General Liability Insurance
Broad Range of General Liability Protection
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- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy’s limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Professional liability for the unique services you provide; Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
Business interruption insurance, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
Cyber Liability
Cyber liability coverage is insurance coverage for liability that arises out of unauthorized use of, or unauthorized access to, electronic data or software within your network or business. Cyber liability policies also provide coverage for liability claims for spreading a virus or malicious code, computer theft, extortion, or any unintentional act, mistake, error, or omission made by your employees while performing their job.
The typical business insurance policy only covers so-called “tangible” assets and electronic data is not considered tangible under the typical policy definition. Cyber liability insurance fills that gap. As the number of risks has increased and as the networked world becomes more complex, so have cyber liability policies.
Most policies today can be built around the needs of the business. An online retailer will have different needs than a brick and mortar small business with a limited web presence. Factors like the size of the business, the number of customers, the type of data (financial records vs. medical records, for example), and so on will affect the cost of the premium.
Directors & Officers Liability
Directors and officers liability coverage protects directors and officers against claims alleging negligence, errors and omissions, misstatements, misleading statements and misrepresentations.
Most organizations have a general liability policy that protects its directors and officers against negligent acts that result in bodily injury or property damage. However, general liability does not protect against alleged wrongful acts or omissions, including breach of duty, which do not result in bodily injury.
Directors and officers coverage protects your executives from potential lawsuits resulting from key decisions or management practices-lawsuits that may target their personal assets.
A comprehensive Directors & Officers liability policy can provide the following:
- Directors Officers Committee Members Volunteers
- Trustees or Employees
Comprehensive D&O Insurance can:
- Defend Prior Acts Defend Non-Monetary Damages Provide Duty to Defend Coverage Defend Libel, Slander & Defamation of Character
- Defend Discrimination, Sexual Harassment and Wrongful Discharge
Crime coverage can extend to those who may have access to your companies funds:
- Employee Dishonesty Money & Securities
- Forgery & Depository
Pollution / Environmental Liability
Environmental coverage generally falls into two categories. Errors and omissions coverage, also known as professional liability, protects a professional who mistakenly designs a facility that causes pollution in some way. Pollution incident coverage protects professionals on the job in case they cause a pollution incident by perhaps backing into a sewage pipe.
Policies for environmental consultants can feature broad coverage specifically tailored to the needs of a professional in the environmental field. Coverage may include pollution incident and asbestos coverage as well as retroactive coverage for eligible firms.
Bonds
Bonds come in several different varieties to fit different needs and situations. In general, bonds are a financial guarantee that one will perform according to the specifications of a contract, ordinance or other requirement. The two main types of bonds are surety bonds and fiduciary bonds.
Surety bond
A surety bond is often requested by a general contractor or project owner from a company hoping to work on the project. The bonding company guarantees that the work will be completed by the bonded company. If the bonded company fails to complete the job, the owner would use the bond proceeds to pay for a different company to complete it. Think of the bonding company as a co-signer on loan that will only be taken out if you fail to complete the project.
A fiduciary bond guarantees that a court-appointed executor or guardian performs properly and does not misuse the funds. A fiduciary bond is required by the court to protect the person for whom the fiduciary is acting, such as an estate or disabled person. A fiduciary’s responsibilities could range from managing an estate to giving financial advice.
Errors & Omissions
This form of coverage is separate from your standard general liability or property insurance. Errors and Omissions insurance is professional liability coverage for claims relating to either providing a professional service or failing to provide a professional service. No matter what profession you’re in, an error or omission (even a simple mistake) which causes financial harm to another, can put you and your business at risk. This type of policy can help protect you or your company from bearing the full cost of defense and damages for lawsuits that may occur.