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A variety of businesses
are routinely operated in homes. This article discusses aspects of particular
operations. Refer to Home Businesses – Basics for background information
on coverage as well as our other articles discussing different in-home
businesses.
Today’s Landlords are held responsible for their actions
Landlord
The homeowners policy is
designed to cover landlord-occupied residential buildings, landlord-owned
personal property, and loss of rents (after a fire or other covered cause of
loss), premises liability and medical payments. Note that the maximum occupancy
that may be covered under an HO policy is a four-family dwelling. A
dwelling policy may be used for 1-4 family structures that are not also
occupied by the landlord.
For landlords with
residential property containing from five to sixty units,
a Businessowners policy (BOP) is usually appropriate. It insures
buildings, landlord personal property, loss of rents (after a fire or
other covered cause of loss), premises liability and medical payments.
Most Bed and Breakfasts
do not qualify for coverage either in the homeowners or dwelling insurance
program. Bed and Breakfasts will require a combination of tenants coverage for
the resident owner/manager, and a BOP to cover buildings, landlord owned
personal property in boarders’ rooms, loss of business income (rents and fees)
and the extra expense to operate (after a fire or other covered cause of loss),
premises liability and medical payments.
Contracts often drive rental insurance policies
For landlords who have
office or retail tenants, the BOP provides broad coverages for
buildings, landlord personal property, loss of rents (after a fire or other
covered cause of loss), premises liability and medical payments.
Worker compensation is necessary for any employee. Talk with your agent. Most states require workers compensation for resident managers even if you provide only free lodging as payment. Make sure you have certificates of insurance for any subcontractors (painters, plumbers, etc.) you hire to do work for you. If the subcontractor has no insurance, you may be responsible for the subcontractor’s work-related injuries.
COPYRIGHT: Insurance Publishing Plus, Inc. 2016
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
If you own and/or run a smaller business, your insurance needs may be properly handled by a business owners policy (BOP). A BOP is a single form that offers both property and liability protection. Retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they do not exceed the square foot or annual sales limits established for the program. Cooking operations, due to the higher fire and other accident exposures, have significantly more restrictive guidelines.
Property Coverage – BOPs protect buildings as well as the following:
The policy’s protection for business personal property (such as
office equipment, copiers, desks, etc.) applies whether the property is located
inside or immediately outside the covered buildings. The category also includes
property you own, lease or control (i.e., borrow or control) as long as the
property is used by the business.
One item of importance, the BOP does NOT provide coverage for loss
of use of damaged or destroyed property, nor for loss created by an actual or
perceived loss in value of goods after a loss takes place.
Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.
Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.
building additions
(completed or being built)
indoor
and outdoor fixtures
Clothes
Dryers
machinery
and equipment
landlord
furnishings,
mowers, ladder, snowblowers, and similar maintenance property
outdoor
furniture
floor
coverings
Refrigerating
appliances
ventilating
appliances
Cooking
appliances
Dishwashing/Drying
appliances
Clothes
washers
materials,
equipment, and supplies
temporary
structures located near the insured premises
Enhancing Coverage – A BOP may be supplemented to provide additional
protection. Property coverage options include adding insurance for accounts
receivable, valuable papers and records, earthquake, spoilage, etc. Liability
coverage can be expanded to handle additional business interests, limited
vehicle liability, losses related to personnel situations, liquor liability and
injuries to leased employees.
A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.
The BOP provides other coverage than the
protection mentioned in part 1. The following protection can be selected under
the BOP.
Optional Coverages
Outdoor Signs–Payment is available for
direct physical loss or damage to outdoor signs at the described premises.
Eligible signs may be owned by the named insured or owned by others but be in
the named insured’s care, custody, or control.
Money and Securities–Coverage applies to loss
of only the named insured’s money and securities used in its business while
that property is at banks or savings institutions, inside the named insured’s
living quarters, inside the living quarters of a partner or employee, at the
described premises or while in transit between the places referenced.
