Business Insurance

Property & Liability

Commercial Property Insurance covers the building that your business owns or rents. A commercial property insurance policy can also cover your equipment, computers, tools, and furniture. We can customize a policy to fit your commercial property needs.

Commercial Property insurance is one of the most important types of insurance to protect your business. These are a few of the different types of coverages:

• Buildings and other structures
• Furniture & Equipment
• Inventory
• Records
• Computers
• Improvements to Property
• Employee Benefits Liability
• Employers Liability
• Hired and Non-owned Auto Liability
• Owned Commercial Auto

General Liability

Every Business needs to protect themselves from accidents or injuries that may occur on their property. General Liability insurance coverage helps protect your business from these unexpected expenses. General Liability Insurance helps protect your business if you’re sued for personal injury or property damage.

Business Auto

Commercial auto insurance, like your personal auto policy, provides similar coverages such as liability, collision, comprehensive, medical payments (or personal injury protection) and uninsured motorists coverage for your business vehicles. However, there are also differences between a commercial auto insurance policy and your personal auto policy that may include eligibility, definitions, coverages, exclusions, and limits. Most Commercial auto policies are “named driver only” policies, meaning only those drivers listed on the policy can operate a covered auto.

What are the coverages?

• Bodily injury liability coverage – pays for bodily injury or death resulting from an accident for which you are at fault and provides you with a legal defense.
• Property damage liability coverage – provides you with protection if your car accidentally damages another person’s property. It also provides you with a legal defense.
• Combined single limit (CSL) – Liability policies typically offer separate limits that apply to bodily injury claims for property damage. A combined single limits policy has the same dollar amount of coverage per covered occurrence whether bodily injury or property damage, one person or several.
• Medical payments, no-fault or Personal Injury Coverage – usually pays for the medical expenses of the driver and passengers in your car incurred as a result of a covered accident regardless of fault.
• Uninsured motorist coverage – pays for your injuries and, in some circumstances, certain property damage caused by an uninsured or a hit-and-run driver. In some cases, underinsured motorist coverage is also included. This is for cases in which the at-fault driver has insufficient insurance.
• Comprehensive physical damage coverage – pays for damage to or replacement of your car from theft, vandalism, flood, fire, and other covered perils.
• Collision coverage – pays for damage to your car when it hits or is hit by another object.

Workers Compensation

Having a workplace that is protected gives you extra security. As an employer you have an obligation to ensure a safe workplace and the law requires businesses to have Worker’s Compensation Insurance. This coverage can protect you and your business from those unpredictable occurrences. There are a variety of programs and plans for different industries. We can work with you to help create a customized package that fits your business needs.

Commercial Bonds

Different surety needs are met by different classes of surety bonds.

We are able to provide small and large businesses with the following types of bonds:

• Contract Bond – guarantees that an entity awarded a contract will meet its obligations under that contract. Included in this group are bid bonds, performance bonds, payment bonds, maintenance bonds, and supply bonds.
• Subdivision Bonds – guarantee that developers will make certain “off-site” or “public” land improvements in accordance with state, county or municipal specifications.
• Commercial Surety Bond – can guarantee a variety of business obligations that require surety bonds. Commercial Surety Bonds include all non-contract surety bonds, including numerous types of license and permit, miscellaneous, and court bonds.
• License & Permit Bonds – guarantee that individuals granted a license or permit to operate a business or to exercise a privilege will meet the obligations under that license or permit.
• Court Bond – guarantees that an individual will comply with the terms of the court. This includes probate and fiduciary bonds, & immigration bonds.

Cyber Insurance

What is cyber insurance?

Cyber insurance is a way for business owners to transfer some of their cyber risk to an insurance policy. The threat of a cyber-attack on your business is a fundamental risk just like the risk of a fire destroying your property or a customer slipping and falling at your business. You purchase property and liability insurance for these exposures. Unfortunately, traditional policies don’t provide substantial protection from cyber-related loss. A standalone cyber insurance policy should be a part of your insurance program just like property, liability, and workers’ compensation insurance have been for decades.

What does it cover?

You’ve likely heard of first-party and third-party coverages in insurance policies. First-party typically refers to your small business, while your customers and other stakeholders are referred to as a third party. When considering how a cyber-attack may affect your business, you need to look for a policy that offers both coverages.

Here are some examples of how first-party coverage may apply:

• Business interruption coverage will help you recover lost income and get back to business as normal after a covered cyber event. A second type of business interruption coverage is a dependent or contingent interruption. This applies to a business income loss resulting from a cyber-related event that occurs outside of your business. Vulnerabilities in your supply chain can expose you to this type of risk.
• When a cyber extortion threat occurs such as a ransomware attack, this coverage can reimburse you for the funds needed to pay to regain control over your system.
• After a security breach, data recovery insurance will cover the costs associated with restoring and recovering your data.
• Breach response coverage provides you with specific services needed after an incident. One such example is the need for an expert to determine the cause of the breach and implement measures to limit further disruption. A second example is deploying a public relations professional to help with reputation management.
• Computer crime insurance can reimburse you for lost funds when an employee follows fraudulent instructions from a bad actor.

Here are a couple of examples of how third-party coverage may apply:

• When you are legally obligated to pay damages and expenses to others because of a breach, your data and network liability coverage will be triggered.
  Regulatory defense and penalty coverage pays when you fail to comply with regulatory actions such as notifying customers after a breach within a certain timeframe.
• It’s important to note that these are just a few examples of how first- and third-party coverage may apply.  Every cyber policy is different and may expand or limit your coverage.

When and how do I purchase cyber insurance?

In short, now is the best time to secure a cyber insurance policy.  The cyber threat landscape is changing every day meaning you are more vulnerable today than you were yesterday.

A licensed insurance professional who understands these cyber concepts can guide you through the insurance buying process.  He or she will:

• Ensure you have the proper cybersecurity policies and procedures in place in your business. You’ve seen these before (password security, anti-virus software, MFA, etc).  Almost all insurance companies require these to be in place before offering an insurance policy.
• Find the right company and policy that is matched to cover your unique risks. As we mentioned before, cyber policies can differ, and it’s important to find one that fits you.
• Connect you and your employees to the proper (and usually free) training and support provided by your insurance company.
• Monitor and review your business practices as you grow to ensure your specific cyber coverage grows with you.

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