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Best Insurors > Commercial Insurance > Products
Commercial Insurance Products
Business Owners Insurance: A Business Owners Package policy, referred to as BOP for short, is a combination of liability and property insurance. It is designed to save the small to medium-sized business owner money when compared to buying policies separately. A BOP ordinarily provides building and contents coverage, business income and extra expense coverage and can provide crime, boiler and machinery, inland marine and liability coverages.
As a general underwriting guideline, BOP insurance is for small businesses and annual company revenues must be under $1 million. Actual guidelines will vary from carrier to carrier.
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Property Insurance: Property Insurance is not just insurance for physical property like a building, it protects your business against physical damage and loss of assets. Assets, broadly defined, include the area in which your business operates and the property housed there. Good examples of property within a building are desks, chairs and merchandise. In the case of catastrophes like fire, explosion, theft, or vandalism, property insurance helps cover your costs — whether it's to repair damaged property or replace what you've lost. It is important to review your property insurance every year because the value of your property can change from year to year.
Commercial property owners, both those operating a business on their property and those leasing property to another entity, may purchase policies that protect the building and associated structures. A property owner’s policy will not protect tenants from loss. Business owners who lease their property may buy policies that protect the building’s contents, such as machinery, furniture and stored or displayed merchandise.
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Flood Insurance: If you have a loan on property in a flood zone you may be required to have flood insurance if the property is used to secure that loan. The Federal Flood Disaster Protection Act of 1973 requires that federally regulated lenders determine if real estate used to secure a loan is located in a Specially Flood Hazard Area (SFHA). If the property is located in a SFHA area, the borrower must obtain and maintain flood insurance on the property. This is insurance that compensates for physical damage to property by flood. Flood related damage is typically not covered under standard hazard insurance.
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General Liability: If someone has an accident on your premises or is injured by your product General Liability insurance protects you. Commercial general liability coverage insures a business against accidents and injury that might happen on its premises, as well as exposures related to its products. General Liability will help protect you from payments for bodily injury or property damage to a third party. Also, general liability may include the cost of defending lawsuits including investigations and settlements, and for any bonds or judgments required during an appeal procedure.
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Commercial Auto: Commercial Auto Insurance can provide coverage for your fleet of vehicles and drivers (for you and qualified employees) against injury, loss or damage to vehicles or cargo, plus damage to other property.
Commercial Auto Insurance policies generally offers convenient, unified billing, and a range of optional coverages to meet your company's vehicle liability needs.
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Workers’ Compensation: Workers' compensation protects an employer from liability for an accident in which employees are injured.
This insurance pays lost wages and medical expenses to your employees if they are injured on the job. Specifically, it covers their medical bills, a portion of lost wages, vocational rehabilitation and death benefits. Almost every state requires, by law, that designated employers carry some form of workers' compensation insurance. Because state law establishes the coverage amount, benefits do not vary from company to company within the same state. Employers are protected by statute against other work injury liability, except in cases of extreme negligence. Best Insurors can coordinate with insurance carriers to provide risk management programs that may lower your risk.
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Professional Liability: Professional liability insurance protects against claims arising from your acts, errors or omissions in rendering services of a professional nature. Businesses involved in everything from advertising to engineering need to consider this coverage seriously. It is common for customers to require Professional Liability coverage from their providers of services such as those provided by lawyers and accountants before contracting for their professional services.
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Inland Marine: Inland Marine is the oddball of insurance policies, it does cover goods in transport, but it also includes diamonds and information technology equipment. If you are having difficulty identifying the proper type of coverage for something you wish to insure there is a good possibility it will fall under Inland Marine coverage.
These policies cover property while in transit or in the custody of bailees, “floating” property, dealer stock, property sold on deferred-payment basis, instrumentalities of transportation and communication, and electronic data processing equipment. Some of the major categories of Inland Marine insurance are, builder’s risk, contractor’s equipment floaters, installation floaters, dealer’s policies, electronic data processing equipment, bailee coverage, property in transit and instrumentalities of transportation or communication. Please contact Best Insurors for further information regarding Inland Marine coverage.
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Directors and Officers: A directors and officers legal liability insurance policy, commonly referred to as a “D&O policy,” provides coverage for wrongful acts for individual directors or officers. It is divided into two parts and can be purchased separately: the first covers directors and officers individual liability when they are not indemnified by the corporation, with the second part indemnifying the corporation for expenses associated with a claim. D&O does not cover people who intentionally commit fraudulent activity.
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Surety-Bonds: Most commonly referred to as Bonds, Bid Bonds and Performance Bonds. A bond covers the fulfillment of an obligation. The obligations can range from performance of a contract to following laws related to an operating license. Other obligations include paying taxes or lease fees, supplying goods, paying a court judgment, or performing duties as a public official, etc.
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Group Life: Group Life insurance is usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association. For example, a professional membership group. The individual members of the group hold certificates as evidence of their insurance. Group life generally provides life insurance at a reasonable price to all because the risk is spread over multiple people.
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Group Health: Group Health insurance which is provided to members of a group of persons, as employees of one or more employers or members of associations or labor unions.
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Fidelity-Crime: If there is a crime against your business a Fidelity-Crime policy protects you. Commercial crime insurance protects businesses from the loss of money, securities or inventory resulting from risks such as theft, embezzlement, forgery or alteration of checks, robbery, counterfeit currency and documents, disappearance and destruction of money, securities and documents, employee dishonesty, safe burglary, computer fraud, wire transfer, audit and investigation expense. Reduce your risk from crime and obtain Fidelity-Crime coverage.
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Fiduciary Liability: If you have an employee benefit plan, your organization will have people with fiduciary liability. Fiduciary liability is personal liability insurance in the event something goes wrong with an employee benefit plan. Fiduciary liability insurance pays, on behalf of the insured, the legal liability arising from claims for alleged failure to prudently act within the meaning of the ERISA Act of 1974. The “Insured” for trusts or employee benefit plans are generally trustees, officers or employees of the trust or plan; or an employer who is the sole sponsor of a plan and any other individual or organization designated as a fiduciary. Group life and medical expense plans, as well as pension and retirement plans, are within the scope of the law.
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