Commercial Coverage You Can Count On
Commercial business insurance is coverage for businesses and corporations, generally designed to cover the business, its employees and ownership. Since there are so many types of businesses with different needs and situations, commercial insurance can come in many shapes and sizes.
- Commercial Property Insurance
- General Liability Insurance
- Industry Special Circumstances Insurance
- Commercial Auto Insurance
Commercial Property Insurance
Commercial property insurance is used to cover property and equipment from the risk of disasters. Different types of properties and equipment are considered for commercial property insurance. Several factors, such as location and occupancy, are considered while determining the cost of commercial property insurance. Commercial property insurance may cover items such as: computers, furniture and equipment, exterior signs, fence and landscaping, important documents, inventory and others’ property.
General Liability Insurance
General liability insurance protects owners and operators of a business from a variety of liability exposures from claims that happen as a result of normal operations. Commercial general liability insurance covers legal defense costs if someone sues over a bodily injury, property damage, or advertising injury. Your Commercial General Liability policy can pay for everything from hiring a lawyer to court-ordered judgments and settlements.
Industry Special Circumstances Insurance
Your business will require its own set of special insurance coverages for the risks inherent in your industry. Sometimes these can be added as endorsements to your policy, or you can buy them separately. These could include items such as Malpractice, Bonds, Surety Bonds, Business Owners Policy (BOP), Commercial Package, Directors & Office (D&O), Errors & Omissions (E&O), Professional Liability, Commercial Flood, and Inland Marine.
Commercial Auto Insurance
Commercial vehicle insurance is a policy of physical damage and liability coverages for amounts, situations, and usage not covered by a personal auto insurance policy. This type of business insurance covers many types of commercial vehicles—from automobiles used for business purposes, including company cars, to a wide variety of commercial trucks and vehicles.
Employment Practices Liability Insurance (EPLI)
The average EPLI lawsuit settlement is roughly $125,000 and the median judgement against employers is about $200,000. This doesn’t include additional expenses, such as lost productivity or reputational damage. It can often be hard to defend yourself in an employee lawsuit, which is why its smart to have EPLI coverage to provide the funds to handle your defense and settle lawsuits quickly.
Laws like the Americans with Disabilities Act and the Family Medical Leave Act outline standards employers have to meet. When employers break these rules, even without meaning to, they may face a lawsuit. Employment practices coverage helps businesses handle the cost of these suits.
Unfavorable treatment due to national origin, race, ethnicity and/or disability.
Discrimination based on a person’s sex or unwanted sexual advancements or comments in the work environment.
Worker’s Compensation Insurance
For a new or start‐up business or even a current business owner, it is important to know that state law requires you to have workers compensation insurance coverage to protect the well-being of your workers and your business.
Cyber Liability – CyberPro Protects Your Business
CyberPro is a unique cutting edge cyber liability solution, covering network business interruption, ecommerce trading exposures, crime and protection from media and intellectual property risks. This program is suitable for nearly all clients with independent insuring agreements so that a policyholder can “pick and choose” their coverage according to requirements.
- Loss Control, Education and Training
- On-Line Learning and Resources
- Breach Response
- Legal Services
- Security and Privacy Liability
- Network Interruption and Recovery
Loss Control, Education and Training
Up to date advice and information helping policyholders to reduce the possibility that a loss will occur and reduce the severity of those that do occur. A loss control program should help policyholders reduce claims, and insurance companies reduce losses through safety and risk management information and services.. Should such events occur, events are managed appropriately and effectively.
On-Line Learning and Resources
The Cyberscout learning management system (LMS) is an online training program that keeps you informed of the latest legal and regulatory developments affecting your business.
A data breach response plan is a course of action intended to reduce the risk of unauthorized data access and to mitigate the damage caused if a breach does occur. The Cyberscout team helps policyholders react swiftly and comprehensively to data privacy breaches. This team of experts assists with outlining a clear response strategy and supports policyholders following a data loss incident.
If legal advice is required, a best course of action is provided on how to comply with applicable breach notice laws and other credit card related regulations. Cybersecurity officers advise on implementing strategies to meet state, federal and international legal requirements, represent clients before regulatory bodies, and serve as the quarterback and crisis manager during incident response to mitigate loss and ensure compliance with the law.
Security and Privacy Liability
Coverage which protects the Insured against losses for the failure to protect a customer’s personally identifiable information (SSN, credit card numbers, medical information, passwords, etc.) via theft, unauthorized access, viruses, or denial of service attack.
Network Interruption and Recovery
Provides coverage for a company’s own losses and rectification costs from network interruption or following a security breach.
Other Commercial Services Provide
Our partners work with multiple insurance companies to find you the best option at the lowest rates. We also work with great local agents to offer additional options for your Workers’ Comp needs and make your premiums much easier to budget and manage.
- Builders Risk Insurance
- Business Owners Policy
- Business Income Insurance
- Business Interruption Insurance
- Equipment Breakdown Insurance
- Malpractice Insurance
Builders Risk Insurance
A specialized type of property insurance that helps protect buildings under construction. It’s essential in helping protect construction projects, but can be complex and often misunderstood. However, having a properly structured builder’s risk insurance policy can be crucial. In fact, it will serve as the backbone of a successful risk management program.
Business Owners Policy
A Business Owner’s Policy (BOP) combines business property and business liability insurance into one business insurance policy. BOP insurance helps cover your business from claims resulting from things like fire, theft or other covered disasters. Business owners insurance also helps cover claims that could arise from your business’s operation. These include claims of bodily injury or property damage. They also include claims related to personal and advertising injury.
Business Income Insurance
Business income coverage (BIC) form is a type of property insurance policy, which covers a company’s loss of income due to a slowdown or temporary suspension of normal operations, which stem from damage to its physical property. Coverage typically includes the loss of income but can exclude some ordinary operating expenses, such as utilities. Usually, coverage applies during the time required to repair or replace damaged property. However, for additional premiums, the term could be extended to cover a specified number of days after the completion of repairs.
Business Interruption Insurance
Business interruption insurance is coverage that replaces business income lost in a disaster. The event could be, for example, a fire or a natural disaster. Business interruption insurance is not sold as a separate policy but is either added to a property/casualty policy or included in a comprehensive package policy as an add-on or rider.
Equipment Breakdown Insurance
Coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including photocopiers and computers. Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown.
One type of professional liability insurance which protects physicians and other licensed health care professionals (e.g., dentists, nurses) from liability associated with wrongful practices resulting in bodily injury, medical expenses and property damage, as well as the cost of defending lawsuits related to such claims.
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We provide clients and employees access to a large selection of special offers and discounts through recognized brands that help businesses thrive. National Purchasing Partners offer several discounts made available to the Applied Business Solutions family.