Business Insurance risk management needs differ greatly from one business to another. Determining the appropriate strategy requires a complete understanding of the business' operation as well as the company's financial objectives.
The Heritage Group has the resources and expertise to design and implement the most cost-effective, innovative, comprehensive insurance solution. We actively market your business to "A" rated carriers, then engage the underwriters and educate them about your risk. We diligently negotiate premiums, terms and conditions on your behalf that results in the most comprehensive coverage for the lowest premium. Our commitment to you does not end there, throughout the year we continue to manage your insurance program providing you with the efficient, professional customer service that our clients deserve and learn to expect.
Listed below are some of the coverages that may be of interest to you:
What is Property Insurance for Building and Contents? Most businesses lease space or own their building, office equipment, furniture, fixtures, computer equipment, phone systems, fax/copier, tools, supplies, valuble papers and other such property. These important items should be insured against perils such as fire, theft, vandalism and other covered incidents. The best protection is insuring these valuables for their replacement cost on an "open peril form" that will ensure your business will be reimbursed properly for a covered loss.
What is Business Interruption Insurance? In addition to a direct loss of your building/space and its business contents, indirect losses can occur as a result of this direct damage. Indirect losses are financial in nature and result from the loss of use of the property directly damaged. Business Interuption Coverage generally off-sets these indirect losses and consists of two parts: business income and extra expense. Business income is provided when your business experiences a partial or total suspension of earnings caused by direct physical damage to your operating space. Extra expense provides reimbursement to your business for the necessary extra expenses your business incurs during the restoration period.
What is Contractor Equipment Insurance (Inland Marine)? This coverage, purchased mostly by contractors, is used to insure valuable tools and equipment while they are in transit, at job sites, being stored on premises or temporary locations. Each piece of equipment is typically scheduled on the policy with a specific value. Endorsements that may also be purchased to enhance this coverage include, but are not limited to:
- Equipment leased, rented or borrowed from others: Provides automatic protection for the unscheduled equipment as specified in the form;
- Equipment rental reimbursement: Offers reimbursement of expenses your business incurs to rent subsititute equipment because of loss or damage to an insured item caused by a covered peril.
What is Valuable Papers Insurance? Certain firms, such as accounting and engineering firms possess very important documents that are costly to replace in the event they were destroyed. These documents can include books, maps, film, drawings, abstracts, deeds and manuscripts. If the business decides to purchase Valuable Papers Coverage, it would cover the actual cost of material, and any additional expenses necessary to reproduce these documents. Valuable Papers Coverage can be written on a "scheduled item" or "blanket" basis.
What is Builders Risk Insurance? Provides coverage for the interest of you and others and protects the property being built, renovated or repaired, during the course of construction. Some of the items covered are building supplies, construction equipment, scaffolding and the structure itself.
What is Commercial General Liability Insurance? This coverage protects your business from third-party claims arising form alleged bodily injury, personal/advertising injury or property damage liability. It includes protection for products you sell or services you render. This coverage can be written on an occurence or Claims-Made basis, payments can include judgements, attorney fees, court costs, or other related expenses. Some of the key components of general liability insurance are:
-Bodily Injury Liability Insurance covers the cost of care, loss of services and/or restitution for the death of someone other than yourself or your employees.
-Property Damage Liability Insurance is the direct physical loss or damage (including loss of use) to someone else's property.
-Advertising Injury Insurance covers against claims of libel, slander, product disparagement, piracy, infringement of copyrights, etc., that arise out of the advertising of your goods, products, or services.
- Products Liability Insurance covers third-party bodily injury or property damage that occurs away from your premises and is substained as a result of a product your company manufactured, distributed or sold, or a service your business provided.
- Completed Operations Liability Insurance covers any damage resulting from faulty work performed by representatives of your business away from your premises and after the work or operations are deemed finished.
- An Occurence Form provides coverage for claims that arise from an accident which results in bodily injury or property damage neither expected nor intended. The form covers such claims that occur during the policy period regardless of when the claim is made against you.
- A Claims-Made Form provides protection for only those claims reported or first made during the policy period or during any previous period that is stated in the Prior Acts or Retroactive Date option of your policy. This option allows you to keep coverage in force under consecutive Claims-Made policies. An alternative to the retroactive data usage is the use of an extended reporting endorsement or tail coverager, which allows you to buy coverage extending beyond the expiration date for a selected period of time. It should be noted this endorsement only extends the time of reporting claims which occur during the policy period.
What is Professional Liability Insurance? This coverage is purchased to insure against financial losses arising out of negligent acts, errors or omissions in the rendering or failing to render professional services or advice as defined in the policy. Professional Liability policies are written on a claims made and reported coverage form.
What is Automobile Liabilty Insurance? This coverage can provide a combination of liability protection and physical damage coverage for loss due to damage to vehicles owned, maintained or used by you. Additional coverages such as medical payments, uninsured / underinsured motorist, hired/non-owned, rental reimbursements and towing protection can be purchased to fit your business.
What is Umbrella Insurance? This coverage provides additional protection for your business by offering a higher limit of coverage that is in excess over scheduled underlying policies. It is used in one of three ways: (1) to provide additional limits of protection over the coverage listed in your underlying schedule, (2) to act as primary coverage if your underlying limits are exhausted, and (3) to provide coverage for some risks, subject to retention, when your primary coverage does not.
What is Directors & Officers Insurance? This type of professional liability insurance provides financial protection against claims arising from the negligent acts, errors, or omissions alleged to have been committed by present or former directors or officers of your corporation. A Directors & Officers policy usually consists of two parts: 1) coverage for the personal liability of directors and officers and 2) coverage for the company or insitution for the acts of its directors and officers.
What is Employment Practices Liability Insurance (EPLI)? This insurance protects companies against claims by workers who feel their legal rights as employees of the organization have been violated as a result of employer discrimination, wrongful termination, sexual harassment, or various other employment-related offenses. Such policies will reimburse your company against the costs of defending a lawsuit in court and for judgements and settlements.
What is Employee Dishonesty Insurance? Provides reimbursement, up to a specified amount, for financial loss your business sustains as a result of any dishonest or fraudulent act by a covered employee or employees involving the embezzlement of money or preoperty, including inventory, owned by you. This coverage can be extended to comply with the bonding requirements imposed by ERISA stating that all persons who handle benefit plans must be bonded for 10% of the plan's aggregate assets.
What is Forgery or Alteration Insurance? This coverage protects you against loss due to the forgery or alteration of checks, bank drafts, promissory notes, or other similar financial instruments drawn against your bank account. Such coverage may be extended to include checks forged or altered by employees as well as others.
What is Theft, Disappearance & Destruction Insurance? Provides reimbursement for loss of money as securities resulting directly from theft, disappearance or distruction. Coverage applies while the money and securities are at your location, while in the safekeeping of you or your courier while conducting business at a bank and while off your premises and in your protection or the protection of your courier.
What is Inside & Outside Premises Insurance? This provides coverage for loss of property other than money and securities, as a result of an actual or attempted robbery of a guardsman, or actual or attempted burglary, which occurs inside your premises. Damage to the premises that results from actual or attempted burglary or from actual or attempted robbery of a watchperson ia also covered, provided you own the premises or are liable for such damage.
What is Money Orders & Counterfeit Paper Currency Insurance? Protects against loss caused by you accepting counterfeit currency that is acquired during your regular course of business, or money orders that are not paid on presentation to the issuer.
What is Computer Fraud Insurance? Will cover loss or damage to money, securities, and other property resulting directly from their use of any computer to fraudulently cause a transfer of that property form inside your premises or banking premises to a person or place outside those premises.