Employee Dishonesty–The
policy
pays for direct loss of business personal property and money and securities due
to dishonest acts its employees commit, whether they act alone or collude with
others to do so.
Equipment Breakdown
Protection Coverage–Coverage is available for loss or damage directly caused by or
that results from electrical failure or mechanical breakdown to covered
property. Covered property is electrical, mechanical, or pressure machinery and
equipment
Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.
Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.
Enhancing Coverage – A BOP may be supplemented to provide additional
protection. Property coverage options include adding insurance for accounts
receivable, valuable papers and records, earthquake, spoilage, etc. Liability
coverage can be expanded to handle additional business interests, limited
vehicle liability, losses related to personnel situations, liquor liability and
injuries to leased employees.
A BOP may be the answer to your company’s coverage needs and it
may be worthwhile to get more information on the BOP from the nearest insurance
professional.
COPYRIGHT: Insurance Publishing Plus, Inc. 2017
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.
All insurance policies have unique ways of protecting you against financial loss. TruePoint Insurance can answer specific questions about coverage for your business. For now, this list of expectations of commercial insurance gives you an idea of the peace of mind your policy can provide.
1. Protection against the cost of property damage
This could include a combination of coverages depending on the policy type. In some cases, the commercial premises and expenses related to customer damages might be covered.
2. Absolution of production error financial loss
Sometimes mistakes happen that cost a company time and money because of product recalls. Other times, work may have to be redone if a failure takes place during service. Whatever the case, a business always benefits from having insurance that pays toward expensive mistakes.
3. The payout for equipment repair
Sometimes, a machine might stop while running a production line. Other times, point-of-sale systems or computers might stop working. These examples illustrate the kinds of repairs needed that some commercial insurance policies might cover.
4. Funding during a business interruption
Anything could happen in Fisherville, KY. In the unfortunate incident that a place of operation experiences a forced closure because of construction, a robbery, natural disaster, or other cause, some types of commercial insurance policies, in conjunction with other types of insurance, could pay for these types of expenses.
5. Money for unexpected legal fees
Workers’ compensation laws include requirements for Fisherville, KY employers. Usually, this includes provisions for any financial hardships that could occur if a worker has an injury on the job. However, a business often will obtain insurance that can cover the costs of legal fees in the event of a lawsuit. Certain law insurance inclusions would also pay for customer or competitor lawsuits.
Do you have questions about what kind of specific commercial insurance would benefit you while operating in Fisherville, KY? If so, contact a TruePoint agent today and find the peace of mind you need from day to day.
Dealers Blanket Insurance provides physical damage coverage for Auto Dealers. This coverage is often referred to as Dealers Open Lot Insurance. The policy can provide protection for collision and comprehensive losses.
The purpose of the dealer blanket is, in many ways, similar to an individual auto policy. While there are many similarities, there are also some significant differences.
The most critical difference is that Personal Auto policies provide liability coverages. The Dealer Blanket does not. Liability protection for auto dealers is covered via a Garage Liability Policy.
Insurance companies require individuals to provide a VIN or vehicle identification number. They may even go as far as to require a photo of your car on the policy effective date.
WARNING: Accurate Inventory Critical
Why are Dealers Different? Why do they need Dealer Blankets? Car Dealerships are continually turning over their inventory. The average US Car Dealer will have an inventory turnover more than 13 times. What a massive problem! Let’s give the insurance companies some credit. It would be negative for everyone if real-time vehicle information was required. How do Insurance companies keep track of Auto Dealer risk? Calculating the premium for the dealer open lot insurance is done in one of two ways:
Non-Reporting – typically lots with inventories of $100,000 or less use this approach. At the beginning of each policy period, the dealer must declare a coverage amount. CAUTION REQUIRED! If a claim is submitted and the dealer’s inventory is higher than the declared amount WE HAVE A PROBLEM. This will trigger the coinsurance clause. As a result, the dealer will be required to pay their fair share of the loss.
