LOWERING Costs of Business, Property, and Homeowners
Please complete Applications:
*** IMPORTANT: If you are requesting: Products and Completed Operations, EPLI, CRIME, Cyber Liability Flood, Hurricane/Hail, Business Interruption/Business Income, Commercial Auto GL added to package coverage, Workers Compensation, Errors & Omissions/D&O, transportation of freight risk, marine cargo risk, etc. - please indicate on Acord Application form 125, or 126. IMPORTANT: Some policies insure small limits of $5,000 or less automatically. We recommend buying-up coverage and limits for all the above causes of loss - especially, Cyber liability, Employment Practices Liability (EPLI), Flood, Hurricane, and Errors & Omissions. If you do not request these coverages, or higher limits in the application, we will not quote these coverages, or higher limits than you request. Adding coverage and limits increases the premium.
*** NOTE: Requesting coverage does not mean carriers will offer it.
We recommend buying these coverages to avoid uninsured perils, and losses.
PS. WANT TO LEARN MORE?
IMPORTANT: Read up on the kinds of perils and risks you may, or may not want to insure and buy? You tell us what you need. If you are unsure, you MUST schedule a secluded time to discuss it with us BEFORE you accept the policy, or the loss occurs.
The short story, is you must tell us if you need, EPLI (employment practices liability insurance), Property contents, Cyber liability added limits, Business Interruption on ALL LOCATIONS with ample limits, Crime, Flood, Wind storm (if your lease requires you to have it), etc. Read your lease to confirm what GL the landlord is requiring (i.e., Workers Compensation, E&O, Wind, Flood, etc.). There are several types of liability insurance (Errors and Omissions, General Liability, Workers Compensation, Homeowners, etc.). Be sure you understand what perils, or causes of loss, and their limits BEFORE accepting any insurance policy.
Details to keep track of:
An ounce of prevention is worth a pound of cure.
- Workers Compensation
Provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. Each state mandates statutory coverage. It is a third degree felony to not buy it where mandated by statute. i.e. In Florida, any construction company with one or more employees MUST purchase the coverage. Be clear, any employer not purchasing WC is liable for the same insured perils if his business is statutorily required to offer it. Despite statutorily defined rating, several options are available to lower potential costs where offered in a specific states. Workers compensation insures: life, unlimited medical, disability income replacement, and the insured for work related negligence.
- Employment Related Practices liability (EPLI)
Employment Practices Liability Insurance is a relatively new form of liability insurance. It provides protection for an employer against claims made by employees, former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations. It covers your firm, including its Directors and Officers. Of import is understanding that additional limits are recommended above a typical $5,000 limit, that many policies insure in a standard policy form.
Commercial property insurance covers your business property and equipment in case of damage or destruction caused by a covered peril (cause of loss). Specifics of what is covered and from what causes of damage vary by carrier and policy. The following are typical types of coverage in commercial property insurance policies. In Florida coverage is not provided for Wind Storm (hurricanes)/Hail/Flood unless we add that “Cause of loss”.
Loss from Theft (Crime) can be added to most General Liability policies. Fidelity (employee dishonesty) bonds are a different kind of “coverage”.
- Cyber Liability.
60 Minutes News magazine broadcasted: “There are two kinds of companies: One’s that have been hacked, and one’s that don’t know they have been hacked. Federal HIPPA law liability is great. We highly recommend increasing limits or purchasing a separate Cyber Liability policy from a recognized A+ rated carrier leader.
- Equipment(Business Personal Property – BPP, caused by an insured peril or unexpected breakdown)
- Business equipment, after property and structures, often is the most valuable physical asset an enterprise owns. Commercial property insurance can be structured to cover repair or replacement of damaged business equipment, even if it is damaged during maintenance.
- Electronic equipment can also be covered, but this coverage most often is offered in an additional policy or an addendum to an all risk policy.
- Signs and Goods (Inventory)
- Products and completed Liability
Can insure for damages caused by use of your completed product, or failure thereof.
- Business Income / Interruption
Pays lost revenue to facility after elimination waiting period, and during period of restoration while being repaired, after being damaged by an insured cause of loss. Note: If windstorm or flood is not purchased, and the loss is caused by that peril, then no insurance is offered.
- Contents (Perhaps Inventory, or BPP)
Business equipment and furniture with or without windstorm as cause of loss.
– coverage for inventory with and without windstorm/Flood/crime/ etc. as cause of loss.
- Windstorm/ Hail
– in Florida this is recommended.
Businesses can be damaged by signage being knocked out. Commercial property insurance can also cover signs to include signs on glass on the building, exterior signage affixed to the building and free-standing signs on the property.
Additionally, when a business puts goods in transit, the potential for loss due to theft or accident is increased. Commercial property insurance can be structured to cover this as well.
Where a client feels the policy limits are too low, he may request additional limits many carriers are happy to offer. Where the carrier is not offering limits above $1,000,000, a separate (standalone) UMBRELLA policy is usually available if requested by the insured. If you do not request higher limits, and want to pay higher premiums to get it, we will not offer it. Use Forms: 125, 126, or 131 (Acord Umbrella application) to request the coverage. You must tell us if more than $1M of coverage is needed.
- Additional Insured Certificates:
If you need many Additional Insured Certificates, be sure to request a “Blanket AI” endorsement that typical costs an extra $600 - $1,000 premium.
- Liquor Liability:
If you serve alcohol, we recommend buying it. Do not allow employees to drink on the job.
In General Liability Package policies, some or all properties can typically be insured. Use form 140 to detail owned, and leased properties. Also be clear about accurately listing owned and leased COMMERCIAL auto assigned to these properties as well. Be sure you understand that Personal Auto policies are not designed to insure COMMERCIAL use autos.
- Transportation/Cargo/Trucking/Storage of Inventory YOU OWN during transport. These risks are complex, and may include marine Cargo, Overland marine, rail car, US to Canada to US routing and coverage gaps (holes). If you are unsure, you must take time to be sure valuable cargo is insured if you own it. We cannot know how you ship your goods unless you tell us.