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COVID-19 Resources

Navigating the changes created by the Coronavirus pandemic can be tricky. The resources below should help answer some of your questions regarding how your business and insurance coverage could be affected by COVID-19. (Each document will open in a new tab.)

Industry Newsletters

We are pleased to make available to you the following archive issues of industry-related newsletters. Please complete our convenient request form to receive future editions by email.

In order to access these newsletters, you will need Adobe Acrobat® Reader. If you do not have this program, you may download it free at: Adobe. (Each document will open in a new tab.)

Insurance 101

The videos below explore insurance concepts in a brief, informative way. More topics will continue to be added as they become available.

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General Liability Insurance: Defending Your Business Against Property and Bodily Injury Claims

What would happen if a customer tripped at your place of business and injured themselves? Or, what if you were performing work at a client’s home, and accidentally damaged their property? Would you be able to withstand the financial impact of a lawsuit against your business?

General Liability Insurance, sometimes referred to as Commercial Liability Insurance, protects your business from financial loss, should you be liable for property damage, or personal or advertising injury caused by your services, business operations, or your employees.

It can protect you from costs associated with bodily injuries, damage to third-party property, personal injuries, medial expenses, litigation, and more.

Even if you take every precaution, unforeseen events can disrupt your operations, costing you both time and money. General Liability ensures that you’re covered when providing the level of service your customers have come to expect.

Here’s how it has helped other businesses:

Following a winter storm, a retailer failed to remove ice from their front walkway before the business opened. As a result, a customer slipped on the ice while walking up to the store and sued the business. Thankfully, the company’s General Liability policy helped cover the legal expenses, allowing them to quickly recover, without harming their bottom line.

General Liability policies can be purchased stand-alone, or as part of a comprehensive insurance package. What’s more, coverage can be customized to meet the specific needs of your operations.

To learn more, contact your insurance broker today.

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Product Liability Insurance: Protection for When Products You Sell or Produce Cause Harm

How would your business respond if one of your products harmed a consumer?

When it comes to building a reputation, growing your customer base, and protecting your bottom line, safe and reliable products are everything. And while you do everything in your power to ensure your goods and services are safe, accidents can and likely will happen.

To prepare for these kinds of issues, businesses can turn to Product Liability Insurance. Product Liability insurance provides much-needed protection for manufacturing or production flaws, design defects, and packaging and warning issues.

Above all, these policies can help you respond effectively should one of your products harm a customer or damage property. Whether you are a manufacturer, supplier, or retailer, chances are you have product liability exposures. The brakes on a bike you manufacture may fail. Appliances you design may have fatal flaws. Product instructions you create may be unclear or misleading. Claims related to these issues come with big price tags, and product liability insurance can help cover costs associated with legal fees, settlements, judgements, medical damages, and more.

Take this example:

A washing machine manufacturer relies on a supplier to provide hoses and other connection components. In a recent shipment, the supplier delivered hoses that were smaller than design specifications called for, which led to malfunctioning appliances and damaged property.

In response, customers sued both the supplier and the manufacturer. Thankfully, both companies had the proper product liability coverage, which helped them respond effectively to the lawsuit.

In business, a variety of things can go wrong throughout the production and distribution process. Product Liability insurance affords you protection against a variety of unforeseen circumstances, allowing you to focus on delivering a quality customer experience.

Contact your insurance broker today to discuss your unique risks and build a policy that’s right for you.

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Workers’ Compensation Insurance: Coverage for On-The-Job Mishaps

Is your business prepared if one of your employees is hurt on the job? Can your business reimburse employees for work-related injuries or illnesses? Do you even have the proper insurance in place to protect your organization’s bottom line?

Workers’ Compensation Insurance pays benefits to your employees if and when they are injured on the job. It provides flexible compensation for medical care, lost wages, and other expenses. It may even afford you legal defense coverage should your business be sued following a workplace incident.

Workers’ Compensation insurance isn’t just beneficial, it’s required in most states. And while ensuring the safety and wellbeing of your employees is your top priority, accidents will still happen.

Take this example:

A business’s employee is hurt on the job. They slip in the breakroom, fall, and injure their wrist. Not only does this employee miss work, but they also incur steep medical costs. To help ease their losses, the employee takes the business to court.

Thankfully, the business owner carried ample workers’ compensation insurance, which covered the employee’s medical expenses and lost wages during their rehabilitation.

Workers’ Compensation is a must have, protecting your business and valued employees. To secure a policy that’s best suited for your organization and the industry you operate in, contact your insurance broker today.