Monthly Reporting Form – this requires the dealer to regularly update the carrier. In most cases, this will require a monthly update. This creates added work for the dealer. But it is cost-effective, and it eliminates concerns associated with paying coinsurance.
There are additional coverages that Dealerships should consider. Workers Comp, EPLI, Business Income, Cyber Liability, and other coverages that apply to most businesses. Another coverage that is specific to the Auto Industry is Garage Keepers. This coverage protects vehicles of customers that have been left in your care. Dealers that also offer repair work will most likely need to add this coverage too.
Is Roofers Insurance expensive? Top tips for saving.
How
much do Roofers pay for insurance?
A lot!
Even compared to other high-risk occupations, their insurance seems high. Workers Comp rates for roofers can be as much as eight times that of Fire Fighters. They also have higher General Liability rates than other contractors.
The steeper the workplace the steeper the premium. Ask a Roofer!
Why
is insurance so expensive for roofers?
If you own a roofing business, then you know that roofing is a precarious business. Roofing is reported by many to be one of the five most dangerous occupations. As a result, insurance companies pay out more and higher claims. To offset the high losses, carriers must charge risky occupations higher premiums.
Gravity
or Gravity
Why is roofing so risky? The term “What goes up, must come down,” maybe the best answer to that question. Enhancing roofer safety starts with identifying how gravity increases risk. The following are a few of the more difficult issues to overcome:
Roofing is a Risky Business
·
Roofers perform a labor-intensive job in unusual work-spaces
·
A floor that has a 25 to 40 Degree slope, and even steeper
·
Working as much as 80 feet off the ground
·
Falling items can accelerate to a speed of 25 to 30 MPH.
Gravity is also defined as something extreme or seriousness. The Gravity of insuring roofers lies with their work-space.
Roofing businesses attempting to reduce the cost of insurance need a plan. The best place to start is with better risk management. The following areas provide a good starting point:
·
Roofers pose a threat to non-related individuals on the job site at the same
time.
·
Regardless of weight, falling objects can lead to serious, even
life-threatening injuries.
·
Potential for increased frequency and magnitude of liability and Work Comp
claims.
Is
it possible to reduce the cost of roofers insurance?
Yes, it is, and this post aims to point you in that direction. If you think that you can’t save money on insurance for your own roofing business, your wrong. First of all, there are a handful of insurance companies that do a better job with the industry. As a result, they often have lower premiums that their competitors. Actions on your part can also have a substantial impact. Risk Management offers another route for roofers to save on insurance. Taking an active role in the process will eliminate or reduce certain risk. The long term impact should reduce insurance claims. There is also a positive impact on the roofing business via lower-cost insurance.
The nature of the industry demands attention to detail. Ongoing risk awareness is critical. Business owners should leverage this knowledge into constantly improving safety protocols. Failure to do so will increase the potential for injuries and property damage. As a result, there will also be upward pressure on your insurance premiums. Poor Risk Management is negative for any business. But for industries considered to be high-risk, like roofers, the impact is even worse.
Insurance
is only one part of risk management
Five
primary strategies which Individuals and Business use to manage risk:
·
Risk Avoidance More attractive than practical, this effort attempts to
eliminate risk.
· Risk Transfer Insurance: Insurer indemnifies consumer in exchange for a premium.
· Risk Reduction Limiting risk by altering
processes, procedures, or equipment.
· Risk Retention Consumer retains all or a
portion of the risk.
· Merged Strategies Combining two or more of
the above.
Buying high deductible insurance combines risk transfer and risk retention.
Insuring everything isn’t an option for most. Even for those that can, it isn’t the most optimal solution. It is often more cost-effective to manage risk using one of the other risk management strategies. One example of this has been a dilemma that roofers have been faced with.
In
recent years, Kentucky Roofer’s insurance claims have been higher than
expected. The weather played a role but in this case, discrepancies go beyond
the actions of Mother Nature.
The
culprit: Nail Guns!
