LOWERING Costs of Business, Property, Cyber Liability and Homeowners

Please complete Applications:

• 125 General Application
• 126 Addendum to the General Application
• 131 - If you require more than $1,000,000 Umbrella excess coverage limits.
• Complete 140 if you OWN your property, or have multiple office locations
• Workers Compensation
• Errors and Omissions
• Errors and Omissions / Directors & Officers
• HO8 / DP3 – Homeowners Insurance / Rental
• HO6 – Apartment / Condo Insurance
• Cyber Liability

*** 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.

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.). Read the proposal, Read the policy exclusions and limits. Be sure you understand what causes of loss are insured and the limits of coverage BEFORE accepting any insurance policy.

Recommended Details to keep track of:

An ounce of prevention is worth a pound of cure.

1. 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 premium rating, several options may be available to lower premium where offered in a specific states, and targeted classes certain insurers welcome new business. Workers Compensation insures work related injuries in: employee life, employee unlimited medical, employee disability income replacement, and employer for work related negligence.
2. Employment Related Practices liability (EPLI)
   Employment Practices Liability coverage endorsement is typically attached to a General Liability (BOP) policy, and insures eligible EPLI employee claims against their employers, former employees, or potential employees. It insures eligible events such as discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, etc. See: policy. It covers your firm, including its Directors and Officers. Of import is understanding that higher limits are recommended above a typical $5,000 limit many policies sometimes automatically offer. EPLI is not always offered in GL policies.
3. Property
   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”.
4. Crime
   Loss from Theft (Crime) can be added to most General Liability policies. Fidelity (employee dishonesty) bonds are a different kind of “coverage” or fidelity bond. Bonds and insurance are very different forms of protection. Bond payouts have to be repaid like a line of credit.
5. 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.
6. Equipment (Business Personal Property – BPP, caused by an insured peril or unexpected breakdown)
   
   1. 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.
   2. 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.
7. Signs and Goods (Inventory)
8. Products and completed Liability
   Can insure for damages caused by use of your completed product, or failure thereof.
9. 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 insured, and the loss is caused by that peril, then no insurance is offered.
10. Contents (Perhaps Inventory, or BPP)
    Business equipment and furniture with or without windstorm as cause of loss.
11. Inventory
    – coverage for inventory with and without windstorm/Flood/crime/ etc. as cause of loss. Important: Let you agent know how you ship to assure cargo is insured while in transport, and in each country rout. We cannot know how you ship your good unless you tell us.
12. Windstorm/ Hail
    – Recommended
    Businesses can be damaged by signage being knocked out. Commercial property insurance can be designed 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.
13. Glass
14. Umbrella
    Where a consumer feels the policy limits are too low, he may request additional limits most 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.
15. Additional Insured Certificates:
    If you need many Additional Insured Certificates, be sure to request a “Blanket AI” endorsement that typically costs an extra $600 - $1,000 premium.
16. Liquor Liability:
    If you serve alcohol, we recommend buying it. Do not allow employees to drink on the job.
17. Property:
    In General Liability Package policies, some or all properties can typically be insured. Use form 140 application to detail owned, and leased properties. Clearly and accurately list owned, leased or rented COMMERCIAL autos assigned to these properties or people as well. Be sure you understand that Personal Auto policies are not designed to insure COMMERCIAL use autos. Personally insured autos are not insured where losses occur while working.
18. 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.