As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.
Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
Business Insurance tailored to fit your exact needs
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 for 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.
If your business suffers a property loss it could cause the business to slow or close down while repairs are made. 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. This may mean a complete or partial revenue loss depending on the time frame and the damage.
Although most business owner policies (BOPs) do provide coverage for property, this most often pertains only to the actual structure of your business. Under a BOP, generally, the structure of your business is covered from events of “peril” (i.e. weather-related damage) and causes of loss. What about the furniture, computers, and equipment in your building? Who will cover the cost of replacing an outdoor sign? This is where Business Property Insurance comes in. A typical Commercial Property Insurance policy will cover the property of your business that a BOP will not.
Even if your employees use company cars for both business and personal use, it would be good to look into purchasing a commercial vehicle policy for your business. If the business is the owner of the vehicle, make sure the name of the business appears on the policy as the “principal insured” rather than your name. Whether your company needs to purchase a commercial auto insurance policy is dependent on the type of driving its employees do. Our agents will sit down with you and explain your business’s vehicle insurance options. You will be asked about how your employees use their vehicles, which employees drive company cars, and if some employees will be using their own cars for company work and travel.
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.
Directors & Officers
Think of Directors and Officers Insurance as a management Errors and Omissions policy. Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to your products and services, not the performance and duties of management.
EPLI : Employment Practices Liability
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 and Lack of Advancement.
Does your business have enough liability coverage? If you are relying on the liability coverage provided through a Business Owner’s Policy (BOP), then chances are you do not have enough. Although a BOP does provide liability coverage for businesses, it is often at a small limit and not enough to cover costs due to claims and lawsuits. Does your business qualify for general liability coverage? It is important to know which market your business falls into before you shop for liability insurance. Those businesses that fall into the “excess surplus market” (i.e. “dangerous” occupations such as roofers, siders, etc.) have to purchase excess liability insurance. If your business falls into the “standard market” (i.e. technology companies, lawyers, etc.) then you qualify for general liability insurance.
Hospitality : Hotel & Motel
Hospitality insurance provides business protection coverage for owners and managers of hotels. Hotel insurance covers motels, resorts, spas, ranches and more. Learn more about the coverages included in the hotel and motel insurance policy. Running a hotel in today’s competitive environment is a big challenge. Getting the proper business insurance at a reasonable price can be frustrating and time consuming.
If you own an investment property, you should make sure that you carry adequate insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost. Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings.
Your key employees are your most valuable business asset. Their skill, knowledge and experience are your real profit makers. Without them, the success and growth of your business could be in jeopardy. Key employee insurance is designed to protect your business from the adversities associated with the loss of a key employee, manager or executive. The death or disability of a key employee could result in a substantial financial loss due to hiring and training a replacement, lost sales, and/or slowed production.
Kidnap & Ransom
A Kidnap & Ransom policy should be an integral part of your risk management program. While no one can predict where or when a kidnapper or extortionist might strike, there are steps that you can take to protect your executives and families and prepare for a possible threat. The Kidnap & Ransom policy will provide coverage for the following: Ransom and extortion payments as a result of a kidnapping or extortion threat; Loss of the ransom or extortion payment while being delivered; Expense coverage as a result of a ransom or extortion demand which includes fees and expenses of independent negotiators, and travel and accommodation expenses; Legal liability coverage protection in the event it is alleged the insured was negligent in a hostage retrieval; Political threat coverage for expenses when a person is wrongfully detained by anyone acting for a government or with the government’s approval.
Liability Insurance is designed to provide liability insurance protection for those businesses who manufacture, distribute, or sell liquor. You need liquor liability insurance if you sell liquor and your business is a: Bar, Tavern, Nightclub, Fraternal Club, Convenience Store, Liquor Store or a Restaurant.
In today’s challenging healthcare marketplace, we can help guide you to better results and a higher set of expectations with our value added services. We understand your struggle to deliver quality health care and avoid medical malpractice claims. Working in partnership with your practice, we will address affordability issues regarding medical malpractice insurance, while improving safety and quality.
Normally, it is difficult for businesses or general contractors to work without professional insurance. Professional liability insurance is intended to guard operators and owners of companies from claims that may come from a broad spectrum of sources. These exposures could be just about anything, including liability engendered by accidents from the operations of the insured party, contractual liability, products manufactured by the insured party, etc. The liability you select, whether it is one, two, or three million dollars, determines the cost of professional liability insurance. Also factored into the rates are the kind of work undertaken, gross receipts and total payroll expenses. Similar to auto insurance, when it comes to professional liability insurance, you will first have to make a down payment and then follow it up with installments. Before buying professional liability insurance, it is best to compare the quotes available in the market.
Today’s restaurant environment is more complex than ever and you want to know you’re covered for the unexpected occurrence. Whether you run a small cafe or a national chain, you could be held liable for anything from contaminated or spoiled food to spilled coffee. That’s why you deserve an insurance company with commercial restaurant insurance coverage specifically designed for the risks you face. Eligible classes include, but are not limited to: Fine Dining, Casual Dining, Fast Food, Ethnic Cuisine, Delicatessen, Coffee Shop and Micro Brewery.
Whether you are planning a corporate event, holding a large rock concert, or organizing a local flower festival, you will need special event insurance to ensure that you are covered for unexpected occurrences that may spoil the success you and your company may receive when the big day arrives. Sample List of Special Events: Corporate Events, Company Meetings, Concerts, Sporting Events, Proms, Dances, Dog Shows, Parades, Auto Shows, Ethnic Celebrations or Horse Shows.
We work with many of the country’s top-rated surety companies to secure:
- Contract Payment and Performance Bonds
- Fidelity Bonds on Employees
- Code Compliance Bonds
- Judicial and Court Bonds, including estate guardianship and repletion bonds
- Professional Service Bonds
Many companies are unaware that their current business and insurance policies most likely do not cover them for all of their technology-related risks. Our technology insurance portfolio offers coverage options tailored to fit your company’s unique needs. In today’s technology-driven world, companies face a number of dynamic exposures. Whether it is faulty software, inappropriate advice, misconfigured firewalls or inadequate anti-virus software, hardware failure – companies are increasingly at risk. Claims are growing rapidly, leaving companies liable for expensive lawsuits.
Wholesalers & Distributors
Modab Insurance offers a broad range of coverages that are cost-effective and perfectly tailored for your business requirements if wholesaling or distributing. Get coverage specifically designed for today’s wholesalers and distributors. Our programs for wholesalers and distributors include detailed risk assessment and loss control expertise that can help reduce insurance costs for everyone from the small supplier to the large distributor.
As a business owner, you do everything you can to protect your employees from potential dangers, but do you have workers compensation protection? Most business owners understand that workers compensation is important, but did you know that if you have employees, it is required by law for most businesses to have coverage? Workers compensation is a type of insurance coverage that protects your employees in case of injury or disease during the course of employment. Policies can provide coverage for: Medical expenses, Lost income/wages, Rehabilitation costs, Death benefits and more…