COMMERCIAL SOLUTIONS

 

WHAT BUSINESS INSURANCE DO I NEED?

The answer depends on your particular business. Once we gather the appropriate information, EGIDA will leverage our experience and resources to put together the right insurance solution for your company

COVERAGE AVAILABLE:
• Business Owner's Policy
• Commercial Auto Insurance
• Commercial Property Insurance
• Workers' Comp Insurance
• Cyber Liability Insurance
• EPLI Insurance
• E&O Insurance
• Farm & Ranch Program
• General Liability Insurance
• Lessor's Risk Insurance
• Liquor Liability Insurance
• Professional Liability Insurance
• Special Event Insurance
• Umbrella Liability Insurance
• Vacant Land Insurance
• Product liability/Brokerage
• Property & Package programs
• E-Z Rate Contractor Program

PROPERTY COVERAGE

Building
If you own a commercial building, replacement cost coverage is needed. Although cost estimators are available, Texas P&C recommends that you secure an appraisal from a third party to accurately determine the current replacement cost of the building.

Flood
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.

Business Personal Property
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.

LIABILITY COVERAGE

General Liability
A broad commercial policy that covers general liability exposures of a business. Coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury. We recommend that all businesses operating have general liability coverage in place.

Business Owners Policy (BOP)
A business insurance policy that combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged set of coverage is generally less expensive than if each coverage was purchased separately. A Business Owners policy is typically available to businesses and industries that are viewed as having relatively low liability exposures. 

Workers Comp & Employers Liability
This coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally, this coverage protects an employer from being sued by an injured worker in most cases. A commonly overlooked exposure for companies who employ mostly office workers is the potential injury to employees while driving their own vehicles on company business. This could be as simple as an employee driving to a sales call, the bank or office supply store. If you have employees, it is critical that you consider this important coverage.


Umbrella
This business insurance policy provides coverage for losses above the limit of an underlying policy or policies such as General Liability, Employers Liability and Automobile Liability. Due to the unpredictable nature of jury awards, Northwest Insurance recommends that your business insurance program have this coverage. 

EPLI
Employment Practices Liability Insurance for employers that covers employment-related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these is well over $200,000. If you have employees, we recommend considering this coverage.

D&O
Directors and officers liability insurance (D&O) covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There are a variety of D&O coverage. Corporate reimbursement coverage indemnifies directors and officers of the organization. Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm. Entity coverage, for claims made specifically against the company, is also available. D&O policies may be broadened to include coverage for employment practices liability. 

Commercial Auto Liability
This business insurance policy provides for bodily injury liability and property damage, as well as for injuries/damage the policyholder causes to someone else when operating a company automobile. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder's car are also covered.

Hired/Non-owned Auto Liability
This provides a business with business insurance coverage for certain liabilities arising from the use of a rented or leased vehicle (hired) or a non-owned vehicle (employee using their own vehicle on company business). This can often be inexpensively be added to the commercial auto policy or in some cases a general liability policy.