Commercial Insurance

Bond: A Bond is a three-party contract under which the insurer agrees to pay losses caused by criminal acts (e.g., fidelity bonds) or the failure to perform a specific act. 

Builders Risk Policy: A Builders Risk Policy is a property insurance policy that is designed to cover property in the course of construction. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit.

Business Owners Policy (AKA BOP) A Business Owners Policy is a package policy that provides both property and liability coverage for eligible small businesses.

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Commercial Auto: A vehicle insurance policy that provides financial protection for a business’ vehicles and their drivers.

Crime policy:  A commercial crime policy typically provides several different types of crime coverage, such as forgery or alteration coverage; kidnap, ransom, or extortion coverage and money orders and counterfeit money coverage.

Crop-hail insurance: Crop and/or Hail insurance is a policy that covers hail damage to insured crops. The coverage is township or county rated; in other words, the rate is determined by the historical hail loss experience of that particular township or county. 

Difference-in-conditions (DIC) insurance: A Difference in Conditions policy is designed to broaden coverage by providing additional limits of coverage for specific perils when standard markets won’t provide adequate limits of coverage to fill any gaps.

Directors and Officers (D&O) liability insurance: Directors and Officers Insurance is a type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as “management errors and omissions liability insurance,” covering claims resulting from managerial decisions that have adverse financial consequences.

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Employment practices liability insurance (EPLI) Employment practices liability insurance is a type of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation.

Errors and Omissions Insurance (AKA E&O) Errors and Omissions insurance protects the insured against liability for committing an error or omission in performance of professional duties. Generally, such policies are designed to cover financial losses rather than liability for bodily injury (BI) and property damage (PD).

Equipment breakdown insurance: Equipment breakdown insurance provides coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including photocopiers and computers. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown. Resulting business income and extra expense loss is often covered as well. 

Garage liability insurance: Garage Liability is insurance covering the legal liability of franchised and non-franchised automobile, truck, truck-tractor, motorcycle, recreational vehicle, and trailer dealers for claims of bodily injury (BI) and property damage (PD) arising out of business operations.

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Commercial General Liability: General Liability is a standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability.

Inland Marine insurance: Inland Marine insurance provides coverage to business owners who travel with their property, like tools and equipment.

Liquor Liability Insurance: Liquor Liability is a common law liability imposed on those selling alcoholic beverages, as well as the statutory liability established in some states, which is excluded in general liability policies.

Host liquor liability: Liability for bodily injury (BI) or property damage (PD) arising out of the serving or distribution of alcoholic beverages by a party not engaged in this activity as a business enterprise. Host liquor liability exposures are insurable under standard general liability policies.

Medical malpractice insurance: Medical malpractice insurance provides coverage for the acts, errors, and omissions of physicians, surgeons, and other healthcare professionals. 

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Owners & contractors protective (OCP) liability coverage: OCP coverage is a stand-alone policy that covers the named insured’s liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor’s work for the insured. 

Professional Liability: Professional Liability is a type of liability coverage that protects your company from any claims resulting from a professional service your business provided.

Commercial Property: Property insurance is an insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage (PD).

Windstorm / Hurricane Coverage:  “Hurricane coverage” is coverage for loss or damage caused by windstorm during a hurricane. It includes ensuing damage to the interior of a building, or to property inside a building, caused by rain, snow, sleet, hail, sand, or dust if the direct force of the windstorm first damages the building, causing an opening through which rain, snow, sleet, hail, sand, or dust enters and causes damage. “Windstorm” means wind, wind gusts, hail, rain, tornadoes, or cyclones caused by or resulting from a hurricane that results in direct physical loss or damage to property.

Business Income: Commercial property insurance covering loss of income (AKA Business Income or BI) suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. 

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Truckers policy: A Truckers Policy is a commercial auto policy designed to address the needs of the “for-hire” motor carrier, trucking, industry. Coverages available include auto liability, trailer interchange, and auto physical damage; other coverages are available by endorsement.

Umbrella Liability Policy: An Umbrella policy is designed to provide protection against catastrophic losses.  It serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).

Workers Compensation and Employer Liability Policy: This policy provides coverage for an employer’s two key exposures arising out of injuries sustained by employees. Part One of the policy covers the employer’s statutory liabilities under workers compensation laws, and Part Two of the policy covers liability arising out of employees’ work-related injuries that do not fall under the workers compensation statute.

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