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Business Insurance:

Types of Policies

Confused about what exposures a particular policy covers? View the following list of available coverages. Of course, these descriptions are general in nature and you should always refer to the actual policy for coverage terms and conditions.

Accounts Receivable Coverage
This coverage is used to reimburse you for customer' accounts that are rendered uncollectible as a result of loss by a covered peril.

Automobile Liability and Physical Damage
Protection against claims against you for bodily injury or property damage, damage to your own vehicle, and injury to you or your passengers.

Boiler and Machinery
This form is designed to cover damage to any "object," including heat, pressure, cooling, electrical and mechanical equipment. It will also cover damage to any other property which results from damage to the object. The Business Income coverage reimburses you for loss of business income as a result of business interruption and/or extra expenses incurred to continue operations (after a 12 hour waiting period).

Building Ordinance Coverage
This coverage will protect you against loss due to the enforcement of existing building or zoning laws that results in additional costs to rebuild or demolish an insured building. Coverage for the loss of any undamaged portion of such buildings can also be insured.

Business Interruption
Covers lost income and extra expenses incurred during a period of shutdown following a covered property loss.

Businessowners
This policy insures real and personal property, time element and liability coverages in one contract. Endorsements can be added to the basic form to customize it for your particular needs.

Contingent Business Interruption
This coverage is used to insure against the drop-off of revenue and extra costs of obtaining services or supplies that arises out of the loss or damage to a non-owned and scheduled property. For example, if your primary supplier sustains damage preventing them from supplying you with the necessary product to stay fully operative, the resulting loss of income (from your shutdown) would be covered.

Credit Insurance
This insurance is used to protect you against loss of income due to your customers' inability to pay their obligations to you arising from the sale, shipment and delivery of merchandise, or the performance of a service.

Crime
Covers certain types of loss due to crime, including employee dishonesty, burglary, holdup, mysterious disappearance, computer fraud and forgery or alteration.

Directors and Officers Liability
This insurance is used to insure against claims for negligent acts, errors or omissions alleged to have been committed by present or former directors or officers of your corporation.

Earthquake Coverage
This coverage is used to provide protection for loss due to earth movement including earthquake shocks and volcanic eruption.

Electronic Data Processing/Computer Coverage
This policy will provide protection for the electronic equipment scheduled in the form. The advantage of this form is that it covers such equipment for standard property perils (fire, vandalism, theft, etc.) as well as more traditional Boiler and Machinery perils (electrical breakdown, power surge, etc.) all in one policy. It can also be extended to include coverage for loss of media, and time element exposures that may be present in conjunction with such items.

Electronic Errors and Omissions
This coverage addresses the risk of manufactured products failing to perform the function they were intended to do. This differs from standard General Liability coverage where only resulting physical injury to, or loss of use of, tangible property is covered. Claims such as computer systems being sold that prove to be inadequate, programming bugs that result in the erasure of a client's intangible software media, or a defective component that results in a reduction of a client's production capacity are all examples of claims that would be covered under this type of policy.

Employee Benefits Errors and Omissions
Covers lost income and extra expenses incurred during a period of shutdown following a covered property loss.

Employment Practices Liability
This coverage is used to provide protection against lawsuits by employees alleging wrongful discharge, discrimination, harassment or other specified employment related exposures.

Environmental/Pollution Liability
Coverage for third party claims against you for the sudden and accidental spillage, leakage or other contamination of the environment. Appropriate for manufacturers, fuel oil distributors, gasoline stations, hospitals and other facilities handling potentially hazardous materials.

Event Cancellation Coverage
This policy is written to protect you against loss of revenue when a designated event or season is cancelled due to a specified peril such as weather, sickness, accident, etc. Normally, such perils insured under these types of policies are not covered under standard Property forms.

Excess/Umbrella Liability
Policy that provides increased liability limits or broadened coverage. Will respond in addition to primary liability policies such as automobile, general liability, employer's liability and foreign liability.

Fiduciary Liability
Protection for employees responsible for handling the assets of any retirement plan, pension or profit sharing plan. Under ERISA law, employees with a fiduciary responsibility may be held personally liable for wrongful acts.

Flood Insurance
This coverage is used to provide protection against loss due to water damage arising from flooding, surface water, tides, tidal waves, and the overflow of any body of water.

