If you own a business, land or property, you need General Liability Insurance. General Liability coverage offers protection against claims arising out of your premises, operations, products and completed operations for Bodily Injury, Property Damage, Personal Injury and Advertising Injury. General Liability also provides coverage for Defense Costs.
Additional coverages that can be included under a General Liability program consists of Medical Payments, Liquor Liability, Employee Benefit Liability, Employment Practices Liability and Damage to Premises you lease.
Given today's legal environment, small mishaps can result in huge lawsuits. As such, you need to purchase the most comprehensive General Liability policy available.
In addition to understanding your operation, a review of the insurance requirements contained in leases, contracts or other agreements is an important part of determining the amount and type of coverage you should purchase. Pinnacle Risk Managers will work with you to review your needs and recommend a General Liability policy.
An Umbrella or Excess Liability policy provides additional protection for businesses against claims that exceed the limits of the primary Automobile Liability, General Liability and Workers Compensation (Employers Liability) policies. Those policies to which the Umbrella or Excess coverage would apply will be scheduled as underlying coverages on the Umbrella or Excess policy form. An Umbrella or Excess Liability policy may also provide additional coverage for some specialty policies such as Professional Liability, Directors & Officers Liability, Liquor Liability or others.
There is a distinct difference between an Umbrella and Excess Liability policy:
Umbrella Liability not only provides excess limits of liability above your underlying policies, but may also provide protection when no underlying insurance applies. It also broadens your businesses insurance program to help close or eliminate gaps in coverage.
Excess Liability provides you with additional limits of liability above your underlying policies shown in the schedule. This type of policy is more restrictive than an Umbrella Liability policy.
Knowing which policy form you have is important in protecting your business from a catastrophic third party claim. There are no standard Umbrella or Excess Liability policies written as each carrier offers their own coverage form.
Umbrella or Excess policy limits begin at $1,000,000 and can be increased in increments of $1,000,000. Determining the amount of coverage you need to protect your business will depend on your operations, leases, agreements or contracts, net worth of the business and owners and other factors.
Protect your business from inadequate liability limits by purchasing an Umbrella or Excess Liability policy.
Directors/Officers Liability Insurance
Decisions made by directors and officers impact the viability and value of a business or organization. Members of a Board of Directors and Officers can be held personally responsible for wrongful acts to shareholders, employees, regulators, competitors and others.
Directors & Officers Liability Insurance provides financial protection for Directors & Officers in the event they are sued for the performance of their duties in their capacity as directors and officers for the organization. Coverage may also extend to the organization.
Do the By-laws of your organization state that your entity will indemnify Directors & Officers? The ability to attract and retain individuals to serve as a board member depends on your company or organizations ability to indemnify and protect the personal assets of these individuals.
Pinnacle Risk Managers assists you in evaluating, designing and providing the right Directors & Officers policy for your business or organization. This coverage is available for privately owned businesses of any size, public companies or nonprofit organizations.
Professional/Errors & Omissions Liability
Professional/Errors & Omissions Liability insurance can protect your business from claims you are obligated to defend or pay from errors, omissions, negligence, failure to provide professional services, performance disputes or other professional related issues. Defense costs are an important feature of this coverage.
Professional Liability is available to various professions requiring coverage for professional services provided to others for a fee. Some examples include Medical Professional Liability, Lawyers Professional Liability, Accountants Professional Liability, Architects and Engineers and other professions where a degree or continuing education is required and they act in a professional capacity.
Errors & Omissions Liability is available to non-professionals who require coverage for economic damages because of acts of errors or omissions. Some examples include consultants, technology IT services, social workers, alarm companies, answering services and others.
Most General Liability policies will exclude Professional/Errors & Omissions Liability coverage which makes it necessary for a business to obtain a stand-alone policy.
Some of the features to look for in a Professional/Errors & Omissions Liability policy include:
Defense costs - this may be inside or outside the limit of liability
Coverage extends to both W2 employees and 1099 sub-contractors
Optional coverage for copyright infringement and/or intellectual property infringement
Worldwide coverage when the suit is brought within the United States.
There is no standard policy and terms, conditions and exclusions vary greatly. Pinnacle Risk Managers can assist you in evaluating, designing and providing the right Professional/Errors & Omission Liability policy for your business or organization.
Employment Practices Liability
Employment Practices Liability protects businesses from the financial consequences associated with a variety of employment related claims, including discrimination, harassment, wrongful termination, failure to hire or promote, hostile work environment. Claims can be made against an employer by current employees, former employees or potential employees. Policies may also be written to include claims from third parties. Employment Practices Liability insurance can be written separately or in combination with the Directors & Officers Liability insurance.
According to the Equal Employment Opportunity Commission (EEOC), they handle 75,000 to 80,000 charges of employment related claims annually. All employers are vulnerable from the first time they meet with a potential employee and throughout the employment relationship. An issue can arise for any business regardless if you are a small or large company; for-profit or not-for profit, even if the allegation is groundless or fraudulent. The defense of a suit can be expensive not only financially, but in time and resources.
Your business is subject to a wide-range of laws and regulations which employers must comply with whenever making employment decisions.
Some of these laws and regulations include:
American with Disabilities Act (ADA)
The Civil Rights Act of 1991
The Age Discrimination in Employment Act (ADEA)
Title VII of the Civil Rights Act of 1964
Family and Medical leave Act (FMLA)
Workers Adjustment and Retraining Notification (WARN)
Fair Labor Standards Act (FLSA)
Numerous other state and federal statues.
Pinnacle Risk Managers assists you in evaluating, designing and providing the right Employment Practices Liability policy for your business or organization. This coverage is available for privately owned businesses of any size, public companies or nonprofit organizations.