Manage Your Risk


ABC's of Insurance (other coverage for small businesses)

 

Professional Liability

Professional liability is also known as errors & omissions insurance (E&O). This type of coverage will cover claims alleging negligence in the rendering of, or the failure to render professional services.

General Liability

General liability is typically purchased by an individual or business as protection against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability.

Commercial Auto Liability

If a business owns or leases/rents a vehicle, a commercial auto policy can provide coverage for bodily injury and property damage to others as a result of an auto accident. Some policies may offer add-on options such as 1st party liability and damage to your property.

Property Insurance

Should a business dwelling sustain damage from a covered peril, such as fire, theft, etc., a property policy will indemnify the loss subject to policy terms and conditions of the policy.

Workers Compensation and Employers Liability

Workers compensation and employers liability is typically offered together. Workers compensation insurance will cover an employer for state mandated compensation to employees for injuries, diseases, or disability sustained due to a workplace accident. Employers liability will cover expenses related to suits against negligence as they are not covered by workers compensation.

Employment Practices Liability (EPLI)

This type of insurance will cover an employer, its directors and officers, management personnel, and employees for wrongful acts related to the employment process. EPLI claims can include: discrimination, sexual harassment, wrongful termination, breach of employment contract, hostile workplace, and defamation or privacy violations.

Hired/Non-Owned Auto Liability

This coverage will protect your business from automobile-related claims, but does cover the driver or physical damages to the vehicle.

Surety Bond

A Surety bond is issued by a surety (insurance company). The company requiring the bond is referred to as the obligee, and the party obtaining the bond is the principal. A surety bond provides a financial guarantee to the obligee that if the principal fails to complete a project or work as promised the obligee will be recompensed.

Fidelity/Crime Insurance

Fidelity Insurance is also referred to as “crime” insurance. This coverage protects your company from loss of money, securities, or other property resulting from employee dishonesty, embezzlement, forgery, burglary, robbery, computer fraud, counterfeiting, wire transfer fraud, and various other criminal acts.