We're here to help you secure your unique business at a great value
It's your livelihood, your retirement plan, your employees future, it's your business. With easy no cost coverage reviews and quotes, we're here to ensure your business insurance is up to date and you're getting a great value.
Want to learn more about common coverage options we offer for businesses?
Keep scrolling for all kinds of informative goodness!
Disclaimer: Every claim, policy, and risk is different. The below information is for general information purposes and not to be considered an extension or offer of coverage or advice for your particular situation. Please contact us for a personal evaluation of your specific insurance needs.
Data Breach & Cyber
With over 3,800 records being lost or stolen every minute* and 48 states requiring notification of a security breach**, coverage for data breach and 'cyber' has become a must have for nearly every business. While there is a lot of variation from policy to policy, typically coverage for hacking, denial of service attacks, ransomware, and data breaches/lost records (including paper documents) applies. Additionally, expert assistance in prevention, event response, forensics, and costs associated with the breach or incident are usually provided with the coverage.
Lawsuits can be expensive to defend and settlements even more expensive. GL (General Liability) covers bodily injury and property damage. Common examples are slips & falls, damage to other's property as the result of your product or doing business. It also covers the costs of defending you from a lawsuit, regardless of the validity of the plaintiff's claim. While GL covers the most common liability claims and is a critical coverage, it is not a catch-all. GL does not usually protect you from liability regarding intangible property (data), economic harm, professional services, advertising, product recall, or impaired property.
Covers your physical business assets against losses such as fire, wind, water, vandalism and more. However, not all property coverage is created equal. Some policies cover just the value of the item (i.e. the value of the item in its used condition moments before the lost), this is called ACV (Actual Cash Value). Additionally, ACV coverage on a structure typically leads to a loss settlement that is inadequate to pay for full repair. Other policies offer replacement coverage (i.e. replacing the damaged property with brand new property of like kind and quality), this is called RC (Replacement Cost).
Cover your business expenses while your business is closed or limited due to a covered loss. One important part of this coverage is that it usually covers payroll, imagine you own a business that is damaged in a fire and can't reopen for 2 months . . . with an appropriate level of Business Interruption coverage, you'll be able make payroll and save yourself from having to hire and train a completely new staff. Policies vary significantly in the amount of coverage and length of time it applies, don't shortchange yourself on this coverage.
Employee theft, robbery, and more. For a nominal cost, you can often even add a 'Social Engineering' endorsement that covers phishing and impersonation losses. A common example is when a criminal, impersonating a company manager or executive, tricks staff into wiring funds to an illegitimate bank account. There have been cases of businesses losing millions of dollars in a single transaction. This exposure is particularly concerning because it relies on the fallibility of human beings.
Professional Liability (E&O)
Covers economic only losses as the result of professional business activity. A common example would be a business consultant being blamed for over-promising on what he/she could deliver (lack of due diligence), even if the additional scope couldn't have been discovered till after being fully involved in the project. It's important to remember that you can be blamed and sued, even if you did nothing wrong. Note that this coverage generally excludes bodily injury, property damage, personal injury, and advertising injury.
Employee Practices Liability (EPL or EPLI)
This type of policy provides coverage to employers against claims made by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues, such as failure to promote. Such lawsuits have become increasingly common in all sizes of companies. In fact, smaller companies may be more at risk than large corps because they often do not have sophisticated human resources processes for hiring and promotion. If nothing else, this coverage is worth carrying if only to provide coverage for legal defense fees. Remember, even if you didn't do anything wrong, you can get sued and have to pay for defense.
Covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work. In addition, a good Workers Compensation insurance carrier provides tools to help you minimize the frequency a severity of injuries on the job, this helps keep your employees at work and your premiums down.
Each industry has specific risks and matching coverages. Some common industry specific examples include, spoilage (food services), products completed (manufacturer), liquor liability (restaurant), rigger's liability (construction), cargo (trucking/shipping). Sadly, we don't have space here to cover every available coverage for every industry, please contact us for a review of your unique insurance needs.