A combination of two or more classes or kinds of insurance in a single policy. A BOP policy, for example, is a package that can combine property, liability and automobile coverage for a business owner.
Coverage providing four types of benefits (medical care, death, disability, rehabilitation) for employee job-related injuries or diseases as a matter of right (with-out regard to fault). This insurance is usually purchased by the employer from an insurance company, although in a few states there are monopolistic state funds through which the insurance must be purchased. The premium rate is based on a percentage of the employer's payroll and varies according to the employee's occupation.
COMMERCIAL PROPERTY INSURANCE
Provides financial protection against loss or damage to the insured's property, other than automobile, caused by specified perils, such as fire, windstorm, hail, explosion, riot, aircraft, motor vehicle, vandalism, malicious mischief, riot and civil commotion, and smoke or, under Special Forms coverage, all perils not otherwise excluded or limited.
Coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business or when someone is injured in the general operation of a business.
Contract by which an insurer agrees to make good the default or debt of another. Actually, three parties are involved: the principal, who has primary responsibility to perform the obligation (after which the bond becomes void); the surety, the insurer with the secondary responsibility of performing the obligation if the principal fails to perform. (After the surety performs, recourse is against the principal for reimbursement of expenses incurred by the surety in the performance of the obligation, known as surety's rights of exoneration); and the obligee, to whom the right of performance (obligation) is owed.
Coverage that guarantees that the insurance company will pay the insured business or individual for money or other property lost because of dishonest acts of its bonded employees, either named or by positions. The bond covers all dishonest acts, such as larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, or willful misapplication, whether employees act alone of as a team.
EXCESS (UMBRELLA) COVERAGE
A form of insurance protection against losses in excess of amounts covered by other liability insurance policies; also can protect the insured in many situations not covered by the usual liability policies. This policy is available for both personal and commercial lines coverage.
This coverage can provide a combination of liability protection and physical damage coverage for loss due to vehicles owned, maintained or used in your business and can also include additional coverage such as medical payments and uninsured motorist protection.
Protection against damage to growing crops from hail,
fire, or lightning provided by the private market. By
contrast, multiple peril crop insurance covers a wider
range of yield-reducing conditions, such as drought and
insect infestation, and is subsidized by the federal
Covers professionals for liability arising from their negligence and/or errors or omissions while performing their professional services.
EMPLOYMENT PRACTICES LIABILITY
Insurance for employers that covers liability from wrongful acts arising from employment related activities including allegations of discrimination, wrongful termination and sexual harassment.
We offer plans for both small and larger employers from
all of the major carriers. Most plans are either a PPO
(Preferred Provider Organization), where doctors agree
to be part of an organization that offers services at a
discount, or an HMO (Health Maintenance Organization),
where the insured chooses a primary care physician who
provides all initial services and refers the patient to
specialists as needed. A less common plan would be an
EPO (Exclusive Provider Organization). Another option
for you to consider is full or partial self-funding
options. These sometimes offer substantial premium
savings depending on the health and plan usage of the
group. The biggest advantage to a group plan versus
individual medical is that owner and employees don’t
have to qualify medically to be on the plan.
This coverage allows your employees to obtain basic life
insurance protection without having to qualify
medically. The plan typically provides a base amount of
coverage selected by you the employer, and your
employees have the option to increase the amount of
coverage by paying additional premiums. This is viewed
as a valuable benefit by employees and is obtained at a
relatively low cost.
These plans typically have two components. One is for
short-term periods of disability and the other is for
long-term disability (which begins after the period of
short-term coverage ends). Most plans pay an established
percentage of an employee’s pay if they have a qualified
disability. Most short-term coverage begins after 90
days of disability and long-term portion begins after
180 days of disability. As the employer, you usually pay
the premiums. This coverage helps keep you and your
employees from being financially devastated during an
extended illness or injury.