto accident. Generally, your commercial liability policy does not cover the business vehicles.

     

    You need this protection if:

    Your business owns, leases or rents any vehicles
    Employees drive company-owned, leased or rented vehicles
    Employees drive their own vehicles while conducting business
    You or your employees drive company cars for both business and personal use

    Most States require the business to purchase liability insurance for bodily injury and property damage that occurs from an auto accident.

    General Liability

    There are many risks involved when owning and operating a business. One simple loss can force a business to shut their doors if they are not properly protected. It is our job to provide protection for the exposures a business faces and a way to continue operating after a loss.

    General Liability is a coverage that most businesses must carry to protect their business. Commercial general liability insurance coverage protects you, your business and your employees from claims involving bodily injury or property damage.

     

    A few examples of General Liability claims are :

    A customer slipping and falling on the floor
    A business falsely stating information about a competitor on their website
    A landscaper accidently runs into a AC unit with their lawn mower and damages the property

    Most General Liability policies include :

    Bodily Injury and property damage liability
    Personal and Advertising Injury
    Products and Completed Operations
    Damage to premises rented to you
    Medical payments

    Professional Liability-Errors & Omissions

    Professional Liability is often called Errors and Omissions insurance or malpractice insurance for the medial profession. This coverage can help pay for damages that arise due to work mistakes, undelivered services, or negligent services.

    Coverage is needed for a variety of businesses such as:

    Architects and Engineers
    Accountants
    Insurance Agents
    Real Estate Agents
    Contractors
    Dentists
    Lawyers
    Technology companies
    Home Inspectors
    Management Companies

    Inland Marine

    Many businesses carry property insurance. However, there are often exclusions in property coverage and Inland Marine is a great way to offer a variety of coverages to provide protection. This is a great way to cover moving and movable property.

    Examples of Inland Marine coverages include :

    Builders Risk – Protects property and materials during course of construction
    Bailees Customer Coverage- Provides coverage for your customers property while it is in your care, custody and control.
    Scheduled Contractors Equipment
    Installation Floater- Covers Materials
    Motor Truck Cargo
    Photography equipment
    Medical Equipment
    Computers and laptops
    Fine Arts
    Property In Transit

    Commercial Property

    Commercial Property Insurance provides coverage for damages to a business’s physical property such as their building or the content inside their building. It can also provide coverage for income that a business loses due to the damages sustained to their property.

    A few examples of commercial property claims are :

    A fire destroying a building
    A windstorm damaging the roof
    A pipe bursts causing water damage
    Burglary or theft

    There are many optional coverages that can be included in a commercial property policy such as :

    Ordinance or Law Coverage
    Sewer or water backup
    Equipment breakdown
    Outdoor signs

    Workers Compensation

    Did you know that your business could be in a law suit by result of employee injury? Injuries can and will occur in the workplace. Workerscompensation is a type of insurance that provides wage replacement and medical expenses to employees when injured in the course of their work.

    Workers’ compensation insurance helps protect employees from the potentially devastating costs of work related accidents and it can also help protect the business owner from the expensive costs of employee claims.

    Commercial Umbrella

    Imagine that you ask one of your employees to take the business vehicle over to the job site to deliver some tools. On the way he/she slides on an icy road and collides with other vehicles full of sales men on their way to a lunch meeting. Your employee is not badly hurt and your van is well within your limits of your auto insurance. Unfortunately, the other vehicle full of sales men are from a large company and they had multiple injuries that required medical attention.

    Because of the damage a court rules that the accident is your fault and you must pay for medical expenses, damage to the other vehicle, and loss of wages to the company. With all of the damage combined you owe roughly a million dollars in damage. Your auto insurance policy has a limit of $500,000 so you are on the hook for the other $500,000.

    “One accident and you could lose your entire business”. Commercial umbrella policies cover your business above and beyond its max limits. It is also be used to cover multiple lines of business (General Liability, Auto, etc.). Commercial umbrella policies are designed to offer protection against a catastrophic loss.

