Important Business Insurance Information
Types of Businesses We Advise:
Contractors
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Retail Operations
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Business Insurance You Should Consider
You can use this list to make sure that your business property is covered:
- Buildings and other structures (owned or leased)
- Furniture, equipment and supplies
- Inventory Money and securities
- Records of accounts receivable
- Improvements and betterments you made to the premises
- Machinery Boilers Data processing equipment and media (including computers)
- Valuable papers, books and documents
- Mobile property such as automobiles, trucks and construction equipment
- Satellite dishes, signs, fences, and other outdoor property not attached to a building
- Intangible property (good will, trademarks, etc.)
- Leased equipment
The best thing to do is to take a complete inventory of your business property, determine its value, and decide what you want to insure. We will work with you to make sure that the items on the inventory list are included in your business property policy and covered for the correct amount.
Commercial Auto and Truck Insurance
Your single vehicle or fleets of trucks need to be covered for liability, medical payments, uninsured motorist coverage, comprehensive and collision. Commercial auto policies also cover you when you rent a car and when your employees are operating their personal cars for your business.
Consider your unique, business situation.
Are you planning a major expansion?
Does your inventory peak depending on the season or does it fluctuate throughout the year?
Is your liability limit high enough in light of the new job contract you just signed?
To meet the unique needs of your business, business policies are designed to be added to or subtracted. You should always inform us if there are changes to your business, so that we can ensure that your policy still provides adequate coverage.
Common additional business property coverage includes:
Business Interruption Insurance – covers the loss of earnings as a result of damage or loss of business property, including reimbursement for salaries, taxes, rents, and other expenses. Net profits that would have been earned during the period of interruption can also be included.
Boiler and Machinery Insurance, aka Equipment Breakdown Insurance, or Mechanical Breakdown Insurance – provides coverage against the sudden and accidental breakdown of boilers, machinery or equipment, including computer systems and telephones/communication systems. Coverage usually includes reimbursement for property damage, expediting expenses (e.g., express transportation charges), and business interruption losses.
Builders Risk Coverage – covers buildings in the course of construction. Depending on the policy, this coverage can be for either the building's value at the time of loss or its full value at the time of completion.
Building Ordinance Coverage - provides coverage when a community has a building ordinance stating that when a building is damaged to a specified extent (usually 50%), it must be completely demolished and rebuilt in accordance with current building codes rather than repaired.
Commercial Crime Coverage – covers money and securities, stock and fixtures against theft, burglary and robbery both on and off the insured premises and for both employees and outsiders.
Debris Removal Coverage – covers the cost of removing debris after damage from fire or other covered peril that requires debris removal before reconstruction of the damaged building.
Inland Marine Insurance – covers property in transit, as well as other people's property left on your business premises.
Insurance for Loss of Lease Income or Value – covers the loss of income when rental property is damaged or destroyed. It also covers the loss of value when the owner used some of its space for business.
Employment Practices Liability Insurance
Employment practices liability insurance (EPLI) protects your business from claims in which employees believe their legal rights have been violated. An EPLI policy covers the costs of defending a lawsuit, including legal costs and judgments and settlements. With an EPLI policy, your company will be protected from sexual harassment, discrimination, wrongful termination, breach of employment contract, negligent evaluation, failure to employ or promote, wrongful discipline, deprivation of career opportunity, and wrongful infliction of emotional distress. Employers are realizing that they may be held liable for actions of owners of the company, officers of the company, and supervisors. Businesses of all sizes are exposed to potential employment practices lawsuits, but unfortunately the vast majority of small to medium size employers too often ignore this exposure. Please contact Loiselle Insurance at 401.723.8510 if you would like more information about EPLI coverage, or would like to discuss loss prevention techniques in this area.
Professional Liability Insurance
In today’s service-oriented economy, many businesses are offering “professional services” to the general public. “Professional services” are those types that require an expertise or special skill that is greater than the ordinary layman, such as doctors, attorneys, accountants, engineers, advertising executives, and beauticians. Professional liability insurance, sometimes referred to as malpractice insurance, protects against financial loss arising from your acts, errors, or omissions while providing such a professional service. In today’s litigious society, businesses are subject to greater malpractice and errors and omissions claims than ever before. Regardless of how well you perform your professional duties, you can still be sued. Professional liability coverage will pay for legal defense costs in addition to judgments and settlements arising from the failure to provide proper professional services.