As roofers have transitioned from hammers to nail guns, problems soon followed. Shingles were blown off shortly after new roofs were installed. Often under fairly modest wind conditions. A growing stream of adverse reports followed. With product lives nowhere close to advertised, the problem had to be found. In the end, the finger of blame was pointed at roofers. Specifically, those using nail guns.
Problems with nail guns were soon seriously scrutinized by everyone. From Insurance companies to Angie’s List. The issues were simple. Should roofers use nail guns? If so, then what could roofers do to reduce losses?
There is little doubt that there was a strong preference for the use of nail guns. At least from the vantage point of roofers. There has also been awareness of the losses. Especially by those in the insurance industry and dissatisfied homeowners. What would be done if the rising loss trend could not be turned? If not and if roofers continued using guns, would insurance costs rise for roofers?
How
much would insurance premiums go up for roofers?
The answer. The roofing industry would soon see tremendous rate increases for General Liability Insurance.
Insuring the risk associated with the use of nail guns was not an optimal solution. To continue using them, the industry had to rein in claims associated with nail guns.
The Answer, a Risk Management Process
Risk
Management Process
1.
Research and Identify Risk
2.
Risk Analysis and Evaluation
3.
Risk Remediation
4. Ongoing Monitoring
Nail missed shingle
The
risk identification and analysis indicated the following issues:
•
Proper nail gun pressure-DO NOT tear through the shingle
•
Nails must be driven through the tar line.
•
Nail flush to the shingle
•
Adjustments to equipment settings for inter-day changes in the ambient air
temperature.
•
Experience is always important. We become more discerning when insuring roofers
using nail guns.
Risk
Reductions, a Path to Reducing the Cost of Insurance
Incorporating the Risk Management Process leads to a positive outcome. It created a path for the continued use of roofing nail guns. Raising awareness of the associated problems, roofers could implement effective new work processes. These changes would put the industry on a path to significantly reduced claims.
With shingles under control, customer satisfaction should notably improve. Better roofing jobs will also get the attention of the insurance industry. With fewer claims, it’s fair to assume that losses are declining. In a vacuum, reducing losses should put downward pressure on insurance premiums.
We started this winding path with roofers trying to use roofing nail guns. Roofers using nail guns were aimed at increasing efficiencies and reducing cost. A noble goal. A goal achieved by understanding that insurance isn’t the only tool for managing risk. An achievement delivered when industry partnered with insurance to create a common goal. An achievement born by the willingness to reduce risk has improved an industry. Roofers and insurance working together have increased efficiencies and cost savings a reality.
Words and their usage impact our daily lives. As a kid, my mother would on a regular basis reminding me to watch my P’s and Q’s. This was not a suggestion to be on my best behavior. It was a threat that even the slightest slip in my manners would have severe repercussions. What and how we say things have been an issue for generations. But a solid case exists that communication is more important now that ever before. While the thought may seem hysterical at first, let in sink in for a moment. Most would agree that America has become precariously litigious. For years our actions have exposed us to constant risk. Today our words are placing us at jeopardy. As a result, it has become critical for Americans to develop greater awareness. What is earthquake insurance?.
Earthquake Damage
Earthquake – a term used to reference the movement of two tectonic plates along a fault line. The tectonic plates move past each other at a slow pace building up stress along the way. This continues until finally the plates slip releasing enormous amounts of seismic energy. This energy then results in a violent shaking of the ground. This is also referred to as an earthquake. Earthquakes can be the result of both tectonic action or volcanic. The word Earthquake seems simple enough. But it isn’t. Your insurance policy most likely excludes loss caused by the movement of earth. How does that impact me? Ground that shifts, sinks, expands, contracts, or rises may create serious issues. That includes earthquakes, sinkholes, mudslides, landslides, and more. How serious? Your insurance company “Will Not Pay, Serious”! You can avoid this crisis by simply having the proper endorsements. But be cautious. You can purchase an earthquake endorsement. But what will it cover? Losses due to an earthquake! Nothing else. Related risk such as mudslides, sinkholes, and others are not covered. Failure to understand how this impacts your insurance may result in serious coverage issues. Failure to understand may result in no coverage.
