Builders Risk insurance is property insurance that covers the construction materials and labor used in the construction or redevelopment of a building. Builders Risk coverage ceases upon completion of construction or a certificate of occupancy.
Business Owners Policy
Business Owners Policy, more commonly referred to as a “BOP,” is an insurance package providing property, business interruption, and liability coverage for small to mid-sized businesses. BOPs do not provide professional liability, auto insurance, or worker’s compensation. These will have to be obtained through separate insurance policies.
A bond is a contract between three parties, in which a surety promise to pay one party (the obligee) a certain amount if the second party (the principal) does not meet the requirements of an obligation. In the event that the principal fails to meet the requirements, the bond will cover the resulting damages or losses.
Bonds have a varied application in the commercial business world. The construction industry accounts for a majority of the surety bond market. Further, state licensing requires bonds for specific professions, including: auctioneers, car dealerships, janitorial services, mortgage brokers, contractors, guides and outfitters, and court bonds.
Commercial Auto insurance is essential for all businesses that have company vehicles, leased or hired vehicles, or that require employees to use their personal vehicles in the course of employment. Coverage options include bodily injury, property damage, collision, comprehensive, uninsured/underinsured motorist, and personal injury/medical payments coverage.
Commercial Property (Building)
Commercial Property insurance provides coverage for your buildings, business personal property, and depending on your needs, personal property of others in your care, custody or control.
Other forms of property insurance may cover equipment and supplies, inventory, money and securities, property in transit, signs and fences, extra expense and many other coverages to protect your business in the event of a loss.
Technology is a prominent part of nearly every businesses’ operation. It is critical to have a Cyber-Liability policy in place to cover the unique risks of a business. Today, sensitive information is being transferred more freely through means that can be easily intercepted. A stolen lap top, a hacked server, or an ill-advised social media post can result in widely disseminated information or worse it could result in personally identifiable information ending up in the wrong hands. A business’s General Liability policy will most likely not respond in the event of a cyber-attack. A Cyber-Liability policy can cover business interruption, data loss, computer funds, funds transfer loss, and cyber extortion.
D&O (Directors and Officers)
Today, directors and officers of publically and privately held organizations are faced with an increasing threat of litigation. The regulatory environment, specifically Sarbanes-Oxley, requires higher corporate transparency and accountability. Claims from shareholders, clients, employees, or government entities are becoming more and more frequent. These suits can be detrimental to the company and the directors and officers who can be held personally liable for these claims.
D&O insurance indemnifies the directors and officers of the company or the company itself for defense costs or penalties associated with claims resulting from the directors’ and officers’ actions and decisions that occur during the scope of their duties. Publicly held, privately held, and non-profit organizations can benefit from a D&O policy.
Commercial General Liability coverage protects businesses from the following claims: bodily injury and property damage payments arising out of the premises, business operations in progress on or away from the premises, or the products and completed operations of the insured; personal and advertising injury arising out of the insured’s business; and medical payments arising from an accident on the premises or because of the insured’s operation.
Excess and Umbrella
Every business fears having a claim that exhausts its limits of insurance, leaving it financially vulnerable. A commercial excess policy or umbrella policy provides additional limits over the existing policies.
An umbrella is an additional layer of coverage over the underlying policy, providing coverage for unidentified loss exposures. As a result, an umbrella policy provides broader coverage than the underlying policy.
An excess policy acts solely as additional limits to the underlying policy, and provides the same coverages as afforded by the underlying policy, also known as following form.
It is important to get an insurance expert to help you understand if your policy is a true umbrella policy, or is an excess policy.
Equipment Breakdown (Boiler and Machinery)
Equipment Breakdown Coverage protects you against breakdowns and the damage that can result. A power surge could damage your computers, a short circuit could cause temporary shutdown, and machinery could go down, effecting production. Breakdown coverage covers electrical equipment, computers and operating equipment, refrigeration systems, boilers and pressure equipment. Even if you don’t own the building, equipment breakdown coverage is insurance you should have.
Inland Marine insurance provides coverage for those items typically in transit away from the business location or those items that require higher limits of coverage. Inland marine coverage is used in both commercial and personal insurance. Commercial General Liability policies provide coverage for the business personal property at the insured location. However, those business items not located at the business address might not be covered.
In addition, a homeowner’s policy may not provide the proper amount of limits in the case of a loss for those items such as expensive jewelry, furs, or fine arts. In these situations, an Inland Marine policy can provide broader coverage than the primary policy, as well as dedicated limits for the items.
Inland Marine policies have a wide application and can cover items such as construction tools, fine art, camera equipment, and musical equipment.
(Errors and Omissions Insurance E&O)
Today’s professional is faced with an increasingly litigious environment that can jeopardize the reputation and finances of the individual and the business where they are employed. Professionals who provide services to clients for a fee have an exposure if their negligent act, error, or omission results in a financial loss for the client. Professional Liability insurance provides individuals and businesses with a safety net against the financial burden associated with a lawsuit resulting from a negligent act, error, or omission by a professional employed at the business. Specifically, it provides coverage for service errors, contract performance disputes, or other liability issues associated with providing professional services. These policies cover defense costs regardless of whether liability is found as well as the cost associated with a judgment.
Workers’ Compensation provides wage replacement and medical benefits to employees that are injured on the job. Employers are required to carry Workers Compensation in most, if not all, states. Workers’ Compensation provides benefits for employees hurt in the course of their employment while also providing cost predictability to employers.
EPLI – Employment Practice Liability
Whether you’re a business or a homeowner the personnel you employee could bring a suit against you. In today’s society businesses and individuals are faced with an increasingly higher threat of litigation.
EPL poses a threat to your business and your reputation and could cause irreparable damages even if you are not liable. Most EPLI policies include defense costs within the limits, so be sure to calculate these costs into your limits.
Landmark Insurance Group highly recommends EPLI policies for all businesses especially those with high turnover rates and for residences that employee a caretaker, nanny, personal assistant, or gardener.
Utility Services Direct Damage/Time Element insurance
Utility Services Direct Damage/Time Element insurance provides coverage in the event there is an interruption in services for example downed power lines or damaged water pipes away from your premises and your restaurant is not capable of opening its doors. You’ll be paid for your loss of profits and continuing expenses until utility service is restored or up to the policy limit.
Construction and Contractors
With decades of experience in construction Insurance & Bonding, Landmark Insurance Group has put together the ideal package of Price, Product & Service. We have the pulse of today’s insurance marketplace and are well aware of the fiscal and time sensitive demands on contractors.
Risk Management services are now a vital ingredient in the servicing of a construction client. Analyzing your contracts including risk transfer mechanisms, providing claims management services, and coordinating effective loss control strategies are all an integral part of our construction team services. Experience rating expertise can assist with the implementation of strategies to control Workers Compensation premium costs.
Landmark Insurance Group insures a spectrum of Specialty Contractors, Subcontractors as well as General Contractors. Additionally we have many Surety Bond markets available to assist with your bonding needs. Our expertise in construction, market clout, and buying power will help to give you a competitive edge.
For auto dealers, the inventory reporting option is a valuable tool that has advantages over the competition. The dealership pays the insurance cost based on monthly reported inventory through the policy term. By not having to insure a maximum inventory amount throughout the policy term the dealership is only paying for the amount of insurance needed and potential saving money, but more importantly never being over or under insured.