Commercial LiabilityCommercial Property & Liability The risk of property loss is apparent in a variety of commercial situations, including commercial buildings, equipment, business personal property, inventories, organization records, supplies, automobiles and other physical items. There are two primary types of property loss:
• Direct losses when property is lost, stolen, damaged or destroyed.
• Indirect or consequential losses related to direct losses.
The risk of loss from a liability stems from another party including the loss from the actual claim as well as defense costs. These four primary areas of liability are applicable for most companies:.
General Liability is liability for bodily injury and property damage arising out of your:
• Premises and Operations (including no fault medical payments)
• Products and Completed Operations
General Liability is also liability from third parties arising from:
• Fire Damage Liability (damage by fire to premises rented to insured)
• Personal and Advertising Injury.
Business Auto Business Auto coverage insures vehicles that are owned, leased, hired or borrowed by organizations, whether they are corporations, partnerships, sole proprietors, or associations. Business Auto coverage may be used to insure private passenger autos and all types of trucks, trailers, semitrailers and commercial vehicles designed for use on public roads. We can give you more details about specific coverages and deductibles and about tailoring a Business Auto plan that’s right for you and your organization.
Umbrella Umbrella or excess liability coverage is designed to provide limits in excess of underlying limits of liability coverage. The underlying liability coverage can be, and often is, an umbrella liability policy. Excess liability coverage is no broader than the underlying liability coverage; its sole purpose is to provide additional limits beyond the underlying limits.
Workers Compensation Workers’ Compensation coverage applies to bodily injury and diseases arising out of and in the course of employment. Any bodily injury must be accidental, and the term includes death resulting from the accident. Only occupational diseases, which are unique to the occupation, are covered. Workers’ Compensation provides for the payment of four types of benefits: Medical benefits, Income benefits, Death benefits, & Rehabilitation benefits.
Group Health & Life Group Health insurance is a benefit to employers and employees of large and small businesses. It can provide care for the employees as well as their families. To find information on recent regulations regarding the Affordable Care Act and how it may affect your business go to Q&A on Employer Shared Responsibility Provisions.
Group life insurance is an important aspect of your employee benefits package, as employees rely on it to provide financial security for their families. And while the death of an employee is rare, it’s an unexpected event that all individuals need to be prepared for. Accidental Death is often a rider added to a life policy that provides coverage in addition to the benefits of the underlying policy.