| Businesses present unique exposures for insurers, so
it is harder to generalize about coverages. The categories of policies
listed below are only an outline of the coverages available through our
insurance carriers.
Whatever your commercial insurance needs, we can design a protection
program that's right for you. InsuranceFirst Services provide the following types of business insurance
protection:
Commercial Auto
A commercial automobile insurance policy is required under most
circumstances when the vehicle is used for business purposes and meets
certain other requirements. It is not just the registration that
determines the requirement for a business automobile insurance policy.
Other requirements are ownership by a corporation, use in hauling goods
for hire, and gross vehicle weight of the vehicle. Some small trucks can
be owned and insured under a personal automobile insurance policy under
specific circumstances.
Commercial automobile insurance policies are not regulated in pricing,
as are private passenger policies. There is price competition between
insurance companies for good commercial automobile insurance.
BOP (Business Owners Package)
Business Owners Package
policy, commonly called a "BOP" contains many of the insurance coverages
needed by most small businesses. While these policies are not standard,
there is great variation from insurance company to insurance company;
there are certain common elements. The basic BOP offers business
property both building and contents, and liability insurance protection
for the operation of your business. This liability protection will
generally include both the operation of your business, at its
established location, and the liability from your products or completed
operations.
Some, but not all of the
policies, will also offer business income and extra expense protection
after an insured loss. BOP policies do not contain all of the coverages
needed by a small business. Notably they do not cover any Workers'
Compensation, professional liability, or business vehicle coverage.
Business Interruption
If your business suffers a property loss it could cause the business
to slow or close down while repairs are made. This may mean a complete
or partial revenue loss depending on the time frame and the damage. From
the time the loss occurs until your business is running again, insurance
can replace your lost profits, and provide a source of money to pay your
necessary continuing expenses, like rent, payroll, taxes, etc.
Commercial Property
Commercial Property protects your business against the loss or loss
of use of company property. "Property" can include a variety of types:
lost income or business interruption, buildings, computers, money, and
valuable papers.
Commercial Umbrella
Most package policies provide a liability insurance limit of $1
million for any one loss and $2 million in any one year. For many
businesses, this limit is inadequate for real economic security. As a
result, additional layers of protection in million-dollar increments are
readily available in today's insurance market for most businesses.
Employment Practices Liability (EPLI)
Employment Practices Liability Insurance otherwise known as EPLI is
insurance that helps protect you against claims from your employees that
result from the general conduct of your business. Common examples of
employee related claims include claims relating to:
-
Discrimination
-
Wrongful Discharge
-
Sexual Harassment
-
Hostile Working
Environment
-
Wrongful
Termination
-
Lack of
Advancement
General Liability
The general or public liability policy provides protection for claims
of liability that are made by third parties. The policy provides defense
protection even if the allegations are groundless. In addition the
policy will pay any judgment up to the policy limit of coverage.
Surety Bonds
We work with many of the country's top-rated surety companies to
secure:
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Contract Payment
and Performance Bonds
-
Fidelity Bonds on
Employees
-
Code Compliance
Bonds
-
Judicial and Court
Bonds, including estate guardianship and repletion bonds
-
Professional
Service Bond
Workers' Compensation
Workers' Compensation insurance protects employers from claims
resulting from injuries to employees. It protects your business from
lawsuits and provides employees with compensation for on-the-job
injuries.
By law, most employers are required to provide coverage for lost
wages and medical bills incurred as a result of on-the-job accidents or
illnesses. For many businesses, this coverage is the largest part of its
insurance expense.
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