Builders Risk Insurance is often used with a different term that describes what the insurance does - Course of Construction Insurance. Builders Risk Insurance covers a building, and typically all materials during construction. Protection can be extended for the work of individual contractors, architects and engineers. Optional coverage can often be added for costs not directly related to construction such as marketing, loss of income and delayed completion.
Maybe your business owns vehicles or maybe you rent or lease them. Maybe you or your employees use personal vehicles to conduct business. If so, you need Business Auto Insurance. A Business Auto Insurance Policy protects your business against injury to others and damage to property as a result of business use of vehicles.
Think of it as homeowner insurance for your business. This type of policy is appropriate for many small and medium sized businesses. It conveniently includes many types of coverage like liability, building, business property and loss of income.
Your business faces exposure to loss from legal liability from a number of sources. The CGL provides broad protection from risks arising from your premises and operations, independent contractors and product liability, to name a few.
A Commercial Package is a type of business package policy that bundles coverage together for several things including liability, property, boiler and machinery, crime and other optional coverage. The options available create flexibility that allow a Package to be customized for most kinds of business.
This type of policy provides protection from loss, due to a variety of perils, to all kinds of business property including: building structures, furniture, inventory, equipment, and supplies, money and securities and business records. If you have a larger or more complex business you may need the flexibility of insuring your business property through a Commercial Property Policy.
Commercial Umbrella Insurance is sometimes used interchangeably with Excess Liability Insurance. The two are really different; an umbrella insurance policy will 'reach down' to provide coverage in gaps between other business insurance policies while a true excess insurance policy is intended to provide extra limits of insurance on top of coverage provided by other business insurance policies that are in place.
There are several types of Surety Bonds for contractors: Bid Bonds, Performance Bonds, Payment Bonds, License Bonds and Supply Bonds are a few. In general, surety bonds assure a project owner that they can rely on contractor performance, ability to make payments to certain other parties (sub-contractors, e.g.), good faith bid submissions and so on. The issuer of sureties, usually an insurance company subsidiary, investigates the abilities of a contractor and, in the event of a valid claim, will make reimbursement for non-performance according to the terms of the surety.
Information Needed for General Agreement of Indemnity:
- Federal ID Number of each corporation
- Full Name and Social Security Number of each stockholder and their spouses
- Home Address of each stockholder and their spouses
- Legal Name and Address of Corporation.
- For Bid Bond Purposes - State(s) of Incorporation
Contractors have liability insurance needs unique to the building trade. We understand those needs and can find insurance protection to fit the budget of your business.
Businesses are exposed to many types of loss not always covered in other types of business insurance policies. Crime Insurance indemnifies your business from embezzlement or theft by employees, forgery, hacking (electronic theft), theft of cash or securities by someone other than an employee or damage to your building or property caused by a burglary.
D & O Insurance, as it is commonly called, is essential to attracting, retaining top business management talent. Lawsuits against a business and its management for negligent or wrongful acts can be brought by any number of constituents like shareholders, customers or regulatory bodies. D & O Insurance will fill in gaps in primary business liability insurance and will protect the personal assets of the directors and officers.
This kind of insurance provides insurance against liability for, as the name implies, employment practices. Protection, which will vary from policy to policy, covers a broad range of claims or lawsuits that might be brought by current or former employees or employment candidates. Just a few examples include sexual harassment, wrongful termination or discipline, wrongful failure to promote or hire, emotional distress, discrimination and invasion of privacy. Recent growth in employment practice litigation makes review of employment practices and insurance protection a necessity for most businesses today.
Insurance for a variety of property in land transit as well as instrumentalities of transportation such as bridges or tunnels would seem to fit the name, Inland Marine Insurance, and this kind of property is in fact insured by this class of insurance. But the policies in this category also provide coverage for property under construction, construction equipment, scheduled property like jewelry, furs, tools and more that move about or fluctuate in value as well as instrumentalities of communication like broadcast towers.
Any professional in any field is expected to possess skills and knowledge resulting from specialized training and experience. When a client or customer believes you have not conducted yourself according the standards of your profession or that you have been negligent in some way you can be sued. Standard business liability policies do not cover these situations. To supplement general liability protection you may need a specialty coverage known as Professional Liability Insurance or sometimes Errors and Omissions Insurance.
This type of insurance pays for medical and rehabilitation expenses for workers injured on the job. Lost wages are also covered. Each state governs the compensation details, including the amounts paid. This is often a mandatory type of insurance.
Personal Insurance (Auto and Home Insurance)