Your business can be your livelihood, but a molehill can quickly become a mountain in terms of setbacks if you don’t have the right insurance protection. Avoid uncertainties in coverage by discussing your industry and line of business with a Fullhart Insurance Agent. They can help to ensure that you’re conquering mountains, not stifled by them.
If you own a commercial building, replacement cost coverage for your property is needed. Although cost estimators are available, Fullhart Insurance recommends that you secure an appraisal from a third party to accurately determine the current replacement cost of the building.
Most commercial property policies and homeowners’ policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from damage caused by a flood. Flood insurance is offered through the National Flood Insurance Program and is available from a variety of different insurance carriers. We can do the shopping for you to find the flood policy that will provide the coverage you need at a price you can afford.
Business Personal Property Insurance
This provides coverage for your business’ personal property at a specified location and covers furniture, fixtures, equipment, and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off site to various locations, it is important that you have an inland marine policy (equipment or installation floater) to cover this property.
Business Income Insurance (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered event, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities’ coverage may start after a waiting period and last for two or more weeks. It is strongly recommended that all businesses acquire this coverage.
Electronic Data Processing (EDP) Insurance
EDP coverage is separate property coverage specifically designed to protect your computer-related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Your company’s liability risks depend largely on the type of business and the services you perform, and knowing which levels of protection are necessary can be difficult to decipher on your own. No matter what your industry, a Fullhart Insurance Agent can not only assist you in determining the appropriate coverages to safeguard your investments and enable your business to continue to thrive, but can also advise on how to reduce your risks and keep your insurance claims down.
General Liability Insurance
General liability insurance is a broad commercial policy that covers general liability exposures of a business. Coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury. We recommend that all businesses operating have general liability coverage in place.
Business Owners Policy (BOP)
BOP is a business insurance policy that combines property, liability, and business interruption coverages for small to medium-sized businesses. This packaged set of coverages is generally less expensive than if each coverage was purchased separately. A BOP is typically available to businesses and industries that are viewed as having relatively low liability exposures.
Professional Liability Errors and Omissions (E&O) Insurance
E&O covers professionals for negligence and errors or omissions that financially injure their clients. In addition to licensed professionals such as accountants, attorneys, insurance agents, architects, and engineers, technology companies frequently have a professional liability exposure. This typically arises from the fact that the general liability policy excludes damage to data. Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data.
Umbrella (Extended Liability) Insurance
This business insurance policy provides coverage for losses above the limit of an underlying policy or policies such as general liability, employers liability, and automobile liability.
Employment Practices Liability Insurance (EPLI)
EPLI for employers covers employment-related liabilities other than on-the-job injuries. EPLI covers legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights.
Directors and Officers Liability (D&O) Insurance
D&O insurance covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits. There are a variety of D&O coverages. Corporate reimbursement coverage indemnifies directors and officers of the organization. Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm. Entity coverage, for claims made specifically against the company, is also available. D&O policies may be broadened to include coverage for employment practices liability.