Business Insurance

Commercial Property

Coverage for any business or commercial property to protect the property from such perils as fire, theft and natural disaster. A variety of businesses, including manufacturers, retailers, service-oriented businesses and not-for-profit organizations carry commercial property insurance.

 

Casualty

There are many types of commercial casualty (liability) insurance. Here are some of the most commonly purchased casualty policies.

 

1. General Liability
   Coverage for businesses due to losses from claims or suits by customers, clients, and other third parties for bodily injury, property damage, or personal and advertising injury.
2. Errors and Omissions / Professional Liability
   Coverage for any business that performs a service or provides advice in exchange for a fee. An example is medical professional liability insurance or accountants E&O insurance. 

3. Management Liability
   Coverage for the risks of managing a business. Coverage includes Directors and Officers liability, employment practices liability, and fiduciary liability.
4. Cyber Liability
   Coverage for a data breach in which the customers’ personal information, such as Social Security or credit card, is stolen from the business’ electronic network.
5. Workers’ Compensation
   Coverage for providing wage replacement and medical benefits to employees injured in the course of their employment in exchange for the employee’s gives up the right to sue their employer for negligence. Worker’ compensation is required in most states.
6. Employers’ Liability
   Coverage for the employer if the employee or ex-employee sues for illness or injury. This coverage is usually included with workers’ compensation coverage.
7. Commercial Auto Liability
   Coverage for property damage or bodily injury you or your employee cause. It can also help cover accident-related legal expenses.
8. Excess Liability
   Coverage for losses in excess of an underlying casualty policy. The excess liability policy is often a commercial umbrella policy; its sole purpose is to provide additional limits of insurance. Excess liability limits are typically $2,000,000 to $10,000,000.

 

Business Owner Policy (BOP)

Coverage that combines general liability insurance and property insurance in one policy. A business owner policy (BOP) has the option to add additional coverages to tailor the insurance to the specific needs of the business. BOPs are typically designed for small and medium-sized businesses.

Business Auto

Coverage that provides financial protection for physical damage and/or bodily injury resulting from a traffic collision and losses associated with the incident. Business vehicles can be a car, truck or van used to run errands, carry tools and/or equipment or transport clients.

 

Inland Marine

Coverage for goods while property is in transit, in the care of the business or to be built. The most common Inland Marine coverages are:

1. Bailee’s Customer Coverage
   Coverage to protect the customers’ property that is left in the care of your business; for example, if you operate a warehouse or repair shop.
2. Builder’s Risk
   Coverage to protect materials and structures during new construction projects or renovations.
3. Exhibition and Fine Art Coverage
   Coverage to protect valuable items while on exhibit, in transit or on loan.
4. Installation Floater
   Coverage for materials from the moment they are loaded onto a truck until they are put to use or installed.
5. Motor Truck Cargo Coverage
   Coverage for customers’ goods while your business transports and delivers them.

 

Umbrella

Coverage to provide limits in excess of an underlying casualty policy. Excess liability limits are typically $2,000,000 to $10,000,000.

 

Professional Liability

Coverage to protect traditional professionals and quasi-professionals from suits brought against them as a result of errors and omissions in performing a service. Examples of professionals include optometrists, pharmacists, veterinarians, attorneys, real estate brokers, and many more.

 

Claims

Report claims directly to your insurance company as soon as possible, preferably within 24 hours of loss. Most insurers offer claim lines 24 hours a day, 7 days per week and many provide online claim reporting. Please contact your insurance company directly as noted on your ID card or insurance policy or go to the company website for details. If you don’t have that information, please contact Joski Insurance at 920.468.4141 or 1.800.355.6754 during business hours.