    Directors & Officers

    Liability insurance payable to the directors and officers of a company, or to the organization itself, as reimbursement for losses of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.

    Cyber

    The need for Cyber insurance is growing rapidly. Data Breaches are happening more often than ever. Everyone hears about large business breaches on the news. But many small business owners do not feel the need to have cyber coverage to protect their businesses.

    The truth is, small businesses are just as susceptible to cyber criminals. In fact, small businesses are often targeted more due to having less security on their systems. Statistics suggest that more than half of small businesses nationwide have experienced multiple breaches. The results can damage reputation, put employees and customers at risk and cost the business $$$$ in expenses. Laws require businesses to do specific things after a breach like send out notifications to all customers or monitor their credit for a specific period of time.

    The costs after a breach add up quickly. Contact us for a quote on Cyber insurance to protect your business.

    Crime

    To ensure protection from losses resulting from business-related crime. Protection can cover merchandise, money or other property loss when a company is victimized by someone perpetrating embezzlement, forgery, robbery, securities theft or another form of business-related crime.

    Builders Risk

    A type of property insurance, it is also known as Course of Construction. It’s a form of insurance that covers buildings while they are under construction. It can the structure, materials on site waiting to be installed, property in transit or at a temporary storage site.

    Builders Risk is a temporary insurance policy. It is issued on a per project basis and only lasts as long as the construction project. Custom Homebuilders, Homeowners remodeling their homes, and General contractors building or remodeling a building are a few examples where Builders Risk would we provide protection in the event of a loss.

    Bonds 

    Surety Bonds are legally binding contracts that ensure obligations will be met between three parties. (The Principal-whoever needs the bond, the oblige-whoever is requiring the bond, and the surety- The company guaranteeing the principal can fulfill obligations) If an obligation is not met, a claim can be made on the bond. HOWEVER, unlike an insurance policy which indemnifies the Insured and does not require reimbursement for claim payments, when it comes to bond claims you are expected to pay the Surety back.

    This is why there is more financial underwriting to issue a bond. The most common types of surety are Bid bonds, Payment bonds, performance bonds, license and permit bonds, court bonds, fiduciary bonds, public official bonds and miscellaneous bonds.

    Special Events

    Special Events coverage provides temporary coverage for a special occasion. This coverage is often purchased for weddings, festivals, conventions, athletic events, etc. Event Liability coverage may help protect you if you’re found responsible for property damage or an injury during your event. Often times, venues require you to have it.

    Examples of special event claims are:

    Someone slipping and falling on the dance floor
    The band damages the walls to the venue while they are setting up
    Someone walks by and trips over the equipment you left out while setting up for the event

    Liquor Liability

    It is important for any establishment that serves, sells or assists in the purchase of liquor to get coverage for liquor liability. Liquor liability provides coverage for losses to bodily injury or property damage that occur as a result of someone being intoxicated.

    Coverage is typically required for bars, restaurants, taverns, special events and night clubs. A few examples in which this coverage would provide protection would be an intoxicated patron driving away from the bar and getting into an accident or intoxicated people getting into a fight that causes bodily injury.

    While it seems logical that the intoxicated person should be the one held responsible, often the business is sued for liability or damages due to not property monitoring or dispersing their liquor.

    Employment Practice Liability

    Employment Practices Liability Insurance offers protection and defense for claims arising from the employment process.

     

    Examples of EPLI Claims are:

    Wrongful Termination
    Discrimination (based on sex, race, age, disability, etc.)
    Sexual Harassment
    Failure to promote
    Failure to hire
    Invasion of privacy

    In addition to purchasing insurance protection for these kinds of claims, a business can also do several things to lower their risk of potential lawsuits. As Risk Mangers, we can help provide you with suggestions on ways to protect your business such as:

    Develop an employee handbook with policies and procedures
    Conduct performance reviews
    Conduct Background checks for all candidates
    Create a record or document for all issues as they arise and what the company did to resolve the issue

     

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