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Business/Property/Liability
Every business venture has need for some type of property, real and/or personal coverage and protection against potential lawsuits arising from bodily injury or property damage. Needs may also include business vehicle insurance. Usually the package insurance policy is the start of minimum needs and can be expanded upon with many of the coverage types shown below. We provide a program designed for your needs in any business field:
- Retail
- Wholesale
- Construction
- Manufacturing
- Office
- Apartments
- Building Owners
- Restaurants and Fast Foods
- Developers
- Service Industries
- Electronic Industry
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Workers Compensation
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.
Workers compensation insurance serves two purposes: It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working.
Workers receive benefits regardless of who was at fault in the accident.
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Professional Liability
Professional practices need the same types of insurance as any other business for property, workers compensation and vehicles. Many professionals view professional liability insurance as an even more critical coverage. Professionals are concerned that in today’s litigious society, every mistake, suspected mistake or incident of client or patient dissatisfaction can lead to a lawsuit. Professional Liability Insurance protects them from the potentially ruinous economic consequences of this risk.
Errors and Ommissions Liability Coverage
If you provide any type of advice, expertise or professional service, you risk being sued by a customer, client or other party who claims he or she was injured due to your negligent act, error or omission. This type of negligence is sometimes referred to as “malpractice.” Professional Liability Insurance, also called Errors and Omissions Liability Insurance, pays the cost of your defense and any damages awarded, up to policy limits. Insurance companies have developed many specialized policy forms that respond to the individual risks characteristic of particular professions and services.
Directors and Officers Liability Insurance (D&O)
D&O Insurance protects past, present and future directors and officers of a for-profit or nonprofit corporation from damages arising out of alleged or actual wrongful acts committed in their capacity as directors and officers. Some policies extend the same coverage to employees. The policies provide protection in the event of any actual or alleged error, omission, misstatement, misleading statement or breach of duty.
Many policies will also cover the corporate entity for claims involving the sale or purchase of the company's securities. A D&O policy does not cover exposures properly covered under other policies, such as bodily injury or property damage, which are covered under general liability.
Employment Practice Liability (EPLI)
EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.
The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. EPLI provides protection against many kinds of employee lawsuits, including claims of:
- Sexual harassment
- Discrimination
- Wrongful termination
- Breach of employment contract
- Negligent evaluation
- Failure to employ or promote
- Wrongful discipline
- Deprivation of career opportunity
- Wrongful infliction of emotional distress
- Mismanagement of employee benefit plans
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Foreign Property Liability
Many companies have projects outside the U.S., its territories and Canada may need an International Liability policy to insure the firm from suits brought against them in foreign countries. Typical General Liability policies insure the operations of the insured worldwide, but only for suits brought within the U.S. This territory provision may not satisfy the owner who wants protection in the location of the project.
Depending on the location of the insured's foreign projects, this coverage is usually provided on a package policy that can insure the design firm's property in a foreign office as well as workers compensation coverage and repatriation for employees working abroad.
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Umbrella Liability Insurance (Excess Liability Insurance)
A big difference between property and liability risks is that you can put a value on the property you have at risk, but there is no way to predict the amount of damages you could be required to pay as the result of a catastrophic accident. If, for example, you were found liable in a school bus accident that injured children, the damages could be in the millions of dollars.
Umbrella Liability—also known as Excess Liability Insurance—provides extra protection for catastrophic events. The primary policies are called “underlying” policies and are specifically listed, along with their limits, on the umbrella policy. Typically, the underlying policies are your primary general liability, auto liability and the employer’s liability section of your workers comp policy. The umbrella coverage starts to pay when a covered loss exhausts the primary policy’s per occurrence limit.
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Transit Insurance
Marine
Marine Insurance covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred, acquired, or held between the points of origin and final destination.
Domestic
Originally created to cover the transportation of goods over water, it has expanded over the years to cover goods in transit on land as well, including:
- Property being transported
- Buildings under construction
- Computer equipment and data
- Accounts receivable
- Fine artwork
Depending on the type of small business you own, this coverage can be essential to protecting business property. Think about the items you place in your car or truck on a daily basis to get your work done or the valuables, including data, you own or are responsible for. Most property policies limit or exclude coverage for these items.
If you clean, repair, service or perform work on property of others, Inland Marine Insurance can work for you. It can cover losses to goods that occur at your premises, while being transported to or from your premises or in storage.
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Bonds
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Employee Benefits
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