Bailee’s insurance generally protects businesses who are temporarily in possession of another person's or business’ property from damage or loss of customer property while on the premises or in transit. Coverage is often protected from theft, water damage, collisions, and explosions.
Builder's risk insurance is a special type of property insurance protects a builder or owner against damage that occurs to new or existing buildings that are under construction. A Builder's risk policy can help protect the materials, property, and equipment necessary for your project.
Business crime insurance is a policy that protects businesses from losses realted to crime that occurs in a business. This insurance coverage can cover cash on hand or other assets, inventory, or other loss when someone defrauds the business. This coverage is also commonly called commercial crime insurance.
Business interruption insurance, also known as Business Income insurance, is a form of time-element coverage. It replaces lost income a business would have made during a specific period had no loss occurred. Coverage, however, is triggered only if there is direct physical damage to covered property by a covered cause of loss. Operating expenses can also be covered if a business needs to change locations or make loan payments. However, it often does not protect closed businesses if a pandemic occurs. ,
A Business Owner’s Policy is a combination of business liability insurance and business property insurance. A BOP generally protects business owners from liabilities, property damage, perils, and business interruptions. Additional coverage can include spoilage of merchandise, data breaches, forgeries, particular crimes, vehicle coverage, and more.
Commercial auto insurance covers your business against bodily injury and property damage as a result of operating a company vehicle, such as a commercial truck and company car. Different types of coverage that accompany commercial auto insurance include medical payments from accidents, collision coverage for car damages, auto liability if someone sues, comprehensive coverage in case of a theft, and uninsured motorist coverage.
Commercial general liability typically provides coverage in case an injury or damage takes place on a business’ property or while a business is operating. For instance, a customer could slip on the floor of your property, or an employee working at someone’s home can slip and cause damage.,
Pollution insurance reimburses businesses for costs related to injuries, deaths, and other damage caused by pollution. In many cases, it also pays for cleanup and brownfield restoration. Pollution insurance policies often reimburse victims even when the company held liable is forced into bankruptcy.
Commercial businesses can benefit from commercial property insurance if they have a vast amount of office and manufacturing equipment, essential documents, high volume inventory, and landscaping. Commercial property insurance can cover these types of property from perils, such as a natural disaster or theft,
Commercial umbrella insurance provides additional liability coverage, and thus more protection against property damage or bodily injuries. Your commercial umbrella policy sits over your underlying general liability and/or other liability policies to provide excess liability limits in the event you become liable for expenses that surpass your underlying limits. Umbrella policies may also broaden coverage by offering additional coverage limits not included in your underlying policy(ies).
Educators have a responsibility to look out for the safety and well-being of their students. Whether it’s in a large public school or a higher learning facility, it’s beneficial for teachers and their employers to have insurance protection in place that is suited to their job and work environment. Corporal punishment liability can provide that type of protection by potentially assisting with legal fees and other costs associated with allegations of misconduct.
Cyber liability insurance provides coverage against financial losses and accompanying liability due to a data breach. Examples can include paying for costs associated with recovering/repairing lost data, recovering computer systems, notifying customers of data breaches, providing legal defense, and regulatory fines,
D&O liability insurance typically protects directors and officers of organizations and businesses if they were to get sued due to misrepresentation or giving incorrect information. Personal losses, lawsuits, and defense fees can be covered, though criminal offenses and illegal profits are often not included,
Claims-made policies provide coverage for losses that happen during the policy period and that are reported within the extended reporting period and after the retroactive date. (The extended reporting period is the timeframe after the policy's expiration when the insured can still report claims that happened during the policy period; the Retroactive Date is a specific date that a policy's coverage begins),
An occurrence policy covers losses that take place during the policy term, no matter when the loss is reported to the insurance company. In other words, a loss can typically be reported after a term has expired, but it has to have occurred during the policy term.
Insurance for a farm or ranch can be complex. It can vary based on the scale of your operation, your crops and livestock, the equipment you use, and whether your farm doubles as your residence. Because of that complexity, it’s important to work with an insurance provider that understands the industry and will work to understand your agribusiness coverage needs.
Farm equiment is expensive to repair and replace. With farm equipment insurance you are covered in the even that your valuable equipment is damaged or destroyed. A farm equiment policy can cover equipment for damage resulting from: 1. Theft 2. Fire 3. Storm Damage 4. Vandalism 5. Collisions 6. Glass breakage 7. Lightning
Food spoilage insurance protects restaurants and other food-based businesses in the event of lost inventory caused by a power outage, equipment malfunction, or other factors. This type of coverage can also apply to food contaminated through other means, such as being mishandled or improperly stored. This can help mitigate the cost to your business of replacing your inventory, repairing equipment, or dealing with fallout costs.
