Business
Every business firm has certain legal liability and property damage risk exposures that should be strategically managed. McBride Group will provide risk management solutions through a wide variety of carriers, coverage, deductibles, and limits for all business needs. Business insurance will offer protection from many risks business owners face pertaining to damage or loss of property, vehicles, equipment and inventory. Bodily, property, advertising, personal liability coverage, and crime coverage will also be implemented for protection from daily operations exposures.
Type of Policy & Coverage:
Commercial Auto Insurance:
Commercial Auto insurance may be written as a stand alone policy or as part o the Commercial Package Policy. It is used to cover, owned, leased, hired, rented, or borrowed private passenger autos, trucks, trailers, and semitrailers that are owned and used by the business. Provides liability coverage for trailers being towed by a covered vehicle.
Coverage include
d:
- Liability Coverage
Pays for protection from litigation resulting from an at fault auto accident involving the insured company vehicle which is held liable.
- Collision Coverage
Pays for replacement or repairs to commercial vehicles after an accident resulting from an impact with another vehicle or object.
- Comprehensive Coverage
Pays for physical damage to commercial vehicles as a result of theft, windstorm, fire, glass breakage, etc.
- Rental Reimbursement Coverage
Pays for a specific amount per day for the insured to rent a vehicle in the event that the covered auto is out of service due to a covered loss.
General Liability:
The areas of general liability exposure to a business consist of premises, operations, products, completed operations, contractual, and contingent exposure.
Definition & Example:
- Premises & Operation Exposure
The building owner or tenant me be held liable in the event and/or property damage arising out of conditions on or away from the business premises, including off the job site or vacant land.
Example: A customer or client slips and falls on an icy sidewalk on the business owners premises; or has her/his LCD TV damaged by the insured while the insured is at their home, installing marble tile.
- Products Exposure
A retailer, wholesaler, or manufacturer has possible legal liability that arise based on negligence, breach of warranty, or strict liability associated with a product. Common Law declares that the seller of a product makes an implied warranty that a product is safe for the public. Product Exposure Coverage applies to bodily injury or property damage the product causes and the injury or damages must occur away from the premises.
Example: An auto manufacturer builds an electronic acceleration peddle that fails and causes an auto crash.
- Completed Operations Exposure
Businesses doing installation work, servicing, construction, or repair have a possible legal liability from their completed operations. Damage or Injury must occur off the premises. The coverage will pay for bodily injury and/or property damage caused by negligent or faulty work by an insured.
Example: A walk ramp the insured has built and completed at a customer's business later collapses, causing injury.
- Contractual Liability Exposure
Businesses often assume the liability for the negligent acts of another through an written or oral contract. One party effectively agrees to hold the other harmless for claims arising from a easement, lease, or the performance of the her/his work. These contracts are usually called "Hold Harmless Agreements".
Example: A
contractor agrees to
assume the liability of a landowner while constructing a
building.
- Contingent Liability Exposure
Individuals or firms contracting with contractors or subcontractors to construct, make repairs, or alter have potential contingent exposure because of negligent acts of the subcontractor or contractor.
The Certificate of Insurance is provided by the insurer to provide evidence of coverage to such a person that the contracting business is covered.
Example: A building owner may become liable for the actions of a plumbing contractor or subcontractor they have hired because they did not give adequate job description instruction and the contractor installed the wrong plumbing material in the wrong property or building.
Coverage included:
- Bodily Injury & Property Damage Coverage
Pays those sums the insured becomes legally obligated to pay as damages arising out of bodily injury and/or property damage. Bodily injury occurs when someone is injured as a result of your business operations. Property damage covers claims of damage to the property of others.
- Personal and Advertising Injury Coverage
Personal Injury Coverage provides protection for liability arising out of certain offenses, such as false arrest, malicious prosecution, wrongful entry, eviction, or invasion of privacy.
Advertising Injury Coverage pays for liability from misappropriation of advertising ideas or styles of doing business, infringement of another's copyright, title, or slogan, violation, libel or slander.
