Commercial Insurance

BUSINESS OWNERS’ LIABILITY COVERAGE IS CRITICAL

Employment practices liability coverage is critical in protecting your insureds from the potentially catastrophic costs of employment litigation. Most people would never consider dropping fire insurance, but today the chances of being sued by an employee are even greater than the chances of having a fire.

Here are some examples of claim situations:

 

$2,000,000

A company settled a class action suit brought by job applicants who charged that certain questions asked in a pre-employment psychological exam violated their constitutional right to privacy as well as various state labor laws.

$2,440,600

After reporting multiple incidents of repeated sexual harassment by a supervisor, an employee alleged the supervisor began a systematic campaign to force the employee to resign. The court award in this retaliation/wrongful termination complaint was $210,000 for mental anguish, $330,600 in lost income and $1.9 million in attorney fees.

$7,100,000

After reporting multiple incidents of repeated sexual harassment by a supervisor, an employee alleged the supervisor began a systematic campaign to force the employee to resign. The court award in this retaliation/wrongful termination complaint was $210,000 for mental anguish, $330,600 in lost income and $1.9 million in attorney fees.

CASUALTY EXPOSURE CHECKLISTS

  1. General Liability
  2. Business Auto
  3. Workers Compensation

INSURERS OBLIGATION AT TIME OF LOSS

Property Losses

When filing a claim, your policies require that you follow specific procedures and comply with certain provisions.

    • $Immediate written notice of loss must be given to the insurance company in the event of fire and/or other direct damage to property.
    • $Notice of loss should include description of how, when and where the loss or damage occurred.
    • $Notify the police if a law may have been broken, as in the case of burglary, theft or vandalism.
    • $You are obligated to take all reasonable steps to protect your property from further damage. Examples are boarding up windows, making temporary repairs to roof if damaged, etc. Keep records of your expenses for consideration in the settlement of your loss.
    • $Complete inventories of the damage or destroyed property must be provided, including quantities, costs, values and amount of loss claims.

    Liability Claims

    • You must see that any injury or damage is reported as soon as possible.
    • Full details of the claim should include how, when and where the “occurrence” took place; the names and addresses of any injured persons and/or witnesses; and a description and location of any damaged property.
    • If a claim or suit is filed against you, you are obligated to cooperate with the company. The policy prohibits you from making any voluntary payments or assuming liability in any way.
    • You are required to report any occurrence that may result in a claim; therefore, you should emphasize to your employees the importance of reporting any incident to management, no matter how insignificant they feel it may be.

      Regardless of the type, all losses should be reported to us in writing as soon as possible.

      Due to the wide range of commercial insurance available, we suggest contacting Michael Yerkes directly. Please feel free to call Michael at (610) 869-4065 ext. 5.

      Business Auto Insurance

      Business auto insurance, also known as commercial auto insurance, can cover a combination of vehicle types (cars, trucks, etc.) and drivers, as well as some types of motorized equipment. It can also provide coverage for bodily injury liability and property damage while operating a company automobile, medical payment, personal injury protection (PIP), for the driver and passengers of the policyholder’s car, Injury or damage to someone else are also covered.

      Are you renting cars or are employees using their own vehicles? We offer Hired/Non-Owned Auto Liability. This particular policy provides coverage for certain liabilities arising from the use of a rented or leased vehicle (hired), or a non-owned vehicle. This coverage can be inexpensively added to a business auto policy, or, in some cases, to a general liability policy. Speak with AIA-Yerkes Insurance Agency today to find out how to get the best commercial auto insurance, service, price, and value.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Business Owners Insurance

      As a business owner, you strive to make decisions that are right for your business, your employees, and yourself.  You know that you need excellent coverage. However, you do not have the time to become an expert in business insurance because you have a business to run and many other important decisions to make.  So, make the first and the best decision by asking an AIA-Yerkes Insurance Agency agent about a Business Owners Policy (BOP).  This policy combines property, liability, and business interruption coverage for small to medium-sized businesses. This packaged coverage is generally less expensive than purchasing coverage separately.