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Equipment Breakdown Insurance: Protecting the Tools and Equipment You Need to Run Your Business

Does your company rely on a few pieces of equipment to generate revenue? Just one failure or breakdown could lead to costly repairs or even force you to close up shop indefinitely.

How would you operate without key pieces of equipment, like point of sale systems, computers, refrigerators, heavy machinery, and specialized manufacturing equipment? To address these kinds of unforeseen disruptions to your business, equipment breakdown insurance is invaluable.

This coverage is a form of property insurance, designed to transfer unexpected breakdown risks associated with your company’s mechanical, electrical, and computer equipment. These policies are flexible and help organizations recoup financial losses related to property damage, business interruption, and spoilage.

Take the following example:

A major storm caused a power surge at a manufacturing business and destroyed two circuit boards. The unexpected outage left the business without the necessary machinery to continue normal operations. To meet the tight production deadlines, shop workers had to travel sixty minutes to the company’s sister location.

Between the lost time, travel expenses, and repair costs, the organization experienced $52,000 in losses—all from just one storm.

Equipment breakdown insurance is crucial for businesses of all kinds and provides protection when you need it most. However, you need to secure the right policy to ensure your business is covered before, during, and after and equipment breakdown.

Contact your insurance broker today to get started.

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Commercial Auto Insurance: Coverage for All of Your Company Vehicles

Do you or any of your employees operate a vehicle for work purposes? Does your business rely on a fleet of vehicles to perform essential tasks? If so, are you prepared to deal with the financial consequences of an accident?

If you’re not sure, maybe it’s time to talk to your insurance broker about Commercial Auto Insurance.

These policies provide coverage in the event that you or one of your employees is involved in an accident when driving for work. This coverage also gives your business much needed protection should a vehicle you own, rent, or borrow be involved in an accident.

Commercial auto insurance isn’t just for large fleets. Any car, truck, van, or similar vehicle used as part of your operations needs to be covered. And traditional auto policies simply aren’t enough, and may even exclude vehicles used for business purposes.

Imagine this:

The owner of a computer repair business is driving to meet a client. On the way, they are rear-ended by an uninsured motorist. Since they were driving for work purposes, their personal auto insurance policy won’t reimburse any of the costs related to the accident.

Commercial auto insurance is crucial in these kinds of situations, and can protect businesses from a variety of expenses, including costs related to vehicle damage, medical payments, bodily injuries, and other liability claims.

To learn more about commercial auto insurance, and to secure a policy of your own, contact your broker today.

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Professional Liability Insurance: Protection for the Services You Provide

What would happen if you made a mistake that harmed a client? Advice you offer can unintentionally harm a client, unforeseen circumstances can stall a project, and clerical errors can lead to devastating financial losses.

When you fail to deliver on your promises, your customers may sue you for negligence, even if you’re not at fault.

How would your business respond to subsequent legal action?

In these situations, professional liability insurance, sometimes referred to as Errors & Omissions insurance, provides a layer of protection for businesses that provide advice, make recommendations, design solutions, or represent the needs of others.

Professional liability insurance provides coverage for claims related to negligence, misrepresentation, violations of good faith and fair dealings, and inaccurate advice. Policies will pay the cost of legal defense against claims and payment of judgements against you up to the limit of the policy. Service professionals such as accountants, attorneys, consultants, architects, real estate agents, and contractors, are all prime candidates for this type of coverage.

Let’s take a look at an example:

While completing tax returns on behalf of a client, a CPA accidentally made an error. As a result, the client sued the accountant for negligence. Thankfully, professional liability insurance was there to help and reimburse the CPA for costs associated with litigation.

Professional liability insurance is flexible and provides a safety net should you make errors when working with your customers.

To learn more about these policies and how they can benefit your business, contact your insurance broker today.

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What's an HSA?

Health Savings Accounts, or HSAs, are being snatched up by everyone these days. But many people don’t know what they actually are, or how they work.

Lucky for you, we’re here to help!

Let’s break it down.

In basic terms, an HSA is an account that helps pay for eligible medical expenses that aren’t covered by an insurance plan, like prescription drug costs. If you’re using it right, any money put in or taken out is completely tax-free, making it a savings game changer.

To have an HSA, you must be enrolled in a high-deductible health plan. These plans are ideal if you’re healthy and don’t visit the doctor often, want to save for future medical expenses in retirement, or if you’re financially able to pay for healthcare bills before reaching your deductible.

