Business Protection

Directors and Officers Liability

Anyone who serves as a director or an officer of a for-profit business or nonprofit organization may be at risk of a personal claim as a result of that position.  A directors and officers liability policy insures them against personal losses. It can also help reimburse the business or nonprofit for the legal fees or other costs it may incur in defending those individuals against a lawsuit

Workers Comp

Provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees.  Penalties for non-compliance can be very stiff.

Executive Bonus Plans

An executive bonus plan is an arrangement under which an employer pays the premiums on a permanent, cash value life insurance policy. Although the employer pays the premiums, the executive-not the employer-owns the life insurance policy. The basic executive bonus plan is simplicity itself. It is in the application of the plan that some complexity enters the arrangement.

General Liability Insurance

Every business, even if home-based, needs to have liability insurance.  The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.

Property Insurance

If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.  Business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate is also available.

Business Owner’s Policy (BOP)

A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.

Commercial Auto Insurance

Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions.  If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.  Many times the non-owned can be added to the BOP policy.

Professional Liability Insurance

Also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services.  Your general liability policy does not provide this protection, so it is important to understand the difference.   Professional liability insurance is applicable for any professional firm including but not limited to lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers.

Data Breach

If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information.  If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.

Buy–Sell Agreement

Also known as a buyout agreement, is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies, becomes disabled or is otherwise forced to leave the business.  Often times, insurance is used to fund the buyout, such as Life or Disability insurance.

Key Person Insurance

A company purchases a life and/or disability insurance policy on its key employee(s), pays the premiums and is the beneficiary of the policy. If that employee unexpectedly dies or becomes disabled, the company receives the insurance payoff.  This coverage is important because the death or disability of a key person in a company can have a devastating financial impact to that company.