General Liability Insurance is the cornerstone of any business owner’s insurance package. General Liability Insurance will provide coverage for bodily injury or property damage, it will also provide coverage for defense costs. All commercial ventures of every type need to be liability conscious. Merely by their formation, commercial risks incur a liability exposure.
If you are a property owner, you know how important it is to protect your investment. Both your building and your personal property needs to be protected against the perils of fire, wind, lightning, explosion, smoke, etc. With the proper property insurance coverage, you can rest assured your business will be well taken care of in the event of a loss.
UMBRELLA / EXCESS LIABILITY
Business umbrella policies pick up where your business auto liability, general liability or other liability coverage stops. Umbrella insurance is an inexpensive way to provide extra coverage against bodily injury and/or property damage. A policy issued to provide limits in excess of an underlying liability policy. The underlying liability policy can be, and often is, an umbrella liability policy. An excess liability policy is no broader than the underlying liability policy; its sole purpose is to provide additional limits of insurance.
PROFESSIONAL / EXECUTIVE LIABILITY
Directors & Officers coverage (often called “D&O”)is paid usually by the firm, it reimburses (in part or in full) the costs resulting from law suits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.
INLAND MARINE INSURANCE
Property insurance for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers, instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees.
OCEAN MARINE INSURANCE
Insurance covering the transportation of goods and/or merchandise by vessels crossing both foreign and domestic waters including any inland or aviation transit associated with the shipment. This type of marine insurance also encompasses coverage for damage to the vessels involved in shipments and any legal liability arising in the course of shipment.
CYBER LIABILITY INSURANCE
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
COMMERCIAL AUTO INSURANCE
A commercial auto insurance policy is necessary whenever a vehicle is used to conduct business operations. This includes your assistant completing errands in her own car. A safe rule of thumb goes by saying commercial auto insurance is needed whenever a car is involved. Like your personal auto policy, it provides similar coverages such as liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured motorist coverage.
PRODUCTS/COMPLETED OPERATIONS INSURANCE
One of the hazards ordinarily insured by a general liability policy. It encompasses liability arising out of the insured’s products or business operations conducted away from the insured’s premises once those operations have been completed or abandoned. Completed operations liability insurance provides coverage for an insured contractor against third-party claims for bodily injury and property damage caused by the contractor’s completed operation or work and included within the “products/completed operations hazard.”
Workers’ comp does pay hospital and medical expenses that are necessary to diagnose and treat your injury. But it also provides disability payments while you are unable to work (typically, about two-thirds of your regular salary), and may pay for rehabilitation, retraining, and other benefits as well. Employers are legally obligated to take reasonable care to assure that their workplaces are safe. Nevertheless, accidents happen. When they do, workers compensation insurance provides coverage.
Most flood insurance is written through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). A flood insurance policy normally takes 30 days from the date of purchase to go into effect. So don’t wait until a flood is imminent to buy a policy. The National Flood Insurance Program is only available in the United States.
BOILER & MACHINERY/EQUIPMENT BREAKDOWN
Equipment breakdown covers many types of equipment. It protects electrical systems, air conditioning and refrigeration, mechanical equipment, modern office equipment in addition to heating systems such as boilers. That’s why “Equipment Breakdown Insurance” is a better description than “Boiler and Machinery Insurance.”
type of insurance whereby an insurance company guarantees scheduled payments of interest and principal on a bond or other security in the event of a payment default by the issuer of the bond or security. There are several types of bonds, and they include: surety, welfare & pension plan, license, construction contract, bid bonds etc.