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Business Insurance
COMMERCIAL PROPERTY
The Commercial Property coverage form is widely used to provide coverage for direct physical damage to commercial buildings and business personal property. The type of property that is usually covered includes the building, business contents and equipment and personal property of others in the care, custody and control of others. Additional coverage can be added such as accounts receivable, valuable papers and records, computer hardware and software and property stored off premises. The Huestis Insurance Group represents a variety of insurance companies which offer some of the broadest property insurance coverage and policy wordings available in the commercial market today.
COMMERCIAL GENERAL LIABILITY
All business firms operate in a competitive environment where liability lawsuits are routine. For example, organizations can be sued because of property damage, breach of contract, defective products or bodily injury to customers or employees. The commercial general liability policy is used by organizations to cover their general liability loss exposures. Coverage payments can include judgments, lawyers fees, court costs or other related expenses.
BUSINESS INTERRUPTION
Many businesses often experience an indirect loss such as loss of profits, rents or extra expenses because of a direct physical damage loss to their covered property. Business interruption insurance is intended to insure lost income in an amount sufficient to cover continuing expenses and lost profits. Most forms of business interruption also cover the additional expenses to the extent that they reduce a loss.
BUILDERS RISK
A new building under construction can be exposed to a variety of different causes of loss. Builders risk insurance is used to cover buildings under construction. This form can be used to cover the insurable interest of a general contractor, mortgagee, subcontractor and building owners.
BOILER & MACHINERY
Boiler and machinery insurance is designed to cover losses from explosions of boilers and steam pressure vessels as well as the accidental breakdown of boilers, mechanical or electrical equipment. These types of losses are not covered by traditional property insurance policies.
COMMERCIAL AUTOMOBILE
This policy is designed for automobiles owned by and used by businesses (sole proprietors, partnerships, corporations, etc.) This coverage protects the business entity and employees for Bodily Injury and Property Damage Liability for which they may be legally liable. Other coverages which can be provided include Medical Payments, Uninsured Motorists and Physical Damage.
CRIME
Even the most sophisticated loss prevention techniques cannot completely eliminate the potential for crime losses. Therefore, we believe that most firms need some form of crime insurance. The most common forms are: employee dishonesty coverage, forgery or alteration coverage and theft, disappearance, and destruction coverage.
COMMERCIAL UMBRELLA
The commercial umbrella policy is designed to protect business firms from being sued for large catastrophic losses which would not be adequately covered by their standard commercial liability policies. The amount of insurance frequently written for these policies can be 5 million, 10 million or even higher limits depending on the size of the firm’s operations. The Huestis Insurance Group recommends commercial umbrella insurance to those firms which have a potential for large or catastrophic losses.
ERRORS & OMISSIONS
The purpose of errors and omissions insurance is to protect the professional against legal liability resulting from the professional’s negligent act, error or omission. Professionals who need errors and omissions coverage include insurance brokers, stockbrokers, travel agents, lawyers, consultants, engineers, architects, and other individuals who give advice to clients.
DIRECTORS & OFFICERS
Directors and officers of corporations can be sued by stockholders, employees, competitors, creditors, and other third parties because of financial damage or loss. Directors and officers insurance is designed to cover claims made against directors and officers resulting from their legal liability. Examples of lawsuits brought against directors and officers are patent infringement, wrongful dismissal and breach of contract. The Huestis Insurance Group can, through their association with large commercial insurers, provide broad and cost effective protection for the personal exposure of directors and officers.
SURETY BONDS
This is a financial guaranty provided by an insurance carrier. The most typical types of bonds are: Fidelity Bonds; Financial Institution Bonds; Public Officials Bonds; License and Permit Bonds; Contract Bonds (Bid, Performance and Payment & Maintenance) and Miscellaneous Bonds.
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