Every company has different business insurance needs. Let our industry experience guide you through a comprehensive analysis of what risks and exposures your company has and how to insure against those risks. We understand pricing can be a deterrent to purchasing insurance; therefore, we shop several markets to make sure we can provide the most affordable quotes possible with reputable companies in the industry. We take time to explain your insurance coverages so that you can do your business with peace of mind. Our licensed agents are always available to help you and we strive to provide the best customer service possible.
Business Insurance Types
A description of various types of commercial insurance coverages is below. These are not all inclusive and only provide a brief description of intended coverage. Please give us a call to discuss any of these in further detail or for some claim examples.
GENERAL LIABILITY INSURANCE
A must have coverage to protect businesses against claims for bodily injury and property damage to a third party for which the business is found liable – up to the policy limits. Defense costs are covered, but how they are covered can vary depending on the policy. Most policies also limit the coverage to those classifications listed on the policy and have a number of exposures that may not be covered. It is important to make sure your policy covers what your company does.
WORKERS COMPENSATION
This is mandatory insurance for any company that has employees, in order to provide wage replacement and medical coverage to an employee who may become injured on the job. Many companies inaccurately determine if their workers are employees vs independent contractors—a mistake that can be costly to a business after fines from state and federal agencies; the required retroactive purchase of coverage; or the damages of a lawsuit. Purchasing this coverage waives the right of an employee to sue its employer for negligence.
ERRORS AND OMISSIONS INSURANCE
This protection is designed for companies that provide professional advice or intangible services. It covers claims of negligence; misrepresentation; inaccurate advice; or violation of good faith and fair practice, causing a financial harm to your customer. These policies cover defense costs, even when the claim is proven to be groundless.
COMMERCIAL AUTOMOBILE INSURANCE
A commercial auto policy may be required if you have vehicles used primarily for business activities. Some indications that you need a commercial auto policy are if you haul goods; if you transport people; if you carry equipment or have special equipment installed to complete your work; or if you have company logos on your vehicle. These policies allow you to carry higher liability limits than permitted on a personal policy; can provide cargo coverage; and comply with filing regulations specific to your industry.
BUILDERS RISK INSURANCE
Contractors and similar professions need this coverage to protect a person’s or organization’s insurable materials, fixtures, and equipment being used during construction or renovation of a building. The policy covers the structure to its full completed value and ends once the construction is completed. Builder’s Risk policies vary in coverage options and may or may not include liability coverage.
CONTRACTOR INSURANCE
This is coverage for your tools and equipment on an Inland Marine form, to protect against losses sustained while property is being stored or transported. Coverage can be purchased for equipment rented or leased, as well. Policies vary in their requirement to schedule certain items individually, depending on value.
EMPLOYMENT PRACTICES LIABILITY INSURANCE
This covers claims for wrongful acts arising out of the employment process, including defense costs. This could include wrongful termination, discrimination, sexual harassment, failure to promote, and others. This coverage can be added to your general liability policy by endorsement or can be sold as a stand-alone policy to afford greater coverage.
UMBRELLA / EXCESS COVERAGE
Written over various primary commercial policies, umbrella liability provides excess coverage when the limits on the underlying policies have been exhausted in a claim, as well as possible providing some coverage against claims not covered on the underlying policies.
GARAGE LIABILITY
Liability coverage for garage operations that includes coverage for physical damage to customer’s vehicle or equipment as well as the premises liability and auto liability required to do the day to day operations of any type of garage risk. This policy provides coverage for other people’s property in your care, custody or control.
DIRECTORS AND OFFICERS LIABILITY
This is liability coverage for claims made against a board of director or officer resulting from managerial decisions that have adverse financial consequences. Coverage can be provided to for-profit businesses; privately held firms; not-for-profit organizations; and educational institutions.
CRIME LIABILITY
A policy that provides coverage for employee dishonesty, forgery or alteration, and monies or securities coverage. This coverage can be added to your general liability policy by endorsement or can be sold as a stand-alone policy to afford greater coverage.
CYBER LIABILITY
Covers the cost for a business to recover from a data breach, virus, or other cyberattack. It also covers legal claims resulting from the breach and legal notification requirements for businesses. Any business that collects, stores, or transmits personal identifying information should have this coverage as laws surrounding cyber security vary greatly by each state. This coverage can be added to your general liability policy by endorsement or can be sold as a stand-alone policy to afford greater coverage.
BONDS
Unlike insurance, a bond guarantees payments, work completion, or other security to your client/customer. There are many different types of bonds which may be required by the state, city, or for a contract you are bidding on. Bonds require a review of an owner’s/company’s financials; and if a bond pays out, reimbursement to the company is expected.
COMMERCIAL PROPERTY INSURANCE
This is coverage for damage sustained to an owned building; business personal property, including inventory; or tenant improvements and betterments by a covered peril. Additional coverages such as Business Income, Equipment Breakdown, Ordinance or Law, Debris Removal, and Sewer/Water Backup are important to discuss with your agent, as you could be left paying more out-of-pocket expenses during a claim than you expected. Coverage can be purchased for rented buildings, vacant buildings, or occupied buildings.
OUR PARTNER COMPANIES
We work with the best financial institutions available in today’s market. With over thirty insurance companies, nationwide, at our disposal, we are able to provide the best pricing and coverages available. We also partner with the following agencies, to give you a team of professionals, each with well over twenty years in the industry.
