Business Insurance
Business Insurance
What is Business Insurance?
Business Insurance protects your investment by reducing financial risks from unexpected events like a partner dying, an injured employee, being sued, or having to close down because of a natural disaster. Business Insurance is called different things depending on the type you need – but it’s all there to make sure that you can continue running your company after something bad happens.
Major Types of Business Insurance
General Liability Insurance
A standard insurance policy offered to companies that protects them against potential lawsuits regarding liability claims of bodily injury and property damage resulting from the company’s premises, operations, products, and completed operations; their advertisements and personal injuries.
Commercial Auto Insurance
Commercial Auto Insurance provides coverage for commercial autos, trucks, and other road vehicles. It primarily covers bodily injury due to car crashes or theft; it may also cover property damage caused by events outside of accidents such as vandalism.
Commercial Property Insurance
Protects against losses to one’s building or personal property. Covers buildings and other property belonging to the company as well as items belonging to other people when at the site of an insured company for work purposes.
Commercial Umbrella Insurance
Commercial umbrella insurance is a type of liability coverage that is in addition to the other types of commercial property-casualty insurance policies. If an insured business has any liability related claims, their primary property-casualty policies will only provide up to certain amount while the umbrella policy provides additional protection up to its predetermined limit.
Professional Liability Insurance
PLI (professional liability insurance), also called PII (professional indemnity insurance) or E&O (errors & omissions) in America, can be an important form of protection for people working as professionals. For example, PLI may cover a person’s defence if they are sued after giving advice or performing services for someone else.
Business Owner's Package
A Business Owner’s Package (often called a BOP) is an insurance policy that combines protection from all major property and liability risks in one package. It typically combines all the basic coverages required by a business owner into one bundle, often containing coverage for everything a company would need while running successfully.
Workers Compensation
Workers’ compensation is a type of insurance that provides wage replacement and medical benefits for people who are injured on the job, as long as they give up their right to sue the person who was negligent in causing them harm.
GROUP DISABILITY INSURANCE
Group Disability Insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: Short Term Disability (STD) and Long Term Disability (LTD).
Contact us to learn more about the right business insurance for you.
Business Owners Package (BOP) Insurance
What is a Business Owner’s Package Insurance Policy?
A business owner policy packages all the required coverage that a business owner would need. Generally, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs—and cost—you can adjust what is included in a BOP. In general, choosing one of these bundles will save you money (although it may not be the cheapest option for some businesses).
What's Covered with a Typical BOP Policy?
In general, BOPs cover the following:
– building and contents insurance – there are two different forms which provide more comprehensive coverage.
– business interruption insurance which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include extra expense to operate out of a temporary location.
– liability protection which covers your company’s legal responsibility for harm caused to others; this is usually manifested when employees use faulty materials while working or by providing inadequate service causing bodily injury or property damage.
This kind of BOP does not usually cover professional liability (ie lawyers), car insurance, worker’s compensation (worker injuries) nor healthcare/disability benefits. Speak with an advisor today if you want to find out what type of commercial package policy might be best suited for your specific needs.
Contact us to learn more about the right Business Owners’ Package Policy for your business.
Group Benefits Insurance
What are Group Benefits?
Group benefits, like.
insurance that covers a group of people who are usually the members of societies, employees of a common employer, or professionals in a common group. Group coverage helps reduce premium costs because it reduces the insurance carrier’s risk by creating a pool of people to insure who are together for reasons other than obtaining insurance.
Group benefits can also be a powerful incentive to keep and attract great employees.
Major Types of Group Benefits
Group Life Insurance
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance that protects a group of individuals from risks they may face. Unlike individual policies, where an applicant proves they’re insurable through medical tests, this kind of policy doesn’t require such proof; instead, it takes into account the size, turnover, and financial stability of the specific corporation’s insured group.
Group Disability Insurance
Group Disability Insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: Short Term Disability (STD) and Long Term Disability (LTD).
Group Accident/Supplemental Insurance
Supplemental insurance is supplementary coverage that you can purchase to help you pay for services and out-of-pocket expenses that your current insurance does not cover in the event of a covered injury or accident.
Group Dental/Vision Insurance
To give the best dental and vision care benefits to attract and retain top talent, employers need to work with our team of experienced professionals at Group Dental Vision Experts. With access to a variety of plans that are geared towards keeping staff healthy, you’ll be able to provide excellent care without breaking the bank.
Contact us to learn more about the right benefits for your group.
Insurance Bonds
What is an Insurance Bond?
Insurance bonds guarantee contractor completion in the event of default and are typically required by project owners when seeking a contractor to complete their contract. Obtaining an insurance bond guarantees that the insurance company will cover losses incurred if the work is not completed on time.
Typical Insurance Bond Types
Although there are several different types of insurance bonds, the four most common ones necessary for company owners are:
Bid Bond – Ensures the person bidding on a contract will accept it and provide all required payment and performance bonds if they win. Payment Bond – Ensures suppliers and subcontractors are compensated for their labor performed under the contract. Performance Bond – Guarantees that no matter what, this contractor will complete this project in accordance with its set standards. Ancillary Bond – Guarantees that requirements integral to completing this project but not directly part of performing it (such as security personnel) still get done.
Workers Compensation
What is Workers’ Compensation Insurance?
Workers’ compensation is a type of insurance that pays for medical costs and lost wages if you’re injured at work.
Additional Information about Workers’ Comp Insurance.
While plans vary from one jurisdiction to the next, they typically provide weekly payments in lieu of lost wages if you’re too sick to work (acting as disability insurance); money for your past and future losses (being seen as some kind of economic-loss plan) – which includes things like paying all your out-of-pocket expenses related to treatment; and money for dependents who lost a loved one due to their job injury or death (which we call life insurance). For pain and suffering, general damages are limited and won’t be paid unless the worker was responsible for triggering the accident themselves.
Contact us to learn more about the right workers compensation insurance for your needs.