second western insurance Policies

Property

  • Property insurance is meant to cover physical or real property that you own.
     

  • Examples of property you can cover would be your home, your tools and equipment, an income property, a course of construction, any building you own, office space, etc.
     

  • Examples of coverage would be "you own a building and lease it out to another tenant which they run their hail salon out of. One day a driver is speeding through the parking lot and loses control of his car, crashing through the front door. Thankfully nobody inside was hurt, but the front wall/door of the building is demolished. The policy would pay to repair the building 
     

  • Example of coverage would be "you are a general contractor and have a job to build a brand new home. Due to the cost of the project you need to get a loan from the bank. The bank will require you to have insurance on the project itself in case anything happens during your construction. This policy is called a builders risk or course of construction, and covers the structure while it is being built for property damage

General Liability

  • General liability covers your business for damages that can be done when you are performing your normal business operations. This can be bodily injury or property damage.  
     

  • General liability protects your business if you get sued for causing damage. 
     

  • Example would be "you are a general contractor and you are doing an addition to the garage. 6 months later the side of the garage you extended collapses and damages the cars inside."  
     

  • Example would be "you own a restaurant and have a lot of people coming and going every day. One day a customer walks in and trips over a piece of carpet that is sticking up, this customer falls and breaks their arm."
     

  • Some things that are not covered under general liability policy include coverage for your cars/trucks and any of your employees injuries (covered on workers comp)

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Worker's Compensation

  • Worker's compensation is meant to cover your employees if they get hurt while on the job working for you.
     

  • Not all states require worker's comp coverage, but it is always a good idea to carry if you have employees working for you.
     

  • Example would be "you are a general contractor and have a few employees that help with labor. One of the guys is swinging a hammer and hits his finger, breaking it in the process"
     

  • Example would be "you own a mechanic shop and have 1 employee who does light maintenance. He trips over a tire iron he doesn't see and he brakes his hand

Excess or Umbrella Liability

  • Excess or umbrella liability is just extra coverage for what you already have, this goes over existing liability policies that you may have. This does not add any coverage for extra things you aren't already covered for on your general liability policy. (example would be if water restoration work is not covered on your general liability policy, then your excess liability policy will cover water restoration either. 
     

  • A lot of times if you have a contract that requires you to have higher limits than what is commonly requested, this is when you purchase an Excess policy. Or if your business experiences larger than expected growth, your underlying liability policy might not be enough, you might need to increase limits
     

  • Example would be" you have a general liability policy which covers your business for $1 million dollars per each claim, that is the most it will pay. You also have an excess liability policy at $1 million dollars per each claim. God forbid you have a very large and disastrous claim which totals $1.4 million dollars. The general liability policy pays $1 million dollars and that policy limit is exhausted. Then the excess liability comes in pays the remaining $400,000 dollars."

Professional Liability

  • Professional liability is for people who are employed in professional services such as lawyers, accountants, real estate agents, engineers and insurance agents for performing their professional services
     

  • This can also be called errors and omissions or E&O insurance
     

  • Example would be "You are an accountant and you do not manage your clients money in an efficient or proper way, causing them to lose thousands"
     

  • Example would be "An engineering firm draws up blueprints for a building, but they fall short on meeting certain safety standards. This is discovered after the building has been constructed, but still must be fixed. The construction company brings the building up to code while the engineering firm is liable for the extra cost. A professional lines policy will cover this
     

  • And yes we carry our own E&O insurance as well!

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