A business owners policy includes two primary types of insurance coverage.
- Property -provides insurance coverage for your business’s physical structure and its contents, including inventory, office equipment, furniture and computers. Also includes business interruption insurance in the event you could not conduct business as usual.
- Liability – covers your business against claims and related expenses resulting from allegations of negligence.
General Liability insurance provides protection for legal liability which can develop through injuries or damages sustained by a third party. This insurance covers losses resulting from personal injury, bodily injury, property damage, and advertising injury. Standard General Liability policies cover companies for not only the indemnification portion of the claim but also the legal fees associated with defending a claim.
General Liability policies must be tailored to meet your company’s specific needs. Fortside will be happy to review your current General Liability coverage and help you develop the appropriate go-forward insurance program.
Companies should also ensure that their General Liability policy meets the requirements called for in the insurance clause of their various contracts.
Fortside is ready to assist you with any questions or concerns you may have with your General Liability coverage, contact us today to discuss your options.
- Are you purchasing adequate limits to protect your company?
- Is your deducible right for your risk tolerance?
- Do defense costs erode the limit of insurance or are they in addition to the limit?
- Is your policy an “occurrence” or “claims made” form?
- Is your coverage territory excluding key aspects of your business?
Commercial Auto Liability
Commercial Auto Liability covers specific legal liabilities resulting from bodily injury or property damage caused by vehicles used for your business. In addition to cover 3rd party liability, the policy can also be structured to cover first party losses, damage to your company vehicles. Even if your business does not own a vehicle you should consider hired & non-owned auto coverage. This coverage protects your business in the event you or an employee is involved in an accident while driving a personal vehicle for work purposes, such as visiting a client or attending a sales meeting.
If you have employees who use company vehicles to conduct daily business, then you need to have commercial auto insurance. All states require vehicle owners to have a minimum amount of automobile liability insurance. An employee who is involved in an accident while engaged in company business may not be covered by their personal auto insurance.
Nobody wants to think about disaster striking but it is imperative to have a recovery plan in place in order to get your business back up and running.
What would happen to your business if you had a major fire? How would your company replace a roof damaged by a storm and the resulting damage to inventory? What about windows shattered by a vandal or equipment damaged by a flood?
Business property insurance is one of the best ways to protect your business property and its operations from damage caused by inclement weather, fire, windstorm, hail or crime.
Business property insurance will not only cover your business’s building and business personal property but also extend to business interruption, which covers expenses and lost income as you work to restore your business.
While general liability insurance primarily focuses on property damage or bodily injury, Professional Liability Insurance (a.ka. Errors and Ommissions or Malpractice Insurance), insures your business when a customer claims that an error you made caused them to suffer a financial loss. This coverage also includes legal defense costs, no matter how groundless the allegations may be. If your business does not “make” something but rather provides a “service” or “advice” you almost certainly have professional liability exposure.
A policy that covers your specific areas of risk
Almost all professional liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed while the policy is in force, and for claims actually filed during the term of the policy. If the professional liability insurance policy is cancelled before arranging an extended reporting period, your coverage will end, and any claims submitted after the cancellation will not be covered, even though the work was performed while the policy was still in effect.
Every professional liability insurance policy has exclusions. So, before you purchase this type of policy, you’ll want to review any potential threats and/or professional risks for your company, and look for a policy that covers those specific areas of risk.
Directors & Officers
The directors and officers policy protects the management of a corporation against damages from claims resulting from negligent or wrongful acts during their work schedule. The corporation is also covered for the expenses incurred from defending lawsuits from the alleged wrongful acts of their officers or directors. Benefits to having Directors and Officers Coverage are:
- Defends your business against competitor lawsuits – involving anti-trust, intellectual property infringement or unfair trade
- Defends and provides coverage for regulatory actions brought by the FDA, FTC. IRS.
Want to know more about Directors & Officers Insurance? CONTACT US today to discuss the options available to you.
Workers Compensation coverage is a statutory requirement for nearly all businesses. If companies do not adhere to the requirements the state can levy heavy fines. Workers Compensation coverage is a form of insurance that provides wage replacement and medical benefits for employees who are injured in the course of employment. In exchange for this coverage employees relinquish the right to sue their employers. Employers Liability (EL) Coverage is built into a standard Worker’s Compensation policy. EL Coverage is triggered in the rare case when an employee foregoes their Worker’s Compensation benefits and sues his/her employer for negligence.
WORKERS COMPENSATION INSURANCE COVERS
Workers Compensation Insurance generally covers:
- Injuries on the job
- Repetitive motion injuries (carpal tunnel)
- Breathing issues as a resulf of work performed
- Medical and rehabilitation costs
- Income replacement (usually based on 2/3 of salary)
- Lawsuit protection for the business
- Death or dismemberment
Fortside Insurance Group can provide products liability insurance for manufacturers, importers and distributors.
If your company makes, sells or distributes a product, you can be held liable for its safety. If one of your products that is sold endangers or hurts someone, you could be financially responsible for the incident. If you don’t have adequate product liability insurance, chances are you will suffer a financial loss if you are presented with a 3rd party claim.