Quest Commercial Insurance |
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BUSINESS PROPERTY INSURANCE COVERAGE
BUSINESS LIABILITY INSURANCE COVERAGE
BONDING
SPECIALIZED COVERAGE
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Professional Liability for specified professions brochure Professional Liability Claim Scenarios
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Building & Contents
A Building is considered the structure itself as well as any additions and permanently installed machinery, fixtures and equipment. The value of the Building does not include the cost/value of the land.
Contents is considered your business personal property at the listed location, or within 100 feet of this location. Your contents includes your furniture, fixtures, machinery and equipment (not permanently installed to the building), stock, leased property, etc.
Business Interruption and Extra Expense
Business Interruption is to provide coverage for your loss of earnings (this includes loss of rental income) in the event of a damage to or destruction of the Building or your Personal Property. This coverage can also include Extra expenses; these are expenses you incur during the period of recovery or restoration, not normal operating costs.
Workers Compensation and Employer's Liability
This coverage is required in many states. The workers' Compensation portion provides medical and disability coverage for employees in the event of a work-related injusy or illness. These payments are as designated by the individual states. The Employer's Liability portion protects the company against claims by employees for employment related issues. The company can select the limit of Employer's Liability they desire to purchase.
Commercial General Liability
Commercial General Liability provides coverage for your company for claims brought against you by a third party. These claims can allege bodily injury, property damage, or personal injury as a result of your premises, your operations or your product (if applicable).
Excess/Umbrella Liability
An Excess/Umbrella policy provides additional limits of liability protection over and above the limits of shown on schedule of underlying policies. Usually excess coverage is provided over your primary General Liability, Auto liability and Employer's Liability policies.
Directors & Officers Liability
Directors and Officers Liability insurance provides protections for the directors and officers for wrongful acts in conjunction with the performance of their duties, on behalf of the company. A Director or Officer can be held personally responsible for acts of the company. Most directors and officers will require that they be protected.
Errors & Omissions and Professional Liability
Professional Liability provides protection against claims arising out of a professional's error, negligent act, or omission during the course of the practice of their profession. Also known as Erros and Omissions insurance, this type of professional liability insurance is critical to various professional fields.
Employee Benefit Liability
Employee Benefit Liability protects the company for failure to properly administer benefit plan(s). Errors such as failure to properly enroll and employee, failure to properly advise an employee, improper explanations, are a few examples.
Fiduciary Liability
The claims alleging error or omissions in the administration of employee benefit plans are outlined above in Employee Benefit Liability. Fiduciary Liability provides coverage for your company for claims alleging wrongful or imprudent acts in the performance of their duties. For instance, mismanagement of plan assets, improper plan design, improper investments, lack of diversity, selected improper advisors, etc.