Commercial Insurance
General Liability
General Liability can be thought of as the foundation of a company’s insurance coverage. As the name implies, General Liability covers a broad range of risks that a company may face. As such, a CGL (comprehensive general liability) policy is an essential first component when a company begins to look into these issues.
The risks that a CGL will protect a company from are far ranging, from a ‘slip and fall’ bodily injury to protecting against advertising risks and product liability claims. An example of this would be a claim or incident stemming from a personal injury due to advertising potentially deemed as libelous. Product protections can also be found in most CGL policies to protect companies against the failure of their product to perform or in certain cases cause injury to someone. The coverage also protects the insured from costs incurred when incidences arise such as defense and court costs, and provides coverage for damages should liability ultimately fall on the insured.
It is important to note that tailoring coverage to a company’s specific risks becomes crucial when discussing these issues. This is where BIBSMA comes in. If you are ready to discuss the issues specific to your company, be sure to click the contact tab and let us know where we can help you.
Professional Liability/Errors and Omissions
Nobody’s perfect, and in the course of a company’s day to day operations, sometimes mistakes get made. Unfortunately some of those mistakes can have a negative impact on your clients. In the case of a company that provides professional or technical services, this is the coverage that will see to it that you are protected.
Professional Liability insurance protects companies and individuals against loss (damages and defense costs) resulting from acts, errors or omissions in their performance of professional duties. Common claims allege negligence, misrepresentation, design errors, violation of good faith and fair dealing and inaccurate advice. It also covers the gaps that occur when a company believes that just General Liability coverage will get the job done. In situations where a company’s primary business is service based, it’s not even an argument, you need Professional Liability coverage to completely cover a company’s operations.
The key to any type of E&O coverage lies in the details. Tech E&O, Professional Services Coverage, Miscellaneous Professional Liability… Errors and Omissions covers a lot of ground, don’t leave it to chance. The details matter, especially when it comes to protecting your business, talk to us about protecting yours.
Directors & Officers
Directors and Officers coverage protects a company’s directors and officers against exposures associated with management actions and decisions.
Directors and Officers coverage insures against claims stemming from alleged wrongful conduct of a company directors and officers. These types of claims typically won’t be covered by other insurances such as professional or general liability coverage as some may think. Quite often, company owners figure that they will need Director and Officers coverage if they are in control of a publicly held company, or if there are stakeholders such as venture capital funding. This is true, these are situations that would act as a trigger to determine a need for D&O coverage. What some fail to recognize is that just because there may not be external shareholders involved in a company, it would not shield directors and officers from risks involving creditors, customers, competitors, even its own employees.
Workers Compensation
In the most basic sense, Workers Compensation acts as ‘on the job’ disability coverage. This coverage covers a company’s employees against an on the job accident, injury or illness.
Workers Compensation coverage is a state mandated coverage so there is no getting away from it if you have employees on payroll, this can include a company’s owners as well. Fines and penalties for not having it in place can be steep and can result in a ‘stop work’ order from the state (in MA anyway…).
Short story, don’t be the company that doesn’t have it. Protect your employees and yourself. Contact us today to get the coverage you need.
Cyber Coverage
The relevance and need for Cyber coverage has increased drastically over the last decade. With the overwhelming amount of data that passes through the cyber space, the inherent risks of handling customer data have increased exponentially.
Cyber coverage is insurance for liability that arises out of unauthorized use of, or unauthorized access to, electronic data or software within your network or business. The most basic description of the risk would be a data breach. If your company collects, transmits or disseminates sensitive client data such as social security numbers, banking data, medical data, (the list goes on and on) you are responsible to make sure that data is protected. But what happens when the bad guys get into a system and steal that data? Now more than ever companies are taking steps to protect themselves against these risks.
Social networking, media transmissions, new forms of digital communications, it’s the world we live in now. Businesses need to adapt and stay ahead of things in order to protect themselves.
Umbrella Coverage
Umbrella Coverage, also known as excess coverage, provides for an extra fixed dollar amount of coverage that would extend over an established policy, typically a CGL policy.