Insurance Terms & Policy Types
ATV Insurance:
ATV insurance can protect your finances in the event of loss, damage, an accident, injury or theft of your vehicle.
Bonds:
A surety bond or surety is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
Builder's Risk Insurance:
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.
Business owner’s policy (BOP):
A business owner policy packages all required commercial Insurance coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s. *Commercial Insurance Flint MI, Business Insurance Michigan, Flint, Genesee County, Grand Blanc
Cannabis Insurance Coverage:
Coverage for Dispensaries & Provisioning Centers, Marijuana Grower Facilities, Testing Labs, Infused Product Manufacturers, Extraction Companies, Smoking Device Manufacturers, Secure Transport & Security Guards, and dispensary businesses!
Commercial Auto Insurance:
Commercial automobile policies cover the cars, vans, trucks, and trailers used in your business. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance, you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
Commercial Property:
If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage, etc. A variety of businesses, including manufacturers, retailers, service-oriented businesses and not-for-profit organizations carry commercial property insurance. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
Condo insurance:
Provides coverage for the inside of your condominium; the external areas fall under the jurisdiction of your condo association and must be covered under the association’s insurance policy. Depending upon the specifics of your condo association’s master policy, your condo insurance may include coverage for: The interior walls, Your appliances, Your personal property, and valuables. In addition to covering your belongings in the event of a loss, your condo insurance also protects you against liability claims if you are responsible for another person’s injury or property damage, or you have legal fees to pay due to a lawsuit.
Contractors Insurance:
Contractors insurance is coverage that can protect your business from devastating financial debts that can result from work-related accidents. It’s important to protect your livelihood with adequate coverages and limits that match your exposure in case your business is threatened. Protect against things like lawsuits and other liabilities with contractors insurance. Contractors, subcontractors and independent tradesman should carry commercial insurance. It not only protects your business, but it’s often a requirement by many employers before you can start working for them. Common trades that need contractor’s insurance include Construction, Carpenter, Plumber, Electrician, Landscaper, Painter, Handyman, Heating & Air, Floor Installation, Pressure Washer, Mason, And more!
Cyber/Data Breach:
If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.
Directors and Officers Insurance (D & O Insurance):
This type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
EPLI Insurance:
EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated. The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. Recognizing that smaller companies now need this kind of protection, some insurers provide this coverage as an endorsement to their Business owners Policy (BOP). An endorsement changes the terms and conditions of the policy. Other companies offer EPLI as stand-alone coverage.
Errors and omissions ("E & O") insurance:
E & O 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 insurance agent failing to file policy applications, or a notary forgetting to fill out notarizations properly.
General Liability Insurance:
Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
Homeowner's Insurance:
Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
Inland Marine Insurance:
Inland marine insurance covers property in transit and other people's property on your premises. For example, this insurance would cover fire-damage to customers' clothing from a fire at your dry cleaning business.
Life Insurance:
Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
Medical 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. *Medical Malpractice
Manufactured / Mobile Home Insurance:
Just like its close cousin, homeowner’s insurance, mobile home insurance coverage begins with protection that covers the property, liability, and contents.
Personal Automobile Insurance:
Auto Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might arise from the collision. *See also, Commercial Auto Insurance
Personal Umbrella Insurance:
You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowners or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.
Professional Liability Insurance:
This type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few.
Renter’s Insurance:
Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those who rent their home. The coverage protects against damage to the physical property, contents of the property, and personal injury within the home.
Temporary Staffing Agency Insurance:
Comprehensive Insurance solutions tailored to the Staffing Industry. Commercial Package, Umbrella, E&O, EPLI, Crime coverage.
Worker’s Compensation Insurance:
Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have worker’s compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
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