- Medical Expense Coverage
Pays for medical expenses, due to the bodily injury of customers, caused by an accident on the insured's premises or because of the insured's business operations. Expenses include first aid administered at the time of accident and expenses that have been incurred and reported within the 1 year of the date of the accident. The payments are made regardless of fault.
Commercial Property:
Provides protection of the commercial building and contents against direct physical loss.
Business Owners Policy (BOP):
It is a package policy designed for small to medium sized business firms that do not require extensive underwriting. The BOP is multi-line, combining both property and liability coverage under its own form.
Truckers Coverage:
This form is similar to the Commercial Auto Coverage with some modifications and is designed for those firms or persons that are in the business of transporting goods or commodities for another.
Coverage included one or more of the following:
- Liability Coverage
Pays damages for property damage or bodily injury for which any insured is at-fault due to an auto accident. Personal injury protection may be covered for treatments resulting from an accident, including medical, lost earnings, rehabilitation, and replacement services.
- Trailer Interchange Coverage
Pays for physical damage coverage for non-owned trailers but is in the truck owners possession along with a written Trailer Interchange Agreement in which the insured assumes liability for loss to the trailer.
- Collision Coverage
Pays for replacement or repairs to commercial vehicles after an accident.
- Comprehensive Coverage
Pays for replacement or repairs to commercial vehicles after an accident.
Commercial Package Policy (CPP):
It is a modularized commercial lines program which accomplishes maximum flexibility to create a uniform policy format that eliminates redundant information by writing multiple coverage parts into a single package.
Coverage included one or more of the following:
- Commercial Property Coverage
Provides protection of the commercial building and contents
a
gainst direct physical loss.
- Commercial Inland Marine
The policy is designed to protect against losses to property that is mobile in nature, primarily while the property is away from the business owners premises.
- Boiler & Machinery Coverage
Provides protection to almost any machine regarding accidental breakdown that could destroy or damage a large part of the machine, in addition to steam boilers.
- Farm Property & Liability
Provides protection for liability, farm dwelling, other private structures, household personal property, loss of use, scheduled farm personal property, unscheduled farm personal property, other farm structures, livestock, mobile agricultural machinery, equipment, crop insurance, crop hail insurance, and multi-peril crop insurance (MPCI).
- Commercial General Liability
The areas of general liability exposure to a business consist of premises, operations, products, completed operations, contractual, and contingent exposure.
- Commercial Crime Coverage
Crime Coverage provides protection against loss from burglary, robbery, theft, and employee dishonesty etc.
- Commercial Automobile Coverage
Commercial Auto insurance may be written as a stand alone policy or as part o the Commercial Package Policy. It is used to cover, owned, leased, hired, rented, or borrowed private passenger autos, trucks, trailers, and semitrailers that are owned and used by the business. Provides liability coverage for trailers being towed by a covered vehicle, however, physical damage to trailer is not covered.
Workers Compensation:
Pays for on-the-job injuries, regardless of negligence on anyone's part. Provides employers liability coverage to the employer for employees bodily injury claims that do not fall within the scope of the Workers Comp Laws.
Commercial Umbrella & Excess Liability Policy:
Provides blanket catastrophe excess liability coverage. Pays when losses exceed underlying primary policy limits, may provide coverage for which there is no underlying limits, or may also protect against excluded coverage in the primary policy. It may also replace coverage for underlying liability when aggregate limits are impaired or exhausted by loss payments.
Employment Practices Liability Insurance (EPLI):
EPLI provides protection for its employer and its employees against claims made by former, current, or potential employees for actual or alleged (age, sex, race, disability, etc.), wrongful termination, sexual harassment, or other employee-related allegations.
Optional Coverage:
- Tools & Equipment Coverage
Pays for covered loss or damage of tools and equipment used in your business.
- Cargo Coverage
Provides protection of cargo during storage or while being transported.
- Crime Insurance
Crime Coverage provides protection against loss from burglary, robbery, theft, and employee dishonesty.
- Business Income Coverage
Pays for loss of income up to 12 months resulting from a covered loss.
Disclaimer
**The feature icons displayed are a summary for informational purposes only. Review the evidence of coverage and insurance policy (plan contract) for a detailed description of coverage benefits, limitations, and exclusions.**