This is your stuff! It also could be “Other Peoples Property” if you are entrusted with somebody elses stuff! Property Insurance isn’t just buildings, but it’s content too! It’s your artwork, desks, furniture and contents. This is traditionally an affordable line of insurance, but one that many people and businesses underestimate, until the dreaded claim hits. Review these lines to be sure that you’ve got enough coverage on your stuff!
A very important coverage for business. Business Income Coverage is for the revenue that you’ll lose if you are unable to operate due to a loss on your business. It can be written a couple of ways. Be sure that you have it if you need it!
BUILDERS RISK INSURANCE
Make sure that you cover your building project if you are adding an addition on, or building a new facility. Many times a contractor could be covering this, but be sure that it’s spelled out in your contracts to be certain you know that you have it. This coverage is a property coverage on the building during its construction period. If a storm knocks done the building that was just started, or not yet completed, this provides that interim coverage until completion.
Broad term for covering your money ($). Employee Dishonesty, Forgery, Robbery – both inside or on the way to the bank, are a few of the things that you can cover yourself for. If you handle a lot of cash, or have employees that do, make sure you know what you need and have!
GENERAL LIABILITY INSURANCE
Damage to people or property, during the course of your work, from your product or while on your property…..In other words, you manufacture widgets and one fails and hurts somebody, or you are a contractor and you drop a gallon of paint and it ruins the carpet, or somebody falls coming up your stairs due to the carpet is ripped. You can be and likely will be held liable in all of these situations.
General term that is generally thought of for tools and equipment, used away from your premises. If you are a contractor, it’s your Bobcat, your screwdrivers, building supplies. Once it leaves your premises, loaded in your truck or trailer, at a jobsite, etc you need to cover it properly. Don’t assume you have it!
Is your logo on your truck? Is your vehicle insured properly? Many personal auto policies, are not rated for business use! If you have your logo on your truck you are risking a lot! You need to protect your business with Hired and Non Auto Coverage for the employee driving their vehicle for your business use. A business auto policy will be more expensive, but why would you even think about risking everything to save a couple of hundred $$$?
Do you have employees? Do your subcontractors carry the coverage? It’s not cheap, but it’s the law! Cover your employees, look at deductible programs, all work comp is not equal. Some carriers offer different rates, credit, etc because their experience is different than other carriers. Does your current agent understand work comp? It’s an “ever changing” coverage…
UMBRELLA & EXCESS POLICIES
Umbrella’s and Excess policies are policies that allow additional protection over your other liability policies. This is a policy that will increase your General Liability limit, your Auto Liability and the Employers Liability piece from your Workers Compensation policy. Commercial Umbrellas and Personal Umbrellas are not interchangeable traditionally. You need one of both potentially. Has your agent talked to you about one?
EPLI-EMPLOYMENT PRACTICES LIABILITY INSURANCE
Hiring, Firing and Sexual Harassment Coverage. Protection for defense or an actual allegation. This coverage offers protections to the business in the event that someone is “negatively” impacted in the workplace. Understand your coverage, protect yourself and your employees!
EMPLOYEE BENEFIT COVERAGE
Do you offer healthplans or benefit programs? This affordable coverage is often overlooked. Add it onto your General Liability to protect you against making a mistake. Example…An employee meets with you and becomes eligible for health insurance. They complete everything and are “covered”. You go on vacation and forget to tell the health insurance carrier to add them. They become ill (green person) and find out that the hospital stay and doctor (doctor) bills won’t be either. This coverage fills that gap!
Do you counsel clients? Do you make recommendations? Do you design stuff? If you do any of these, you have a potential Professional exposure. If you are an architect, this coverage protects you if one of your building (building) designs is deemed faulty, etc.
Does your business handle pollutants? Does your factory use solvents? Do you transport fuels? If something happens and those things hit the ground, air (clouds), or water way (river or lake), will life be impacted? Most policies offer little or no coverage. It can be purchased, but we are going to have a lot of questions for you! Make sure to ask about it!
DATA BREACH COVERAGE
Hacked! What happens if your computers are comprised and customer information is released? This is a fast growing area of insurance. You could spend a lot of time and money sending out the notifications and protecting your clients. Inquire about it with your agent!
Pretty similar to a Professional policy, but specifically designed for those in the medical professions. Options are limited with carriers, but we have the relationships and knowledge on the coverage. Patient Compensation Fund is an important piece for you and your agent to understand. Call us because we do understand the coverage!