Commercial Insurance

Statistically, the Commercial Insurance expense is second only to direct payroll and related employee benefits costs. One critical issue and complex decision for business owners, is how to insure their assets while maintaining control over your second-largest operating cost.

Due to a general lack of insurance understanding, business owners and individuals tend to treat this process with a low priority or keep it at arm’s length. Having no true performance expectations from their agent, other than to place coverage, there is no long-term plan for managing their insurance program. A long-term partnership with Risk & Insurance Consultants will benefit you by providing your business with the best return for your insurance dollar.

Lines of Commercial Business

Property: Coverage for your business building, or business personal property (commonly referred to as “contents”). Property insurance can include coverages for business interruption and resulting loss of income, wind and flood policies, and inland marine coverage for property being moved or facilitating movement.

Workers’ Compensation: Provides coverage to pay benefits to your employees or their families for injuries, disability or death resulting from occupational hazards. In Georgia, if you have three or more workers, including part-time workers, you are required to carry WC insurance. Laws vary by state.

Employment Practices Liability: Coverage provides businesses with protection from the financial consequences associated with a variety of employment related lawsuits.

Surety Bonds: The surety (insurance company) guarantees the performance or honesty of the Principal (your business), to the third-party (oblige) to whom the performance or debt is owed.

General Liability: Coverage for damages caused to a third party or their property by your business operations or on your business property.

Umbrella: These policies provide excess liability coverage in the event that the limits of the underlying liability policies (auto, general liability) are exhausted.

Specialty Coverages
– Environmental – A policy that covers liability and sometimes cleanup costs related to pollution.
– Builders Risk – Property insurance that is designed to cover property in the course of construction.
– Error & Omissions – Protects your business against liability for committing an error or omission in the performance of professional duties, usually resulting in a financial loss to a third party.

Business Auto: Auto insurance for all company owned or leased vehicles including liability and property damage.

Health & Benefits: Group insurance used to provide employees with health, life, disability, dental and similar types of insurance.

Professional Liability: Insurance for the exposure that exists for an individual or organization that arises from the practice of their profession.

Directors & Officers: Insures corporate Directors and Officers against claims alleging financial loss arising from mismanagement.

Did You Interview Your Agent?

Many business owners leave the design and purchase of their insurance program to an agent who was once a schoolmate, a neighbor down the street, or a good friend who they will tell you, has handled their insurance for years. While all of that may seem to serve your needs, the real question is what is the depth and breadth of your agent’s knowledge of the property and casualty industry? As an employer, you require job candidates to complete an application, go through the interview process, and in many cases, take tests that measure their skill sets against the job profile being filled. When filling the position of Insurance Advisor, how do you know that your agent is qualified to provide the oversight, asset protection and strategic planning of your business insurance program?

Maybe your agent was referred to you by an associate. Maybe they have been an agent for numerous years. Consider this example; just because a person has been successfully selling cars for 15 years, does not mean they know anything about repairing the engine or building a car from the ground up. What it says is that he or she is a good salesperson. Your agent should not just sell you something you are required to have, but should know their business as in-depth as you know yours.

I tell everyone who asks that you guys are the best I’ve ever known in 25 years of business ownership. Todd Harrison, Pure Fun, Inc.