How To Design A Business Insurance Policy

Insurance concept risk management. Young man holding ring binder.How To Design A Business Insurance Policy

A Commercial Insurance Update

There are many insurance companies that are willing to offer you business commercial insurance coverage.  However, how can tell them apart, other than by their logo or advertising?  That is why you hire us, to help you review your risk, then design a program that fits your needs, and finally go to the marketplace and bring back the best options.  Not all insurance companies are the same.  They all offer different kinds of business insurance and services.  Here are some of the different kinds of coverage that you might consider when designing a commercial insurance program.  Each of these liability types offers protection from business-related fraud.  Purchasing several, or even all, of these policies may be necessary to fully protect your company from lawsuits.

  • Directors and Officers Insurance
  • Commercial Auto
  • Commercial Liability
  • Commercial Crime Liability
  • Property Insurance
  • Business Income and Extra Expense
  • A Commercial Umbrella Policy
  • Errors and Omissions Insurance
  • Fiduciary Liability
  • Employee Practices Liability
  • Privacy and Network Security Insurance

 

One way to make sure you get the best possible combination of coverage, price, and service is to have us help you identify the top insurers in your industry.  Other things to consider are your deductibles and limits purchased.  When selecting an insurance company allow your agent to do most of the heavy lifting.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

 

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Be Aware of Fraud During Storm Recovery

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We are moving into storm season and we wanted to remind you about contractor scam.

Prevent Contractor Scams

  • Make sure all contractors are licensed and insured.
  • Check with your insurer to see if the contractor has provided work for them in the past.
  • Never pay in cash.
  • Always ask for a quote in writing.
  • If you must, only pay a small amount up front, but also use a credit card so you can challenge payment if needed.
  • Get referrals and check references.
  • Never sign a blank agreement.
  • Make sure the contractor is licensed in Texas.

Insurance Scams

Some people have already received fraudulent computer calls saying their home insurance has been canceled and they need to make an immediate payment by credit card.  Also, be aware of people who say they are adjusters representing your insurance company and you need to pay your deductible now in order to have your claims covered.  Call our office if you have any questions regarding your claims.

Charity Scams

Many scammers are out asking you to donate money to their charity. Make sure you donate to legitimate organizations.  Donate money to charities you know, such as The Red Cross or your local church.

Amberg Insurance Center, Inc. was established in 1974 to serve the growing insurance needs of the many businesses and individuals located in the Charlotte and surrounding counties. We take pride in the quality service provided to our customers, our community concern, and our commitment to the overall development of our employees.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

 

Common Business Insurance Questions Answered

question-mark-2492009_640 (1)There are many insurance myths floating around, and most of them have been around for years.  We want to respond to some of these myths with clear information so that you can make educated decisions about your insurance purchases.

Commercial Insurance Myths

“Having two agents is better than one because they keep each other competitive.”

Having two agents duplicates effort and can create coverage gaps and/or duplications.  For example, there is certain coverage that can be included under a liability policy as well as under an auto policy.  If you have two agents, who coordinates coverage? One agent is better able to manage your entire insurance program.

“I am covered under workers’ compensation; therefore I do not need medical insurance.”

Workers’ compensation only covers on-the-job injuries.  It does not cover off-duty accidents, illness, or other things like cancer.

“Umbrella insurance is for only large firms.”

Every business should consider an umbrella policy. Claims can come from employees, clients, and other third parties.  Defense costs range from $250 to $750 per hour on more complicated claims.

“My claim was an act of God; therefore my deductible does not apply.”

All losses are subject to your policy terms including the stated deductible.

“Earthquakes are covered under my commercial insurance.”

Earthquakes and floods are specifically excluded under commercial insurance unless you have added it.

“I can’t control my commercial insurance costs.”

There are a number of actions you can take to control your insurance costs:

  • Increase your deductible
  • Follow all loss control recommendations
  • Only report larger claims
  • Develop a safety program

We believe our greatest asset is the relationships we build with our clients and we are dedicated to being the right choice for all of your insurance and financial needs. We take pride in our ability to tailor a comprehensive insurance package that maximizes your insurance protection while minimizing money out of your pocket.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

 

Property Insurance For Your Business

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A Business Insurance Update

Every business owns business property, and you may also own the building in which you run your operations. Property insurance protects the physical assets your nonprofit owns – such as computers, office equipment, buildings, furniture, fixtures, and other property.