Sinkholes are covered by standard insurance policy
Will your insurance pay in the event of an earthquake? Does a Homeowners policy or a Commercial Property policy protect against earthquakes? Earthquake coverage is not offered by a standard insurance policy. But, for most, earthquake coverage is available. It can be in the form of an earthquake endorsement. If asked to waive your right to earthquake coverage, we suggest that you ask the agent for a quote. It may not be as expensive as you think. Most of us are insured by the Special Form, also known as All Risks Coverage. Earthquake protection is excluded by the Covered Causes of Loss Form. The exclusion reads so that damages that are a result of EARTH MOVEMENT are excluded. Inquire about the cost of an earthquake endorsement. With the in hand, you can now decide if you want to transfer the risk. In the process don’t forget the other risk associated with earth movement. The earthquake endorsement doesn’t cover these. We advise customers to consider each of the risks and if appropriate, evaluate the risk/reward.
Check your Deductibles for Earthquake. They will be higher than you are used too.
ance varies from one insurance company to the next. If you make a comparison for companies, you will find earthquake policies vary. If you have multiple homes in various states you should review individual policies. We advise this as earthquake endorsements issued by the same company may vary from one state to another. Earthquake deductibles should be considered. Don’t be surprised to see a 10 to 20% deductible. These are pretty much par for the course. Any higher and it is probably worth your time to shop around. As noted earlier, earthquakes represent only a small portion of the exposures related to the movement of earth. Because we live in the Ohio Valley, we can shorten the list. While anything is possible, most would agree that some of the risks aren’t as threatening as others. The risk that should be considered by most in our area:
Erosion,
Failure to suitably compact building sites,
Sinkholes
Deficiencies pertaining to site selection
Earthquakes
and Landslides
Add in mud-flows, mudslides, and volcanoes and we have a reasonable understanding of the movement of earth risk. Kentucky homeowners and business owners need to consider these and several other forces. Standard policies may leave serious gaps. Property coverages leave most structures exposed the movement of earth. Don’t assume that your only option is to self-insure. Ask TruePoint. By asking the simple question, “how can I eliminate more exposures related to the movement of earth?” You will likely find that in some cases, options exist. Becoming increasingly more available is sinkhole insurance. Broader coverage in the form of earth movement riders may also be an enhanced risk transfer option. If you would like to learn more about eliminating insurance gaps related to the movement of earth, reach out to a TruePoint Insurance Agent. We can be reached at (502) 410-5089.
The Commercial General Liability policy leaves several
liability exposures for contractors. The
General Liability policy doesn’t cover faulty work due to negligence, or to
damages to the work of the contractor.
Contractors E&O has been already, but until recently,
only limited options existed.
Contractors now have access to reasonably priced insurance that closes
some very significant gaps.
We repair what your husband fixed! #Plumbers Lives Matter
Insurance is a critical part of any small business. It protects customers, employees and your business when things go awry. Plumbers and other Artisan Contractors use insurance. There are multiple forms of Liability insurance. They can protect employees, clients or others that come in contact with your efforts. Contractors that own buildings or business personal property can utilize Commercial Property Insurance. Several construction-related trades, including plumbers, are subject to state licensing requirements. Part of the licensing process is to provide proof of insurance.
Commercial Insurance Snapshot:
Plumbing Contractors
Most contractors, including plumbers, have Commercial General Liability policies. The policy which is often referred to as CGL or GL protects when your actions cause bodily injury or property damage to another. These claims are normally settled by financial restitution to the damaged party. However, when necessary the insurance company may provide legal defense.
Plumbers need insurance.
Property insurance is another common form of coverage. This would be a recommended coverage for plumbers that own a commercial building. The Commercial Property Policy will also provide protection for business personal property. Covered items
Include
office furniture, equipment, machinery, inventories, and more.
