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Commercial Auto Insurance
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Businessowners need the same type of insurance
for cars used in the course of business as you do for a car
used for personal travel -- liability, collision and comprehensive,
medical payments (known as personal injury protection in some
states) and coverage for uninsured or under-insured motorists.
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Business Owners Insurance Policy (BOP)
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BOP is usually provided as a package of coverages bundled
into one policy:
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Property insurance for company
property -- there are two forms, standard and special,
which provides more comprehensive coverage.
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Business interruption insurance
for loss of income from a fire or other catastrophe that
disrupts operations. It can also cover the extra expense
of operating from a temporary location.
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Liability protection, which covers
your company's legal responsibility for harm caused by
you and your employees through defective products, faulty
installations, errors in services provided, etc.
BOPs do NOT cover professional liability,
auto insurance, employment practices liability, worker’s
compensation or health and disability insurance. These require
separate policies.
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Bonds/Fidelity Coverage
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Performance Bonds: A bond guarantees the performance
of obligations under a contract. These bonds guarantee the
obligee that the principal will perform according to the
terms of a written contract. Construction contracts constitute
most of these bonds. Contract bonds protect a project owner
by guaranteeing a contractor's performance and payment for
labor and materials. Because the contractor must meet the
surety company's pre-qualification standards, construction
lenders are also indirectly assured that the project will
proceed in accordance with the terms of the contract.
Fidelity: Bonds designed to guarantee honesty of employees.
These bonds cover losses arising from employee dishonesty
and indemnify the principal for losses caused by the dishonest
actions of its employees.
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General Liability
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This coverage
provides protection for the operations of a business, including
its products or completed work. |
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Group Health and Life
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These coverages
provide health and life insurance to a group of employees within
a company at more affordable rates than the individuals can
purchase individually. |
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Equipment Physical Damage Insurance
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Similar to
auto insurance – it covers your company’s equipment
in case of damage or theft. |
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Professional Liability
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Professionals
that operate their own businesses need professional liability
insurance in addition to an in-home business or businessowners
policy. This protects against financial losses from lawsuits
by clients whom claim the actions or lack of action by the professional
created the economic and/or personal loss. |
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Workers Compensation
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Workers compensation
insurance covers injured workers, regardless of where they are
injured and work-related illnesses. |
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Ocean Marine
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Boats: Similar to personal or commercial auto insurance.
Provides property, liability and medical coverage for:
- damage to or theft of your watercraft.
- your legal responsibility to others for bodily injury
or property damage.
- the cost of treating injuries, rehabilitation and sometimes,
lost wages and funeral expenses.
Cargo: These policies automatically cover goods shipped
by water or air, depending on the terms of sale, from the
warehouse at the point of shipment to the warehouse at the
point of destination, including all intermediate transit by
rail or truck.
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Hold Harmless
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These agreements,
sometimes referred to as indemnification agreements, are non-insurance
contractual agreements used to transfer risk from one party
to another. Courts generally uphold these agreements if they
clearly reflect an agreement by both parties to transfer liability,
and if the transfer is not against public policy. Since there
is always a chance that a court may strike down a “Hold
Harmless” provision, it is still very important to back-up
these contracts by requiring your subcontractors to have the
various forms of liability and Workers Compensation insurance.
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Employment Practices Liability
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Provides protection against many kinds of employee lawsuits:
- Sexual harassment
- Discrimination
- Wrongful termination
- Breach of employment contract
- Negligent evaluation
- Failure to employ or promote
- Wrongful discipline
- Deprivation of career opportunity
- Wrongful infliction of emotional distress
- Mismanagement of employee benefit plans
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| Professional
Employment Organization (PEO) |
PEOs, or Professional
Employment Organizations, are resources that provide expert
assistance for various human resources needs, supplemental benefits
administration, payroll and worker’s compensation and unemployment
claims. PEOs offer an excellent opportunity for small and medium
sized business owners to get experienced HR-related services
without the added expense of hiring and training an in-house
staff. |
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Umbrella Policy
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If your company is ever sued, standard business
owners policies provide you with primary liability coverage
for judgements against the company and attorney's fees. An
umbrella policy provides extra protection. An umbrella policy
will also cover the company for things such as libel and slander.
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| For more information please contact: |
Michael Roche, AAI
Vice President
856-691-0112 ext. 104
mroche@alliedinsur.com |
Laurie Walters
Commercial Lines Producer
856-691-0012 ext. 114
lwalters@alliedinsur.com |
Frank Jones
Business Account Representative
856-691-0112 ext. 122
fjones@alliedinsur.com
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