Fleet Automobile
Coverage for vehicle fleets of 5 or more. Several types of rating plans are available for larger fleets depending on the risk, improving the rate and premium charged.

Garage Liability
Special policy for enterprises involved in the automotive service or repair business.

Garage Keeper's Legal Liability
Covers the risk of loss or damage to a customer's automobile while in your care, custody or control. Appropriate for both garage operations and any business offering valet parking services.

Glass Coverage
This coverage will provide extended protection for premises glass. Limited protection is provided in your Property policy, but the additional coverage is needed to ensure that adequate insurance is available. Besides covering the scheduled glass, this insurance will pay for the costs to repair or replace the frames, installation of temporary glass or the removal of obstructions in the event of loss.

General Liability
Comprehensive third party coverage intended to cover many types of claims, including property damage, bodily injury, personal or advertising injury, fire legal liability and medical payments. May be tailored in many different ways to meet the needs of almost all types of business.

Group Disability
Group plans can be less expensive and provide a valuable benefit to employees.

Group Long-term care
"Nursing home" coverage. May also cover in-home care and other long-term care alternatives. A growing area of importance for retirement planning and a valuable benefit to employees.

Group Medical
We offer all types of health insurance plans and HMOs.

Hired/Non-owned Automobile Liability
Coverage for claims made against a business for bodily injury or property damage arising out of an employee's operation of a personal automobile or a rented car while on company "business".

Hole-in-one and Contest Coverage
Great for charity golf events or fund-raisers. Custom policies can insure almost any contest imaginable.

Inland Marine
Coverage for property that is in transit or off premises, mobile equipment or property of unusual value or description. Very flexible forms can be tailored to meet many different needs.

International or Foreign Exposures
Most policies cover loss within the USA, Canada, Puerto Rico or US possessions. If you travel abroad, import or export, you may need foreign coverage to cover your international risks. We offer all types of international programs.

Life Insurance
The primary use of this policy is to fund the retirement, education or lifestyle of a surviving spouse and/or dependent children upon the death of the insured person. May also be purchased to pay a mortgage, fund a business buy-sell agreement or solve an estate tax problem.

Lawyers Professional Liability
Malpractice coverage for the legal profession.

Liquor Legal Liability
Coverage for those businesses involved in the sale of alcoholic beverages.

Manufacturers Output Policy
This policy is designed to provide coverage for your personal property, personal property of others, improvements and betterments, and property in transit in one comprehensive form. Several additional coverages can be added to customize the policy to fit your needs.

Medical Malpractice
Professional liability for the medical profession.

Miscellaneous Professional Liability
Coverage can be tailored to provide malpractice coverage for almost any Business advisor, professional, consultant or broker.

Multimedia Liability
This coverage is used to provide coverage for loss or damage to electronic media which results in additional costs to reproduce data. This is important since many times these costs can be more than actual damage to your hardware.

Producer's Short Shoot Packages
Specifically developed coverage for producers of commercials, industrial films, short subjects or educational and training films. Principle shooting must be 14 days or less and running time must be 20 minutes or less.

Producer's Professional Liability
Protects film and video producers against claims of copyright or trademark infringement, liable slander and related exposures.

Products Liability
This is usually included in the general liability policy, but can be addressed separately for difficult classes or high-hazard businesses.

Property
Coverage for your buildings, equipment, stock and other real or personal property.

Real Estate Agents Professional Liability
Malpractice protection for real estate agents and brokers.

Special Entertainment Packages
Comprehensive program for producers of documentaries, commercials, industrial or training films, and short subjects.

Special Events Coverage
Custom coverage for any special event including parades, concerts and benefits.

Umbrella Policy
This form provides a higher limit of coverage that is excess over scheduled underlying policies. It is used in one of three ways: (1) to provide additional limits of protection over the coverage listed in your underlying schedule, (2) to act as primary coverage if your underlying limits are exhausted, and (3) to provide coverage for some risks, subject to a retention, when your primary coverage does not.

Weather Insurance
Enables the purchaser to budget for costs or revenues that result from snowfall, rainfall or sunshine. Flexible programs can be tailored for all businesses.

Workers Compensation and Employers Liability
Coverage available for all states. Foreign voluntary compensation is also available for international companies.