Business
Income insurance protects you and your business. Following an insured property loss, the
coverage provides financial restitution to your business. A portion of
the lost income will be covered
during the term defined by the policy.
The
policies above may come as standalone policies.
But most small businesses can package the coverages with significant
savings. The packaged policy is referred to as a Business Owners Policy or BOP.
Plumbers need Contractors E&O Insurance
Other
coverages used by plumbers include:
•
Commercial auto insurance: Business Vehicles
•
Inland marine insurance: Property that moves from one job site to next
•
Installation floater insurance: Installed, Fabricated or Erected
•
Workers compensation: Covers employees’ medical costs and lost wages
Contractors E&O, it’s now more available, but still underused
Are you insured for Negligence?
Contractors Errors & Omissions insurance(Contractors E&O) is a form of liability coverage. The coverages can be crucial to many contractors, including plumbers. It is designed to protect from potential liability exposures arising from alleged negligence.
It covers the work of the insured, yours, which is something that would not be covered by the CGL policy, is now covered.
Why
haven’t I heard of Contractor’s E&O before now?
Errors
and omission coverage has been around for a long time. However, they have
focused on the service sector and health care businesses. Real estate agents, and insurance agencies
are examples of professional liability insurance users.
Another
example that most have heard of is Medical Malpractice.
Medical Malpractice Insurance
It is professional liability insurance for
Doctors, Hospital, and other medical sectors.
Professional liability insurance has been around awhile. it has not been widely available to small contractors. That’s due to the relatively low number of insurance companies willing to write the exposures.
Contractors E&O insurance has major gaps. The same is true regards General Liability. Put the two together and watch the gaps disappear.
With a mature market, there is no longer an excuse for retaining negligence related risk. Quality coverage at affordable premiums makes transferring the risk a relatively simple decision. Now plumbers, electricians, and several other specialty contractors can better manager their Liability exposures.
Why
do small contractors need Errors & Omissions coverage?
What will you do if your insurance agent suggests Contractors Errors & Omissions coverage? I would suggest that you listen. Before looking for excuses and justifications for not buying, listen! If you do, there is a very good chance that you will be thanking your agent when you’re done.
Adding Contractors E&O fills a large number of gaps in your General Liability policy. This alone makes the E&O attractive. But don’t forget, we live in a litigious world. We are all one bad day from having your world turned upside by a customer lawsuit.
The definition of business insurance will likely vary depending on who you ask. The explanation may even change depending on how you ask it. It goes by a lot of names. You may hear it called many things. Business insurance, commercial business insurance or property & casualty commercial insurance.
Insurance coverage for businesses that provides protection against a broad range of P&C claims. The term commercial insurance is used to describe several insurance policies. To determine which you need, you should, first, determine the risk faced by your company. A commercial insurance policy should also provide defense cost in the event of a lawsuit. This protection should be available regardless of the legal merit of the case.
we are insuringky.com
What should your Business Insurance Policy look like?
We stated the definition of commercial insurance might change. The truth is, it will change. The answer will vary based on who you ask, and maybe how you ask. Who you are will also alter the definition……… What type of business do you own? Do you have employees? Do you use vehicles in your business? Do you own buildings or other property? Do you need commercial insurance? These questions are just the beginning of defining your unique commercial insurance needs.
Property and Casualty Insurance
The term commercial insurance policy defines a vast range of coverages. Each offers a vehicle that provides specific protection to your business.
We can start by breaking insurance into one of three categories, Property, Casualty or both. The property will relate to (buildings, furniture, inventories, vehicles, and equipment.) The Casualty coverages protect against liability claims. Coverages include General Liability, Workers Compensation, Professional Liability, and many others. Most small businesses will find the third option most attractive. A Business Owners Policy or a BOP.
The benefit of the BOP is that it packages the general liability and commercial property. The packaging allows for more efficient and effective coverages. As it relates to Kentucky Business Insurance, BOP’s provide more coverage at less cost.