Freight liability is usually when a carrier is liable for shipment damages, delays, or losses if it was not due to an act of God, an act of the shipper, an act of public enemy or authority, or vice of the goods themselves. Then, the carrier would typically be responsible for paying for the loss of shipment,
Habitational insurance, sometimes also called "lessor's risk insurance," covers owners of properties leased for commercial purposes against losses or damages related to injuries on the property or some tyes of property damage not covered by a tenant policy. This may include costs related to legal defense even if the owner or landlord is found not liable.
HNOA insurance generally covers for commercial liabilities and defense costs due to car accidents while driving a hired auto or non-owned auto. Examples of hired auto could be a rental car or company car used for work purposes. A non-owned auto could be a personal car an employee uses to run business errands,
Care providers and organizations face specific risks that often require specially designed coverage. If you work with vulnerable populations such as children or seniors, it’s important to not only have an abuse & molestation policy in place, but also to be certain that your policy your policy scope matches your needs with appropriate coverage limits. This applies to many types of schools, day care businesses, senior care facilities, and religious organizations.
Ordinance and law coverage is an important coverage to have in your property policy, especially if your business owns an older building. Following a covered cause of loss, it provides coverage in the event that a certain ordinance, law or regulation requires you to repair or rebuild your building so that it is meets certain codes or requirements. Examples can include updating the electricals, HVAC units, and structure of an entire building.
Premises liability insurance commonly protects you from accidents that occur on your company’s premises, causing bodily injuries or property damage. Premises can be comprised of, but are not limited to, your office space, garden in front of your workplace, and parking lot. Note: If you have a General Liability policy, then you already have premises liability coverage!
Product liability insurance generally protects companies from claims of bodily injuries and property damage due to a product defect that was manufactured, distributed, or sold. This can include giving inadequate information or instructions on how to use the product correctly,
Professional liability insurance protects those in specialized professions from the unique legal exposures they face while performing their jobs. Depending on the context, professional liability is also sometimes referred to as E&O (errors & omissions) coverage, professional indemnity insurance, or malpractice insurance. Accountants, nurses, engineers, and others in similarly complex fields are often either required or strongly encouraged to have professional liability. Due to the nature of their work, client expectations for individuals in these fields are understandably high, and the work itself is heavily regulated. Coverage against errors & omissions applies in instances of actual or perceived mistakes, negligence, or breaches of contract.
Carrier liability insurance typically allows an owner of goods to file a claim to gain money from a carrier when their products become lost or damaged in transit. The carrier liability generally covers a specific dollar amount based on the freight’s weight or shipping unit, and not based on the material's actual value,
Tools and equipment insurance is a type of inland marine insurance that provides coverage if essential and expensive tools get destroyed or stolen. You can add this as a supplement to your insurance policy to typically cover heavy and rare equipment that can be difficult to replace and find,
Tow truck drivers and towing businesses have similar insurance needs to other commercial auto policy holders but also face some unique exposures. Just like any other vehicle on the road, tow trucks need to be covered against bodily harm, property damage, and personal injury. But unlike other vehicles on the road, you’re moving multiple vehicles and often operating in hazardous road or weather conditions. That’s why towing operations need a wider range of coverage than what’s provided with standard commercial auto insurance.
Downtime insurance can offer financial coverage for when your truck will take a while to get back on the road. If a truck driver experiences an accident and needs to wait for repairs, you can submit a claim to possibly gain compensation for the lost time and money,
A commercial fleet insurance policy is for trucking companies that have a certain number of trucks. The exact number can vary, but examples can be a business having 5 or 10 trucks. This type of insurance can cover liability risks for all of a company’s vehicles together, even if they are used for different tasks,
Limited depreciation coverage can be for cases where a truck gets into a severe accident and becomes declared as a total loss. Limited depreciation coverage can typically pay the difference between the fair market value that your insurance will provide and the remaining amount you owe for your truck or its replacement.
Motor truck cargo insurance typically covers the freight or cargo that gets damaged or lost due to factors such as a collision or fire. If the cargo gets dumped on a highway, for instance, the cost lost on not delivering the load, and legal expenses can be covered.
Passenger Accident: Passenger Accident Insurance can protect companies from liabilities when passengers are riding in company trucks that get into an auto accident. Coverage can be given to authorized passengers and while the driver is carrying out their work duties,