Commercial Insurance
When it comes to protecting your business, there is nothing like a comprehensive commercial insurance policy to help you recover when disaster strikes. Many of the events that can cause a temporary or even permanent business closure are out of human control and can come in the form of wind damage or fire caused by lightning strikes and storms. Even when individuals are involved, it is often human error and not a malicious act that can cause your business to experience a pause in operations.
If your main facility is closed due to a damage from an unforeseen event, would you be able to continue doing business for a few days until repairs were made? What if you don’t have sufficient coverage for the repairs and have to pay for them yourself? Could you recover from that? What if your employee makes a clerical error that creates an extraordinary financial burden on a client?
A few more options for business owners to consider include the following:
Professional Liability Insurance – This type of policy provides coverage protects business when negligence or mistakes cause financial or other harm to a client. A PIL policy may be called by various different names depending on the occupation of the insured. For instance, a physician would be covered under malpractice insurance. Many service providers select an errors and omissions policy that protects them when mistakes occur resulting in a financial burden to the client.
Umbrella / Excess Liability – In short, this type of policy is designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies
Business Owner’s Policy – A single commercial insurance policy that combines a Commercial General Liability insurance coverage and Property insurance for business owners.
Business Income – This type of policy protects loss of income when your operating facility is closed or you are otherwise unable to produce income as a result.
Building Ordinance – An endorsement to a standard commercial property policy that covers the repair of damaged buildings when required by the enforcement of ordinances when they must be demolished and rebuilt in accordance with current building codes rather than simply repaired.
Earthquake & Flood (DIC) – This type of insurance is purchased along with a standard commercial policy which by itself does not cover damages from events like these. Otherwise known as an all risks property insurance policy.
Electronic Data Processing Equipment – This covers damage to computers and computer data due to everything from malfunction, electrical surges and environmental damage.
Brown Insurance Services will make sure that you are protected with the right coverage for your unique business. We will ask all the questions to ensure you are presented with a package that’s right for you. Give us a call today!
