Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space.
In today’s litigious society, even small mishaps can result in large lawsuits. That’s why general liability insurance, along with property and worker’s compensation insurance, are essential for most companies. Liability insurance protects the assets of a business if it becomes involved in a lawsuit. Other coverage for premises and operational liability, medical payments and contractual liability are also included. General liability insurance can be purchased separately or as part of a business owner’s policy.
Workers Compensation Insurance pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. It may also provide benefits for dependents of those workers who are killed because of work-related accidents or illnesses.
Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property. If your business owns a car or truck, or a fleet of vehicles, you need Commercial Automobile Insurance.
A Commercial Umbrella policy protects you against a loss due to catastrophic lawsuits by providing business liability coverage above and beyond your basic standard liability policy. Your business can be covered for $1,000,000 up to $10,000,000 or even more in special cases.
Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional’s conduct falls below the profession’s standard of care. For example, if a doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him. A malpractice policy will pay his defense costs and any judgment or settlement. Malpractice insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.
Errors and Omissions
Errors and Omissions (E & O) insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an accountant failing to file the appropriate tax documents, or a notary filling out notarizations improperly.
Employment Practices Liability
Employment Practices Liability provides protection against the risks related to discrimination claims, workplace harassment, wrongful termination or other employment practices.
Directors and Officers Liability
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
Rain can cause flooding with little or no warning. Sometimes it’s the result of rivers and streams miles away, already swollen from heavy rains. Sometimes it’s simply the land’s inability to absorb excess water from heavy downpours. Flooding can turn your life inside-out in a matter of minutes.
Whatever the cost, the toll can be enormous. Consider these facts:
- Floods can happen anywhere, anytime, in all 50 states.
- 80% of the natural disasters that strike the US each year involve flooding.
- One in three flood claims are made outside flood-prone areas.
- 90% of floods are not declared federal disasters, which leaves the full cost of rebuilding up to the business owner.
- Business owner policies do not cover flood losses. Only flood insurance will protect business property.
GSM can help you determine if you need flood insurance. We work with insurance companies that offer protection through the National Flood Insurance Program. You may be interested to know that in the event of a flood loss, disaster assistance does not cover all the rebuilding or replacement costs. When you consider that the average repayment cost of a disaster building loan is five times more than the average annual flood premium, it’s clear that flood insurance makes good financial sense. Contact our office today to speak with someone about your flood insurance needs.
Builder’s risk insurance covers buildings while they are being constructed. For example, a Builder’s risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
Motor Truck Cargo
An inland marine form covering loss of property in the course of transit, either by common carrier or on the insured’s own vehicles, depending on the form used.
Bailee offers coverage on property entrusted to the insured for storage, repair, or servicing. For example, a custom broker who stores someone else’s goods would need this type of coverage.
Garage Keepers is designed for auto and trailer dealers as well as businesses that have a service department or body shop. Garage Keepers protects a customer’s vehicle when you are keeping it at a covered location for parking or storing, or to perform service. It provides protection in case a vehicle is damaged by vandalism, collision, fire, or theft.
Need insurance Laredo? Steve R. Trautmann Insures Laredo.