Business Insurance
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The most common types of commercial insurance are property, liability and workers’ compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers’ compensation insurance covers on-the-job injuries to your employees. Depending on your business, you may want additional specialized coverages. Listed below are some of the different types of business insurance.
Property Insurance
Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can also purchase additional coverages for business property, including:
Property Insurance
Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can also purchase additional coverages for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as “equipment breakdown” or “mechanical breakdown coverage,” provides coverage for the accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses. For example, this coverage would cover fire damage to computers.
Boiler and machinery insurance, sometimes referred to as “equipment breakdown” or “mechanical breakdown coverage,” provides coverage for the accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses. For example, this coverage would cover fire damage to computers.
Debris Removal Insurance
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, if a fire burns your building to the ground, the remains of the old building have to be removed before you can start rebuilding. Your property insurance will cover the costs of rebuilding, but not of removing the debris.
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, if a fire burns your building to the ground, the remains of the old building have to be removed before you can start rebuilding. Your property insurance will cover the costs of rebuilding, but not of removing the debris.
Builder’s Risk Insurance
Builder’s risk insurance covers buildings while they are being constructed. For example, a Builder’s risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
Glass Insurance
Glass insurance covers broken store windows and plate glass windows.
Glass insurance covers broken store windows and plate glass windows.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people’s property on your premises. For example, this insurance would cover fire-damage to customers’ clothing from a fire at your dry cleaning business.
Inland marine insurance covers property in transit and other people’s property on your premises. For example, this insurance would cover fire-damage to customers’ clothing from a fire at your dry cleaning business.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Ordinance or Law Insurance
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). For example, your three-story building is 100 years old. A flood destroys the basement and first two stories. Because more than 50 percent of your building has to be rebuilt, a local ordinance requires that the building be completely demolished and rebuilt according to current building codes. Property insurance covers only the replacement value, not the upgrade.
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). For example, your three-story building is 100 years old. A flood destroys the basement and first two stories. Because more than 50 percent of your building has to be rebuilt, a local ordinance requires that the building be completely demolished and rebuilt according to current building codes. Property insurance covers only the replacement value, not the upgrade.
Tenant’s Insurance
Commercial leases often require tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Commercial leases often require tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Crime Insurance
Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
Fidelity Bonds
A bond company covers losses due to a bonded employee’s theft of business property and money.
A bond company covers losses due to a bonded employee’s theft of business property and money.
Liability Insurance
In today’s litigious society, even small mishaps can result in large lawsuits. That’s why general liability insurance, along with property and worker’s compensation insurance, are essential for most companies. Liability insurance protects the assets of a business when it is sued for something it did (or didn’t do) to cause an injury or property damage. Also included are premises and operational liability, medical payments and contractual liability. General liability insurance can be purchased separately or as part of a business owner’s policy.
Liability Insurance
In today’s litigious society, even small mishaps can result in large lawsuits. That’s why general liability insurance, along with property and worker’s compensation insurance, are essential for most companies. Liability insurance protects the assets of a business when it is sued for something it did (or didn’t do) to cause an injury or property damage. Also included are premises and operational liability, medical payments and contractual liability. General liability insurance can be purchased separately or as part of a business owner’s policy.
Liability insurance covers injuries that you cause to third parties. Covered liability claims include bodily injury, property damage, personal injury, and advertising injury (damage from slander or false advertising). If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks, including customer injuries on your premises. Customer accidents account for the majority of all liability claims and of these, slips, trips and falls account for over 60%.
Potentially general liability coverage claims may include:
- a customer has a slip and fall accident on your premises and sues you for negligence
- you throw a cigarette in a trash can that starts a fire that causes $100,000 of damage to the landlord’s building
- your programming or code that controls a machine malfunctions resulting in bodily injury or property damage to a third party
- you make a disparaging remark about a competitor and you are sued for slander
More specialized varieties of liability insurance include:
Errors and Omissions
Errors and Omissions (E & O) insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an accountant failing to file the appropriate tax documents, or a notary filling out notarizations improperly.
