What Is Business Commercial Insurance?
Michael Warren Insurance Agency
is your trusted adviser for commercial insurance for your business. We look at the needs and analyze the risks of the individual business and make coverage recommendations. Some of the insurance products we may recommend include:
Business Owners Policy
Commercial General Liability
Directors and Officers
Employment Related Practices Liability
Business Owners Policy (BOP)
Business Owners Policy (BOP) is an indivisible package of basically required insurance coverage designed to meet the ordinary needs of specified classes of business. It includes property and liability coverage. This may be appropriate for certain types of businesses like limited cooking and fast food restaurants; certain mercantile, wholesaler, trade contractors, convenience stores, and others who fall within areas of eligibility.
A Surety Bond is a promise to be liable for the debt, default, or failure of a party. It involves three parties. The surety guarantees the performance or obligations of the principal to a third party or obligee. There are different types of bonds including:
Dishonesty or Fidelity Employee theft bonds Protect business owners and their customers from theft of property by employees. Employee dishonesty bonds are most often needed for businesses that perform services on their customers’ premises, such as janitorial services companies or home health providers.
Contract bonds are usually for construction work and include bid, performance, payment, and maintenance bonds.
License and Permit Bonds guarantee the licensee will operate in conformity with general laws. This is usually for contractors and builders as well as others.
To quote or purchase a bond, click on the button:
Commercial General Liability
Commercial General Liability is basic coverage that all businesses need whether as individual coverage or part of a BOP or CPP. It protects businesses from financial loss if liable for property damage or personal and advertising injury caused by your services, business operations, or your employees. An example would be a customer walks into your business and slips and falls sustaining injuries. Perhaps an employee working on a house causes damage to some furniture. These are just some examples.
Commercial Auto insures the automobile exposures of businesses. It protects your business against liability for damages caused by accidents involving your business autos. It may include liability, collision and comprehensive physical damage, medical expenses and other coverage. This may be private passenger type autos like pickup trucks, vans, utility trailers or panel trucks or commercial autos like truck tractors, commercial trailers or public autos used like buses, taxicabs, rentals or special vehicles like street sweepers or cherry pickers.
Professional Liability involves rendering or failure to render professional services. It is coverage for errors and omissions that occur or are alleged to have occurred in the course of providing professional services. This coverage is appropriate for many businesses and industries such as architects and engineers, accountants, tax preparers, business consultants, personal trainers, real estate brokers, financial advisors or planners, surveyors, advertising and marketing, photography, videography, computer consulting, website design, and others.
Cyber Liability Insurance
Cyber Liability Insurance protects a business from liability, repairing or replacing computer systems, the cost of notifying clients and lawsuits. Coverage may include third party liability for financial loss, mental anguish, mental distress and any breach related claims; first party coverage for breach related expenses; coverage for notification, credit monitoring and computer forensic expense; PCI fines, penalties and remediation expenses; and public relations.
Directors and Officers
protects directors and officers of corporations if they are sued by employees, vendors, competitors, investors, customers or others for actual or alleged wrongful acts in managing a company. It may cover legal fees, settlements, and more. Lawsuits could arise from breach of fiduciary duty, misrepresentation, misuse of funds, fraud, theft of intellectual property, etc.
Employment Related Practices Liability (EPLI)
Employment Related Practices Liability (EPLI) provides employers with coverage for liability arising out of claims for injury to an employee because of an employment related offense. This may include allegations of wrongful termination, discrimination, workplace harassment and retaliation, and other claims.
Commercial Property covers direct and indirect losses related to properties other than 1-4 family dwellings and farm properties. It is mainly first party coverage against economic loss arising from damage to tangible property such as buildings and associated personal property.
Workers Compensation Insurance
Workers Compensation insurance covers an employer’s obligations under workers compensation laws, which make employers responsible for stated damages in the event of a work related injury or illness. Employee compensation consists of medical expenses, disability benefits, and death benefits. Employers Liability covers the insured for claims by employees for injuries not subject to workers compensation law; claims by others for the liabilities to insured’s employees; and claims by relatives of injured employees for consequential damages.
Inland Marine Coverage
Inland Marine coverage is diverse and complex. Inland Marine is typically for equipment or other property that are portable. It can involve everything from Motor Truck Cargo to equipment, jewelry, furs, film, theatrical property, cameras, accounts receivable, bridges docks and piers, and much more. Commercial property floater risks such as equipment floaters is an example. Contractors Equipment floaters cover heavy machinery, equipment and tools a contractor needs business. The floater covers the contractor an all risk or named perils basis for loss to all types of tools, machinery, and equipment owned, rented or borrowed by the insured. This is one example.