Other Insurance Products
Do you have private passenger vehicles, trucks or vans in your business? If so you have one of these in place. Check your liability limits for sure. You may have numbers like 1,2,3,4,5, etc. listed on your policy do you know what these mean? Do you have coverage for vehicles that you do not own? If you are the owner and have all your personal vehicles insured by this policy are you covered for personal use of non-owned vehicles? This policy is common and sometimes ignored because it is viewed as a commodity item.
Inland Marine & Ocean Marine (Cargo)
If you ship your goods or have other property that is moving around these are the coverages for you. Relying on a common carrier to cover your loss? That is certainly a way to handle it but do you know what is covered and how the process works if you have to file a claim? These policies can give you more control.
If you have employees you know all about this coverage. Be sure your payrolls are accurate and review your loss information to be sure claims are being closed and reserved in an appropriate manner.
Employment Practices Liability (EPLI)
Discrimination, wrongful termination, sexual harassment and the like are covered by this policy because they are excluded in Employers Liability coverage.
Directors & Officers
Public companies and Non Profit organizations are very familiar with this coverage but it also has its place in private corporations as well. If you have a Board of Directors reviewing management decisions this coverage if for you.
Bonds are not really insurance policies. Bonds are financial guarantees. Bonds are required to secure purchases, contracts and taxes. Financial information is critical to securing a bond. The better your financials the better your chances are of securing a bond.
Crime cover constitutes a number of different types of policies. Depending on your exposure we would help you select the appropriate items. Employee Dishonesty is a coverage that should be in place for all businesses. For businesses with significant cash exposure Money and Securities coverage would be appropriate. Other coverages included Forgery, Alteration, Computer Fraud, Funds Transfer and Counterfeit currency.
Coverage for your building is relatively straight forward. The key to this coverage is adequate valuation but there can be some not so obvious aspects to building coverage. Many consumers are not aware that permanently installed equipment can be considered part of the building therefore effecting the overall replacement cost of the structure. Debris Removal, the coverage that pays to remove debris after a direct loss, is often INCLUDED in the limit of insurance. Lastly, changes in building codes in most commercial property policies can be very limited so exploring the costs to offset this exposure is a wise decision.
Business Personal Property
This is your equipment (not permanently installed) and your inventory used in your business. Note that there is often a radius applicable to how far away the property can be from your premise. If you have property off premise be sure you review how that property would be covered. Also check to see if your stock is valued at the cost to replace or at the selling price you would normally charge.
Business Income & Extra Expense
Believe it or not the loss of income (net profit + continuing normal expenses) and extra expense (expenses incurred above your normal expenses to minimize your income loss) are considered a property coverage. This area of coverage is often misunderstood and can have some very surprising limitations. This is your operations disability insurance and the lack of appropriate coverage can be the difference of surviving a major loss or not. Not sure how it works, put it on your To Do list, it is that important.
What happens if your process equipment is out of service? What happens if the breakdown exposes your inventory or finished product to spoilage? Manufacturers of perishable products should consider this coverage and know how it works.
This coverage is key to the defense and settlement of bodily injury or property damage arising out of your premise, operations, products or completed operations. All businesses need this type of coverage and we are sure you probably have it.
Personal & Advertising Injury
Another coverage you most likely have but do you have any idea what it covers? Personal Injury is not bodily injury. Libel, slander, defamation of character and false arrest would be examples of personal injury. Advertising injury is essentially personal injury done by means of advertising. Caution, advertising injury is not for printed price mistakes or known copyright infringements.
If you have customers or clients on your premise this is a handy coverage to have. It is also a staple in most liability policies. This pays for necessary medical expenses incurred by another party without the need of finding negligence. Employers Liability Protects employers from liability arising from items that might not be covered by Workers Compensation. This coverage is attached to the Workers Compensation policy.
Any business selling, manufacturing or distributing alcoholic beverages should have this coverage. It is excluded from General Liability. It can be written as a separate policy or included in your package policy. If you have an Umbrella Liability does it cover your Liquor exposure?
An Umbrella policy rides over the top of your General Liability policy for sure. It may also cover your Automobile exposures as well. If you have any other liability policies are you sure it covers that as well? Remember, this is not a PROPERTY policy so it does not respond to losses to buildings or business personal property, a common misconception.