BREINHOLT INSURANCE GROUP
We were founded on the strength of our knowledge & comprehension of commercial insurance contracts. In the business insurance world, it can be difficult to find an agent who truly understands both small and big business risk transfer & retention programs. Behind every solid insurance program is a solid agent that understands the policy language and forms. At Breinholt Insurance Group, we make it a point to understand and study the ever-changing commercial insurance forms and endorsements that apply to our clients. Mediocrity is not an acceptable form of business, and although we don’t know everything, we make it our business to know more than our competitors.
WE HANDLE MANY TYPES OF BUSINESS RISK:
General Liability coverage is the most fundamental piece of any business insurance program. General Liability is intended to pay for bodily injury and/or property damage that you cause to someone/something (third party only). General liability can step up to pay these damages that you are legally liable for, even before a lawsuit arises and is the first line of defense for your business.
Commercial Property is another fundamental piece to any business insurance program. Commercial property is most common in two forms: “Building” and “Business Personal Property.” These two types of coverage have similar yet distinct definitions that actually overlap in some regards. Depending on how the items are installed or used in the business can determine the best way to classify the property. Having an agent who understands the commercial property form can benefit your business by reducing rates applicable to these various types of property. Property is typically considered a first-person coverage, however it can extend to property in your “care, custody & control” as well. The commercial property form is also the trigger for “business income” coverage, which is outlined below.
Nearly every business has auto exposure in some way. Whether it’s visiting clients, attending business meetings, or random business errands; automobiles play a vital part in most operations. Commercial auto insurance is used to protect the business from both bodily injury and/or property damage to both third party and first party arising from the use of an “automobile.” From car accidents to road debris, commercial auto insurance can help you obtain a replacement vehicle quickly while repairing your automobile and protect your business from one of the most perilous threats to your balance sheet.
Most commonly known as an “Equipment Floater” or “Installation Floater” policy, this policy is intended to cover property in transit over land. It is also used to cover property of others in your care, custody & control “bailees coverage.” Most inland marine coverage forms provide coverage without regard to the location of the property; hence the name “floater” policies. Typically; “inland marine” coverage forms are broader than property coverage forms; yet they are typically valued at “actual cash value” and not “replacement cost.”
The moment an employer hires 1 “employee” (in most states) they are required by law to purchase a workers compensation policy. Workers’ compensation is a “no fault” system in which injured workers receive medical and compensation benefits regardless of “who” causes the job-related accident. If an illness or injury is job-related, the injured worker receives medical benefits and may receive temporary compensation, if eligibility requirements are met. In some cases, a claimant may also receive permanent compensation benefits and “job retraining.” In exchange for offering workers compensation to its employees; the employee subsequently agrees to surrender his/her rights to file suit against their employer for work related injuries & illnesses.
UMBRELLA & EXCESS COVERAGE
Simply put; the umbrella policy is an additional layer of liability coverage intended to rest over your underlying liability policies, including: General Liability, Auto Liability and Employer’s Liability. Umbrella/Excess coverage is purchased in increments of $1,000,000 and provides additional layers of protection between a third party and your business assets. In some cases; a commercial umbrella may be able to extend over the personal liability of a business owner, offering increased limits to the personal liability of an owner & their family members.
BUSINESS INCOME & EXTRA EXPENSE
Also known as “business interruption coverage,” business income & extra expense is intended to pay for net income and necessary operating expenses upon suffering a property loss. The event must typically be triggered by a covered cause of loss on the property policy, therefore resulting in a loss of business income and additional operating expenses. The form can also extend to cover contingent business income or dependent properties (customers or suppliers). This coverage can be written one of several ways; including “actual loss sustained” or a “specified limit of insurance.” It is important to discuss & analyze your business income exposure with your agent to identify the appropriate limits and method of valuation, and avoid insufficient limits at the time of loss. This is one of the most misunderstood and under-evaluated coverage items in the commercial insurance world.
EMPLOYMENT PRACTICES LIABILITY (EPLI)
Employment Practices Liability is intended to cover wrongful acts arising from the employment process. The most frequent types of claims covered under such policies include: wrongful termination, discrimination, sexual harassment, and retaliation. In addition, the policy covers claims from a variety of other types of inappropriate workplace conduct including, but not limited to, employment-related; defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. The policy covers directors and officers, management personnel, and employees as insureds. The most common exclusions are for bodily injury (BI), property damage (PD), and intentional/dishonest acts. The average cost to defend/settle an EPLI suit today is around $42,000. More than ever before, this is an essential coverage item for any business with one or more employees.
PROFESSIONAL LIABILITY (E&O)
Professional Liability is designed to protect traditional professionals (e.g., accountants, attorneys, real estate brokers, consultants) against liability incurred as a result of errors and omissions in performing their professional services. Although there are a few exceptions (e.g., physicians, architects, and engineers), most professional liability policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury (BI) and property damage (PD) claims. This is because the latter two types of loss are typically covered under commercial general liability (CGL) policies.
DIRECTORS & OFFICERS LIABILITY (D&O)
Directors & Officers Liability protects “directors & officers” from claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as “management errors and omissions liability insurance,” covering claims resulting from managerial decisions that have adverse financial consequences.
The above coverage items are only a small portion of the available commercial insurance products at Breinholt Insurance Group. For this reason, it is imperative that a comprehensive analysis be done to review the exposures & threats to your business. In conjunction with your risk-tolerance; an adequate insurance program will put into place the coverage specific to your operations and can help prevent a “surprise” at the time of loss. For this reason; Breinholt Insurance Group is committed to understanding the available coverage items, and building a program that is specific to your needs.
PLEASE PROVIDE THE FOLLOWING INFORMATION IN ORDER TO EVALUATE YOUR BUSINESS INSURANCE NEEDS AND DISCUSS FURTHER. WE WILL RESPOND TO YOUR INQUIRY NO LATER THAN THE FOLLOWING BUSINESS DAY.