Errors and Omissions (E & O) insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an accountant failing to file the appropriate tax documents, or a notary filling out notarizations improperly.
Professional Liability
Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional’s conduct falls below the profession’s standard of care. For example, if a doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him. A malpractice policy will pay his defense costs and any judgment or settlement. Malpractice insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.
Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional’s conduct falls below the profession’s standard of care. For example, if a doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him. A malpractice policy will pay his defense costs and any judgment or settlement. Malpractice insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.
Commercial Umbrella
A Commercial Umbrella policy protects you against a loss due to catastrophic lawsuits by providing business liability coverage above and beyond your basic standard liability policy. Your business can be covered for $1,000,000 up to $10,000,000 or even more in special cases.
A Commercial Umbrella policy protects you against a loss due to catastrophic lawsuits by providing business liability coverage above and beyond your basic standard liability policy. Your business can be covered for $1,000,000 up to $10,000,000 or even more in special cases.
Employment Practices Liability
Employment Practices Liability provides protection against the risks related to discrimination claims, workplace harassment, wrongful termination or other employment practices.
Employment Practices Liability provides protection against the risks related to discrimination claims, workplace harassment, wrongful termination or other employment practices.
Directors’ and Officers’ Liability Insurance
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
Commercial Automobile
Commercial Automobile Insurance
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property. If your business owns a car or truck, or a fleet of vehicles, you need Commercial Automobile Insurance. Here are some of the coverages available, however, we recommend you come in and talk to us for more information and advice on what coverages will best fit your business.
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property. If your business owns a car or truck, or a fleet of vehicles, you need Commercial Automobile Insurance. Here are some of the coverages available, however, we recommend you come in and talk to us for more information and advice on what coverages will best fit your business.
Bodily Injury Liability: You are covered if you have caused injury or death. This coverage is required by law in all states.
Property Damage Liability: You are covered if you have caused damage to another person’s vehicle or property. This coverage is required by law in all states.
Uninsured Motorist Coverage: If you or a passenger is injured in an accident, this coverage will pay the medical bills, if the driver who hit you is not insured for Bodily Injury Liability. In some states, this coverage may also apply to damage to your vehicle if the driver causing the accident has no Property Damage Liability coverage.
Underinsured Motorist Coverage: If you or a passenger is injured in an accident, this coverage will pay the medical bills, if the driver who hit you does not have sufficient Bodily Injury Liability Coverage. In some states, this coverage may also apply to damage to your vehicle if the driver who caused the accident has Property Damage Liability coverage that is less than your Underinsured Motorist Property Damage Coverage limit.
Hired Automobile Coverage: Provides liability coverage for automobiles that your business leases, rents or borrows for business purposes. For example, your business might rent an additional delivery van for a week in order to catch up on a backlog of deliveries. This is an optional coverage.
Non-Owned Automobile Coverage: Provides liability coverage for automobiles not owned, leased, hired or borrowed by your business but nevertheless used on behalf of your business. For example, your employee uses his or her personal automobile to make a sales call or a delivery on behalf of your business. This is an optional coverage.
Comprehensive Damage: Provides coverage to your vehicle for damages other than by collision, including theft, vandalism, impact with birds or animals, explosion, fire, flood, windstorm and glass breakage. A broad range of deductibles can be selected for this coverage. This coverage is not required by law but is generally required by your lender if you have an outstanding loan on the vehicle.
Collision Damage: Provides coverage to your vehicle for damage caused by collision with another vehicle or object. A broad range of deductibles can be selected for this coverage. This coverage is not required by law but is generally required by your lender if you have an outstanding loan on the vehicle Workers’ Compensation coverage will take care of your obligation to provide medical and lost wage benefits to your employees.
Workers Compensation
Workers Compensation Insurance pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. It may also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses.
Workers Compensation
Workers Compensation Insurance pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. It may also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses.
It’s a no-hassle program for you and for your employees, because we arrange for the premium to be deducted directly from their paychecks.
We take the time to carefully explain each coverage to your employees through annual employee benefits meetings. We’ll answer their questions and provide additional information.
