The business owner’s policy is a package policy designed for offices, apartments, retail stores, wholesalers, limited cooking restaurants, mini-warehouses, and certain service and processing businesses. Property and liability coverage are included as well as additional coverage features that round out this comprehensive policy.
General Liability Insurance
General liability insurance protects the owners of a business from lawsuits brought by injured parties for bodily injury or property damage. General liability can be triggered by a slip and fall in a store, a defective product which injures somebody, or a myriad of other potential hazards. It is important to purchase an adequate amount of general liability insurance to protect your business. Other forms of liability which are needed for certain businesses include professional liability, sexual abuse & molestation, directors and officers, employment practices, errors and omissions, and malpractice.
Commercial Umbrella Insurance
A commercial umbrella provides additional layers of coverage over a variety of business liability exposures. With the frequency and severity of lawsuits being filed today, it is important to purchase this coverage for your business.
Commercial Property Insurance
Commercial property coverage protects your business from losses to your buildings, business personal property, and in some cases business personal property of others from a variety of perils. It is also important to purchase business income/extra expense coverage which provides coverage for your businesses as well as lost income and extra expenses associated with an insurance loss. Other property coverages available but not limited to include coverage for signs, property in transit, water back-up, money, employee dishonesty and equipment breakdown. Depending on your business, it is important to review your exposures in order to customize a business policy to your needs.
Commercial Automobile Insurance
A commercial automobile policy provides coverage for a business’ automobile liability exposures. The average business has automobile liability exposures ranging from their owned vehicles to non-owned and hired vehicles. The types of vehicles which can be insured on a commercial automobile policy include private passenger automobiles, trucks, tractors, vans, buses, pickups, and trailers. Comprehensive and collision coverage can be purchased to protect your vehicles from physical damage in the event of an accident. Medical payments and uninsured/underinsured motorist coverage can also be purchased to protect yourself and your drivers from injuries sustained in accidents.
Inland Marine Insurance
Inland marine provides coverage for business property while it is off premises. Items to be insured can range from contractor’s tools and mobile equipment to laptop computers for salespeople.
Garagekeepers / Dealer’s Blanket Insurance
Garagekeepers and dealer’s blanket are coverages designed specifically for vehicle-oriented businesses. Garagekeepers coverage protects the owner of a garage for his liability while having customer’s vehicles in his care, custody, and control. Dealer’s blanket coverage protects the new or used automobile dealership from losses to his inventory of vehicles.
Workers compensation covers business employees for injuries sustained while working regardless of fault. In Ohio, it is important to purchase Stop Gap Employer’s Liability, which fills a gap between workers compensation and commercial general liability. If a worker declines workers compensation and instead sues his employer, then workers compensation will not defend the employer. Likewise, by statute in Ohio, insurers cannot defend their insured under commercial general liability. Thus this stop gap fills the gap in coverage.
Professional liability provides liability coverage for errors and omissions as well as claims of negligence arising out of the failure to properly render professional services.
Employment Practices Liability Insurance (EPLI)
Employment practices liability insurance protects an employer from employees’ claims alleging discrimination, wrongful termination, or harassment, including sexual harassment. EPLI insurance pays for liability damages and defense costs due to charges by full-time, part-time, temporary, and seasonal employees.
Directors and Officers Liability
Directors and officers liability offers coverage for claims arising out of wrongful acts: 1. Any act or alleged act, error, omission, misstatement, misleading statement, or breach of duty by a director, officer, or trustee in their capacity as such. 2. Any matter asserted against a director, officer, or trustee solely by reason of his status as director, officer, trustee, employee, volunteer, or member of a duly constituted committee of the insured entity; and 3. Any other actual or alleged act, error, omission, misstatement, misleading statement, or breach of duty by the insured entity.
Builder’s Risk Insurance
Builder’s risk insurance provides coverage for the individual who is building his home or commercial building. A builder’s risk program begins with the laying of the foundation and concludes with the finished dwelling or commercial building. While under construction, the insurance company can provide you with coverage for the theft of your building materials. We represent many fine insurers who have excellent programs for builder’s risk.
A bond is a contract binding one party financially for the performance by another in completing an obligation. A fidelity or surety contract involves three parties: a principal who promises performance; a surety who guarantees fulfillment and a third party; the obligee, to whom these promises are made. If the principal does not achieve as promised, the surety must indemnify the obligee. Bonds that guarantee the principal’s honesty are fidelity bonds. Bonds that guarantee the principal will accomplish certain tasks are surety bonds.
Farmowners have unique insurance needs in that their personal and business lives are often intertwined. The farm policy protects the farmer for loss to his personal property and farm property. Farm property includes outbuildings as well as the mobile equipment needed to run a farm. Farm liability includes a farmer’s personal liability and liability for his farm related business activities.
Agribusiness is a specialized form of commercial lines which extends out from the family farm. An Agribusiness is often a large agricultural concern or a business one step removed from the farm. Examples include wineries, dairies, cheese manufacturers, egg processors, farm markets, feed mills, seed merchants, and food producers.
Flood IS NOT COVERED under a typical property insurance policy. The National Flood Insurance Program (NFIP) is a federal government program designed to provide coverage for surface water damaging a home or business. For individuals residing outside of flood plains, coverage may be very inexpensive. Give us a call for a personalized flood insurance proposal.