      Business Insurance can Protect Your Business against:

      • Liability
      • Theft
      • Lawsuits
      • Tragic Loss

      Perhaps you need General Liability Coverage that includes operations. Or, you need to add Business Auto Coverage or Commercial Property Insurance. Whether you are a home-based business, small service provider, or a contractor, we will be there to meet all of your specific insurance needs.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Professional Liability Insurance

      Professional liability insurance helps cover you and your company if you make a mistake in the professional services given to a customer or client. Mistakes happen, and if your client or customer thinks a mistake in your professional services caused a financial loss, or that you misrepresented yourself they can sue you.

      Your insurance company only covers claims against your business during your policy period within the extended reporting period. And the claim must be from a covered error or omission, which Professional Liability insurance is sometimes referred to, that happened after your policy’s retroactive date. It can help cover:

      • Damages
      • Disciplinary proceedings
      • Loss of earnings
      • Legal defense costs
      • Copyright Infringement
      • Employees
      • Contract Breaches
      • Subpoena assistance

      Some policies can also be written on an occurrence policy. This means there will be coverage for losses that happen during your policy period, even if the claim gets reported after your policy expires.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Commercial Property Insurance

      Commercial Property Insurance is one of the most common types of business insurance. It provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, and vandalism, natural and man-made disasters are all examples of what is typically covered.

      A basic commercial property insurance policy may be all that you need, although the types of coverage can vary between different insurance companies.  We would love to help you determine the type of insurance policy and the range of coverage that is best for your business.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      General Liability Insurance

      General Liability Insurance, also known as Commercial Liability Insurance, is a broad commercial insurance policy that covers general liability exposures of a business. Essentially, it is an insurance policy that pays for businesses legal expenses when it is sued by non-employees. Lawsuits covered by General Liability Insurance usually include, but are not limited to the following: property damage, bodily injury, slip-and-fall accidents, libel and slander, copyright infringement, and product liability. Ask an agent from AIA-Yerkes Insurance Agency today about our General Liability Insurance.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Surety Bonds Insurance

      A Surety Bond is a legally binding agreement that provides a guarantee that a company or individual will deliver on their obligations. Surety Bonds help to ensure a company or person will complete the duties it has promised to carry out. The three parties involved in a surety bond:

       The Principal: The party responsible for meeting an obligation. The principal purchases the Surety Bond to provide a guarantee for their work.

       The Obligee: The party that requires a Surety Bond to guarantee that the principal will fulfill obligations.

       The Surety: The bond company that issues the bond to guarantee that the principal will fulfill their obligations. If the principal doesn’t meet their obligation, the surety will typically pay out a set amount to the Obligee.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Workers’ Comp Insurance

      Workers’ Compensation Coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. In most cases, this coverage can also protect an employer from being sued by an injured worker.

      We will find solutions to create safer and more productive workplaces, more confident and secure workers and overall savings that you will see on the bottom line.

      We also offer “pay-as-you-go” billing options which enable insured to pay for their workers comp premiums based on actual exposure. So, essentially, the insured pays what they owe when they owe it. This improves cash-flow, reduces or eliminates end of term audits, and provides the ease of electronic billing.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.

      Umbrella Insurance

      Umbrella coverage provides that extra protection a business needs for big, unexpected events that can quickly exceed its primary insurance limits — from devastating multi-million-dollar lawsuits to liability claims, employee auto accidents, on-premises slip and falls, and more.

      Let’s face it – business owners don’t need another thing to worry about.  But here’s a big one: nearly 80% of businesses are not covered against potentially business-ending lawsuits and catastrophic losses. That’s because they fail to add commercial excess and umbrella insurance to their coverage package. The reality is that when it comes to protecting businesses, umbrella coverage is a necessity, not an option.

      Let AIA-Yerkes Insurance Agency help you find the right amount of coverage to suit your insurance needs.

      Call us today at (610) 869-4065.