Types of coverage can be complex and we are the experts who have decades of experience on what types of coverage is appropriate for your business. With your guidance, we can craft exactly what you need to stay protected. Below are some examples of types of policies and examples of situations they would provide coverage for.
Policies That Deal With Customers:
Customers are the lifeblood of your business but unfortunately situations can arise from customers that can put your entire business at risk unless you have the appropriate coverage. Fortunately there are numerous types of policies that can cover you or mitigate the risk in these situations.
General Liability Insurance protects a companies assets and pays for obligations such as medical costs, property damages, or injuries caused by you or your employees. Liability insurance also covers the cost of your legal defense and any settlement award in the event you are successfully sued. These usually include compensatory damages, non monetary losses by an injured party and punitive damages. General Liability insurance can also protect you against liability as a tenant if you cause damage to a property that you are renting. General Liability insurance also covers libel, slander, copyright infringement and claims of false or misleading advertising.
Professional Liability Insurance (also know as errors and omissions or E&O insurance) protects against mistakes or other negligence claims such as a failure to perform. These policies are highly specialized based on your industry so please contact us today so we can further review what needs you might have for Professional Liability Insurance.
Cyber liability Insurance is an important type of insurance coverage with all of the technology that exists today. Cyber Liability Insurance is intended to cover both liability and property losses that may result when a business uses various means of electronic activities such as ecommerce or when a business is electronically collecting and storing data within its electronic network. This policy protects against accidental data breaches or wherein a hacker has gained access to customer data. Coverage generally includes notification costs, credit monitoring costs, fines, penalties and loss resulting from identity theft. Additionally Cyber Liability Insurance can cover business interuption, data loss or data destruction, computer fraud and cyber extortion.
Policies that Cover Employee Risks:
Employees are an important part of your business but with employees comes risk and you are responsible and liable for any workplace injuries and for ensuring you are not violating their work rights. These risks can be rather expensive to defend against and therefore ensuring you are properly protected is paramount.
Workers Compensation Insurance is necessary once that first employee gets hired. This coverage ensure that medical treatment, disability and even death benefits are covered in the event an employee is injured or worse dies as a result of his work with the business or the work environment. Even low risk employees can have very large claims so this is a critically important coverage to have and in most instances is actually required.
Employment Practices Liability Insurance (known as EPL or EPLI) provides coverage to employers against claims made by employees alleging many forms of discrimination such as sex, age, race, disability, wrongful termination, harassment, and many other employment-related issues.
Policies that Cover Property Risks:
Commercial Property Insurance is very important insurance that helps pay to replace or repair property such as equipment, inventory, and furniture that was damaged by a storm, fire, or other event covered by the policy. Additionally it covers lost or stolen property which are very common business claims. There are some exceptions that may not be covered such as flood or earthquake damage so be sure to contact us today to discuss your Commercial Property Insurance needs.
Business Owner’s Policy is an enhanced policy that combines protection from all major property and liability risks in one package and sometimes this is sufficient for your needs while other situations might require additional coverage. We will help you decide what you need and if a BOP is suitable for your specific situation. Contact us today for further information.
Policies that Cover Vehicle Risks:
Commercial Auto Insurance is necessary whether you have a single vehicle or many vehicles registered in your business name. Personal auto insurance does not cover a vehicle used for business purposes so ensure you have the proper coverage by contacting us today!