Am I covered? What are my risks? What types of policies are available to me for my business? These are questions that every business owner should be thinking about and every good insurance advisor should be able to answer.
McMichael Insurance is an independent insurance and risk management firm that works with a wide variety of business sizes and types. Because we are independent we have many options and will always commit ourselves to delivering you the best value for your money.
If you don’t know what coverage options are available to you, below is a list of basic coverage types that might be a solution for your business. Need help evaluating your risks and what coverage options are available to you? Contact one of our trusted insurance advisors for a free risk analysis and quote: Get a Quote
BASIC COVERAGE TYPES
Commercial Property
The Commercial Property policy provides coverage for damage or destruction of your buildings and business contents. The industry standard Building and Business Personal Property Coverage form, coupled with a Cause of Loss form, and their attachments, complete the policy. Coverage is generally limited to insured property located at the described premises or within 100 feet.
Business Income
Business Income coverage provides money for the continuation of your business operations after a covered loss, including normal ongoing operating expenses and payroll. Coverage is triggered by the necessary suspension of your operations, caused by direct physical loss or damage arising from a covered cause of loss at the described location.
General Liability
Protects the business against lawsuits resulting from bodily injury or property damage related to your premises, operations, or products.
Employment Practices
Pays for claims arising out of any of the following: refusal to employ, termination of employment, coercion, demotion, evaluation, reassignment, discipline, defamation, harassment, humiliation, discrimination, as well as other employment related practices.
Inland Marine
While the Commercial Property policy limits coverage to the insured premises, or within 100 feet of that location, the Inland Marine policy is specifically designed for business property that is regularly away from the insured premises, such as contractors’ equipment, laptops, etc.
Employee Dishonesty
Employee Dishonesty coverage will reimburse the employer for losses sustained resulting from the dishonest acts of its employees. The acts must cause the insured to sustain loss, and the employee to obtain a financial benefit.
Business Auto
This provides protection for liability while operating the vehicles of the business, including loss or damage to the business vehicle.
Umbrella
How much coverage is enough? If you are not comfortable with the limit of liability provided by your Commercial General Liability Insurance or Business Auto Policy, then consider the
addition of an Umbrella Liability Policy. The Umbrella Policy provides liability protection in excess of your primary insurance coverage for General Liability, Business Autos, and other liability coverage offerings encompassed in the Umbrella policy.
Directors & Officers
Directors’ and Officers’ Liability Insurance functions as management liability protection. Remember that the scope of coverage in the General Liability policy is limited to Bodily Injury, Property Damage, or Personal and Advertising Injury; but what about the decisions that the directors and officers make every day? Not only do their decisions impact their employees, they also impact others in many ways.
Professional Liability
Generally termed Errors or Omissions Insurance or Malpractice Insurance, this basic insurance policy excludes coverage for bodily injury, property damage, personal injury, and advertising injury due to the rendering or failure to render any professional services. Whether the loss to your client, or patient, is medically related or a financial loss, professional services liability is the right addition to your business insurance program.
The above descriptions are only a synopsis of some of the available coverage types and are no way inclusive of all coverage types that may be provided. Policies containing these coverages also contain certain exclusions, conditions, and limitations. Please consult your policy for the actual coverages provided and the extent thereof.
Need more help evaluating your policy and/or your risk liability? Click here to contact one of our experienced insurance advisors or click here to receive a free copy of our 10 Things You Should Know to Avoid Disaster with Your Commercial Insurance.