For more information, on these or other health plan topics, speak with your employer today.

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Tips to Jump Start Your Workplace Safety Program

Creating a workplace safety program is one of the most effective ways to protect your workers. Implement these tips to jump-start your safety program.

  • Establish and execute core values. Assure workers that their health and safety is a priority.
  • Create a reporting system. Develop procedures to follow when reporting injuries, hazards or other workplace concerns.
  • Administer training. Train employees on how to identify, control and report various workplace health and safety hazards.
  • Conduct inspections. Inspect your workplace on a regular basis to identify potential hazards.
  • Control hazards. Address workplace hazards by implementing risk management techniques, policies and procedures.
  • Make changes. Set aside time to meet with employees and brainstorm ways to improve the program.

For more tips on how to start your workplace safety program, contact us today!

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Five Tips for Creating a Home Inventory Checklist

If your home was damaged or destroyed right now, could you list everything that was lost? Making a home inventory checklist is crucial to reclaim the value of your possessions in the event of a loss.

Follow these 5 tips when creating your home inventory checklist:

  • Go room by room, and list every item’s description, price, brand name and purchase date. Don’t forget to list the items hidden away in closets and doors.
  • Take pictures of all of your possessions for easy documentation.
  • Update your checklist annually to ensure all new items are accounted for.
  • Save receipts when you purchase new items to ensure your possessions are accurately valued by your insurance company.
  • Store your checklist in a safe place outside of your home, on a digital file or within an inventory checklist app.

Talk to us today for more tips on creating your home inventory checklist.

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Business Interruption Insurance: Much-needed Protection from the Unexpected

What would your business do should disaster strike? Are you prepared to respond to a lengthy and unexpected closure, and the potential financial and reputational harm that comes with it?

If you’re not sure, business interruption insurance may be right for you.

These policies provide protection against a variety of common interruptions, including natural disasters, equipment damage, supply change disruptions, and vandalism. In the event of a loss, these policies provide income that your business would have earned had it been operating normally. It can also help pay for expenses like payroll, taxes, rent, loan payments and relocation expenses.

Let’s look at an example:

Following an equipment fire, a restaurant experienced substantial smoke and fire damage. This fire not only wiped out most of the businesses inventory, but it also forced the business to move its operations to a new location.

Thankfully, business interruption insurance reimbursed the company for costs associated with the move. It even helped cover lost revenues as the restaurant recovered from the loss.

Business interruption insurance is designed to give you access to the protection you need when you need it the most.

To get started, contact us today.

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Commercial Property Insurance: Fundamental Coverage for Your Business

What would your business do if a water pipe burst, damaging inventory, equipment and other assets? Would your current insurance provide the coverage you need to get your operations up and running again?

If not, it may be time to consider commercial property insurance. These policies are designed to protect your assets including buildings, furniture, equipment, supplies, inventory, and more. In the event of a covered loss, commercial property insurance can reimburse your business for the replacement or repair costs associated with damaged or stolen property.

Let’s look at an example:

A convenience store was the victim of a burglary and had thousands of dollars in cash and inventory stolen. In addition, the criminals damaged point of sale systems, shelving units and other critical property during the robbery.

Thankfully, the convenience store had commercial property insurance in place, which covered the cost of the theft and helped them recover.

Commercial property insurance is essential for a wide range of businesses. Contact us today to learn more.

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Commercial Umbrella Insurance: Your Insurance Safety Net

What would happen if your business was faced with a significant loss or lawsuit, exhausting the limits of your insurance? Or, worse still, what if gaps in your general liability coverage left you exposed to major liability concerns that threatened the longevity of your business?

In times like these, you need extra protection. You need commercial umbrella insurance.

This coverage provides financial protection above the limits of your organization’s other liability policies. Simply put, it enhances existing liability coverages, helping you respond to gaps in insurance and substantial claims. These policies offer you additional protection for a variety of concerns, including libel, vehicle accidents, third-party property damage, product liability, and customer and employee injuries.

Let’s look at an example:

Following an accident at a local business, a customer sued for the injuries they sustained. The business was found at fault and was forced to pay back $2M in damages. While the company had a commercial general liability policy in place, it had a limit of $1M and couldn’t cover the full cost of the judgement. Thankfully, the business had an umbrella policy, which kicked in once the limits of their commercial general liability policy had been exhausted.

Commercial Umbrella coverage creates a much-needed safety net by providing access to higher limits of liability and addressing potential coverage gaps.

To secure a solution that best fits your needs, contact us today.