Every business should have a property insurance coverage to respond to the many risks associated with property ownership. Property policies offer many unique coverages, some of which we have highlighted:

  • Building Coverage – allows you to quickly rebuild or repair buildings or other property damaged by fire, theft, natural disaster or other events, allowing you to return to normal operations.
  • Business Personal Property Coverage – covers costs to replace the contents in your building if they are stolen or destroyed by a covered unforeseen event.
  • Business Income Coverage – provides for continued income or lost revenues while the building and its contents are being rebuilt and replaced. Business income helps you to cover operating and ordinary payroll expenses needed to keep an organization operating after a loss, usually for a specific time.
  • Fine Arts Coverage – includes loss or damage to artwork or sculptures housed in your building.
  • Building Ordinance Coverage – covers the increased cost to comply with building codes, ordinances or laws that have changed after your building was originally constructed. For example, under new building codes, your structure may be required to have a sprinkler system, which will increase construction costs.
  • Outdoor Signs and Property Coverage – covers costs to replace outdoor fences, signs, trees, shrubs or plants.
  • Equipment Breakdown Coverage – includes loss due to failure or breakdown of equipment such as boilers, heating systems, and electrical machinery.
  • Computer Coverage – covers costs to replace or repair damaged hardware, software, data or media vital to your operations.
  • Back-up of Sewer – covers costs to repair or replace items damaged by back-up or overflow of a sewer or drain.
  • Earthquake Coverage – provides insurance to repair or replace damaged equipment and buildings resulting from an earthquake. Earthquake coverage is typically excluded under most property policies.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

 

How Commercial Liability Benefits Your Business

Risk management concept. Successful businessman at the light background.A Business Insurance Update

We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small need general liability insurance to protect your organization from unforeseen events.

General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:

  • Bodily Injury– Bodily Injury to a third party.
  • Property Damage– Damage to a third parties’ property (equipment building etc.).
  • Personal Injury– Injury to the mind or emotions, as opposed to an injury to property.
  • Advertising Liability– Damages arising out of advertising, libel, slander and invasion of privacy.
  • Products & Completed Operations– Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.
  • Premises-Covers liability arising out of injury to third parties while on your premises.
  • Medical Payments- A general liability coverage that reimburses others, without regard to the insured’s liability for bodily injury while on your premises.

General liability insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

Innovative Insurance Solutions

light-bulb-2632075_640A Business Insurance Update

We live in a changing world, and your business insurance needs to be changing as well. In order to keep your commercial insurance up to date you need to have the ability to change and update your insurance program on a regular basis.  The industry has developed a number of innovative insurance products that your business may just need.

  • Business Interruption Insurance covers the loss of income that a business suffers after a covered loss (fire, windstorm, etc.), while its facility is shut down or in the process of being rebuilt.
  • Tenant’s Insurance is needed if a commercial lease requires a tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
  • Directors and Officers Insurance is needed even if you are a privately held business.  Directors and officer’s liability Insurance protects your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claim for damages.
  • Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire.  Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.
  • Faulty Workmanship is a new and unique endorsement that provides a specific limit to protect against claims arising out of faulty workmanship, materials or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
  • Equipment Breakdown coverage offers extra protection for electrical, mechanical, or digital equipment used by your business, including heating, cooling, and refrigeration systems; computers and communication equipment; and more. It can pay for the cost to repair or replace the damaged equipment in the case that there is physical damage, as well as cover the cost of service interruption.
  • Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding, but not of removing the debris.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.

 

Are You A Professional?… You May Need Professional Liability

business-1869266_640Today, almost any business can find itself facing a liability lawsuit. A Professional Liability lawsuit can put owner’s and other executive’s personal assets at risk including homes, cars, and other possessions. One simple mistake could cause financial devastation, as well as end your professional career. Many businesses don’t think they have an exposure to professional loss. Here are some examples of industries that need Professional Liability Insurance.

  • Medical professionals
  • Lawyers
  • Real Estate Agents
  • Contractors that provide management services
  • Banking
  • Accountants
  • Technology
  • Non- Profits
  • Architects

Professional Liability Insurance is sometimes called Errors and Omissions (E&O) coverage. Claims come from errors or omissions in the performance of professional services. Companies that perform professional services for a fee are exposed to E & O claims. Often claims result from overlooking a critical piece of information, misstating a fact, misunderstandings, forgetting to do something, or misplacing something. In today’s world, the definition of “standard of care” has broadened through court cases and statute changes.

Here are a few actual claim examples:

  • A Marketing Consultant failed to send email advertising in a timely manner and the client had lost revenue of $150.000. The claim was settled for $125,000.
  • A Head Hunter placed an executive with a firm, but failed to complete due diligence regarding a non-compete agreement. The non-compete limited the executive’s ability to perform job duties. The new employer sued the head hunter for failure to disclose and won a $50,000 award.

As an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.

Amberg Insurance has been voted First Place for Best Insurance Agency and Best Agent by the Charlotte Sun Newspaper and First Place for ‘Harbor’s Hottest’ Insurance Agency by Harbor Style Magazine.