Knowing the coverages you need is more than half the battle
Business insurance is written in five major coverage lines. These lines are identified and briefly described below:
Commercial General Liability Insurance (or CGL) Protects when actions of the insured or an employee lead to property damage or bodily
injury of another. The policy should also provide coverage in the event the business must defend itself in a court of law.
Commercial Property Insurance The primary target of this coverage is owned and possibly leased buildings. In this section, you will also find coverages for the business personal property. This includes furniture, inventory, tools, some equipment and more.
Commercial Auto Often referred to a Business Auto it covers vehicles that are owned or leased by the company. As a personal auto policy does, the Commercial starts as liability coverage. Comprehensive and collision coverages can be added, as well as other additional items. A good example of a valuable add-on is a coverage know as hired or non-owned. It provides protection to an employee or volunteer autos during work-related activities.
Inland Marine Insurance One use is equipment or mobile equipment operated off-site known as commercial floaters. There are many more coverages that fall into this section.
Workers Compensation used to provide financial remuneration to employees injured while performing work-related activities.
There are many more coverages, most of which fall under one or more of the primary lines above. A few examples include:
Morespecialized liability coverages include:
Professional Liability or Errors and Omissions (E&O)
Garage Liability a form of CGL for auto garages, shop, dealers and more
Directors’ and Officers’
The property section contains many optional coverages and endorsements. What if any of it do you need? Including items such as
Trucking insurance is an example of a specific form of commercial auto insurance. Another form that we often see business auto insurance is referred to as hired and non-owned.
inland marine is our all other buckets. Below are just a few examples.
Bailee’s Coverage– Property of others under your temporary care. Think about a Dry Cleaner. Do they have coverage clothing? That’s Bailees.
Builder’s Risk- Insurance while a building or home is under construction.
Cameras
Communication equipment and towers
Computer Coverage
Contractors Equipment
Commercial Floaters
Property In Transit
Identifying risk and understanding coverages
For centuries mankind has solved problems by finding solutions or answers to our questions. While it’s great to have a trusted resource or go to for every issue, there are times in life where we are on our own. When this happens, logic and common sense will go a long way.
If I don’t own a building do I need property coverage?
You might. Do you have an inventory or equipment that should be insured? Even if you don’t own a building, you still might need to insure one.
Does your lease require you to insure the building?
My business is family owned and operated; everyone that works here is related to the owner, me, the owner.
Do I need workers compensation insurance?
Kentucky business owners have the right to reject workers compensation coverage. If they’re not business owners, the state workers compensation commission will expect everyone to have insurance. Workers Compensation can be complex. That’s why we request clients to speak with an attorney before waiving any coverage. Learn more at Kentucky Workers Comp.
Why do I need CGL and E&O insurance?
It is possible. Some professions should have both. The coverages cover two different sets of risk. Why E&O or professional liability is typically associated with professional services, it also provides protection in the event of incomplete or shoddy work. Something that your CGL will not cover. Learn more.
Questions, feel free to reach out to a TruePoint agent. You can reach us at (502) 410-5089.
State auto insurance systems fall into one of two general approaches. The majority (38 states) operate under Tort laws. Tort law enables wronged parties the ability to seek compensation from the people or parties responsible.
The remaining 12 states use an approach that is referred to as the No-Fault insurance system. No-Fault does not mean that no one is at fault. Providing additional insights into the no-fault system is more of a challenge. In its purest form, no-fault insurance means that regardless of fault, each party or their insurance company are responsible for the loss. A more accurate representation is that each party is required to cover their own losses up to a threshold. The system was initially adopted by 22 states under the premise of reducing litigation cost and ultimately the over cost to consumers.
Kentucky operates under a no-fault insurance system. The Kentucky no-fault process is sometimes referred to as a choice no-fault insurance system. Kentucky no-fault system applies to both personal vehicles as well as business vehicles written on a commercial insurance policy.   Â
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