Whether you are a building contractor, dentist or retail store there are a number of insurance products designed to fit your business operation. So what coverage do you need? The answer depends on your particular business. Once we gather the appropriate information, the professionals at Callis Insurance will leverage our experience and resources to put together the right insurance solution for your company. We offer all types of insurance coverage; you can read about some of the major types we can provide, whether as a business package, business owners policy, and/or on a monoline basis.
If you own a commercial building, replacement cost coverage is almost always recommended. Although we can utilize available cost estimators, Callis Insurance recommends that you secure a second opinion from a third party to accurately determine the current replacement cost of the building. Construction costs to rebuild or repair structures vary from geographic location to type of construction. Let us help you determine the appropriate coverage for your building.
Business Personal Property Coverage
This provides you coverage for your business personal property at a specified location and covers furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off site to various locations, it is important that you have an inland marine policy (equipment or installation floater) to cover this property.
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered event, such as a fire. This includes the loss of rents for landlord insurance policies. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities’ coverage may start after a waiting period and last for two or more weeks. It is strongly recommended that all businesses acquire this coverage.
Professional Liability (Errors & Omissions Liability)
E&O liability protects individuals and companies who provide service and professional advice by paying for legal costs to defend and possible damages that result from an omission or error that does not necessarily cause direct physical harm, but usually a financial loss or failure to perform the project. The main difference between E&O and general liability is that general liability coverage responds when there is direct physical harm to property or person, or an advertising and personal injury claim. This is a common coverage for entities providing legal accounting.
Directors & Officers Liability (Management Liability)
D&O is liability coverage for directors and officers of a company or nonprofit organization to pay for defense costs and/or damages resulting from legal action brought against those individuals in their capacity as directors and officers of the entity. Nonprofits and larger for profit organizations purchase this coverage to attract knowledgeable individuals for board positions since the coverage protects these people from their decisions on the board.
Employment Practices Liability (EPLI)
EPLI covers businesses when employees file suit for violation of their rights. Such claims can include but not limited to the following: sexual harassment, wrongful termination, wrongful discipline, discrimination, and failure to promote. There are a variety of EPLI policy options out there that include spousal provisions, attorney defense costs within the limits or outside the limits of liability and even coverage applying to third parties harassing your employees.
Crime (Employee Theft) & ERISA
If you have employees it is highly recommended to obtain some amount of crime coverage. Most package and business owners policies include this coverage automatically, but only a small amount. Crime insurance pays for the theft of money, securities, or other types of property. Embezzlement is one of the most common issues as there is always some degree of trust present with employers and employees when handling product or financial information and funds.
ERISA stands for Employee Retirement Income Security Act which requires employers to purchase insurance covering at least 10% of the total fund balance on pension, 401k’s and even employee health benefits. Both crime and ERISA coverages are widely available and relatively inexpensive to small businesses.
Auto insurance for vehicles used in a business operation. Commercial auto differs from personal insurance coverage in that it covers the business not the individual or family. The types of auto forms and coverage needs vary greatly among different businesses. We offer a multitude of different carrier options for commercial auto to accommodate everything from a contractor or log truck to a crane operator.
Cyber Liability & Data Compromise
Cyber liability overs the loss of electronic information of your clients, and even your employees. Credit card information, banking information, and social security numbers are the most common items involved in a data breach. Most policies cover all or combination of the cost to notify the parties affected by the data breach, credit monitoring, and fines incurred by regulatory entities. Cyber liability is an emerging risk affecting businesses large and small.
Logger’s Broad Form Property Damage
A form of general liability specifically covering the risk of care, custody, and control of forested land. It covers property damage from fire to timberlands while being logged or even small areas cleared for utilities. Common entities needing this coverage include logging operations, road builders, and other forest related industry providers.
Course of Construction and Installation Floater
Course of construction also known as Builders Risk covers a building project while in construction for damages such as fire, vandalism, and wind. It usually includes the building structure itself, building materials, soft costs such as engineering and architectural fees, and the labor costs for the construction. An installation floater is similar in that it covers the building materials and equipment to be installed by a contractor until the project is completed and accepted by the owner.
Electronic Data Processing (EDP)
Electronic Data Processing coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Earthquake & Landslide
Most commercial property policies exclude a loss resulting from earthquake and landslide. We have a number a creative solutions to cover your property for losses from earthquake and landslide. We utilize loss limit policies, difference in conditions forms and a variety of underwriting companies to insure you get the best option for your commercial property.
Most commercial property policies and homeowners’ policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from damage due to a flood. We have access to multiple facilities beyond options offered on the National Flood Insurance Program (NFIP) to cover your property for losses attributed from flood.
This provides you coverage at your location for bodily injury and property damage you are legally responsible for due to the course of your operations, an occurrence at your location(s) and/or injuries from your completed products. This is one of the most important commercial coverages for businesses. This coverage also includes goodwill coverage for trip and fall type incidents, as well in the event of a claim, your legal fees and damages. It is imperative you review this part of your overall insurance plan as no one policy is the same.