Property Insurance covers the risk of property loss in a variety of situations including coverage for commercial buildings, equipment, furniture, fixtures, inventories, business records, supplies and other physical items. Property Insurance may cover two types of property losses:
- Direct losses may be covered when property is lost, stolen, damaged or destroyed.
- Indirect or consequential losses related to direct losses may also be covered under Business Income and Extra Expense coverage.
A package policy that provides both property and liability coverage for eligible small businesses. BOPs are written on special coverage forms that are generally very similar to their mono line property and liability form counterparts, but they typically have some unique features that make them especially advantageous for businesses that qualify.
A BOP typically includes:
- Property Insurance: This includes the insured’s buildings and business personal property.
- Business Interruption Insurance: One of the distinguishing characteristics of a BOP is that most automatically include business income and extra expense coverage on an actual loss sustained basis.
- Liability Insurance: This provides a coverage scope similar to that provided in the Commercial General Liability section of a package policy.
- BOPs may also can include Crime coverage, and Hired Auto and Non-owned Auto coverage.
An insurance policy that combines coverage for more than one peril, such as commercial property, commercial crime, commercial and general liability. A commercial package policy, or CPP, allows a business to take a flexible approach to obtaining insurance coverage, and may allow the business to pay out a lower amount of premiums than it would had it purchased a separate policy for each risk.
Insurance companies typically write commercial package policies for small or mid-sized businesses. These types of businesses may have smaller liability needs because they do not operate large facilities, or because they only require additional insurance protection for small risks. For example, a light manufacturing company or car wash facility is less likely to require the same amount of coverage that a real estate developer requires.
Commercial package policies afford companies a high degree of customization, and may combine two or more coverages into a single policy. In addition to property and general liability, this type of policy may also provide coverage for automobile, inland marine, crime, or other risks. The policy premium depends on the risks that are being covered, as well as the number of coverages that are being combined.
Business Auto insurance provides coverage for vehicles that are owned, leased, hired or borrowed by a business. Business Auto coverage may be used to insure private passenger autos and all types of trucks, trailers, and commercial vehicles designed for use on public roads.
A commercial auto policy may include:
- Liability coverage: protection for physical injury to other persons or their property because of an accident related to your covered vehicle including legal defense cost or expense.
- Comprehensive coverage: handles loss from any cause except collision.
- Collision: takes care of damage from crashes with another object or overturn of the vehicle
- Towing and labor costs for disabled vehicles.
- Loss of use / Rental vehicle coverage: if you damage a rental car, this option helps to reimburse the rental company for income it loses because the vehicle is out of use.
Commercial Umbrella Policies are designed to give an insured added protection against the financial consequences of major accidents or incidents. The limits provided by an umbrella policy are above and excess to an insured’s underlying business insurance policies, providing additional coverage over the policies primary limits.
An insurance form that protects the insured against liability for committing an error or omission in performance of professional duties. Generally, such policies are designed to cover financial losses rather than liability for bodily injury (BI) and property damage (PD).Professional claims can include things such as negligence, malpractice or misrepresentation.
Some occupations that would benefit from this coverage are:
- Accountants and auditors
- IT Consultants
- Property managers
- Real estate professionals
- Management consultants
Commercial crime insurance protects an insured’s organization from losses such as:
- Employee Theft and Dishonesty
- Computer Fraud and Theft
- Disappearance and Destruction of Property
- Theft of Money and Securities
- Other Criminal Acts
This coverage is meant to protect not only the assets of the organization, but the credibility of the organization as well. As these risks become increasingly more common, commercial crime coverage is a critical part of a commercial package program.
A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.
Most notably, but not exclusively, cyber and privacy policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network. The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.
In addition, the policies cover liability arising from website media content, as well as property exposures from: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.
Cyber and privacy insurance is often confused with technology errors and omissions (tech E&O) insurance. In contrast to cyber and privacy insurance, tech E&O coverage is intended to protect providers of technology products and services, such as computer software and hardware manufacturers, website designers, and firms that store corporate data on an off-site basis. Nevertheless, tech E&O insurance policies do contain a number of the same insuring agreements as cyber and privacy policies.
Employment Practices Liability Insurance, also known as EPLI, is a type of coverage that protects an employer if they are sued by an employee for claims alleging such things as:
- Sexual harassment
- Wrongful Termination
- Negligent Hiring, Supervision, or Promotion
- Breach of Contract
- Invasion of Privacy
- Wage and Hour Disputes
- Libel and Slander
EPLI will provide coverage for defense costs against these employment-related lawsuits, as well as possibly make claim payments on behalf of the business.
Directors & Officers Insurance, also known as D&O, protects the directors and officers of a corporation in the case of a lawsuit which alleges wrongful acts while they are acting in their capacity of directors and officers for the corporation. D&O will provide coverage for damage costs and/or defense costs in the event that a corporation suffers such a loss as a result of a lawsuit.
License and Permit Surety Bonds
- Auto Dealer bonds
- Fidelity bonds
- Employee Dishonesty bonds
- Janitorial bonds
- Fiduciary Liability bonds
- Administrator bonds
- Guardian bonds
- Trustee bonds
Contract bonding guarantees that a contractor or developer will fully complete the construction project for which they’ve bid according to specifications and will pay all laborers, subcontractors and suppliers. This type of surety bonding includes:
- Bid bonds
- Payment bonds
- Performance bonds
Commercial Inland Marine Insurance is property insurance for property loss exposures that cannot be conveniently or reasonably confined to a fixed location, or a standard form. Examples of covered items may include: computers, accounts receivable, contractor’s equipment, fine arts, golf equipment, camera and photographic equipment, and many others.