Every business that operates in the United States needs some sort of insurance. Some types of commercial insurance are required by State law; an example would be the Florida statute requiring non-construction companies with 4 or more employees, and construction companies with 1 or more employees to have workers compensation insurance. Other types of insurance are required by contractual obligation, an example of this is when a bank requires commercial property insurance and commercial flood insurance when they are the mortgagee on a property. Another example of this is when a landlord requires general liability insurance as per conditions of their lease agreement. And another example
of this is when a company requires proof of professional liability insurance, general liability insurance, workers compensation insurance and/or crime insurance when a vendor or subcontractor does work for them. Usually in these instances the requiring company will asked to be named as additional insured on the policy, and may require a waiver of subrogation.
That being said, commercial insurance should be considered an integral part of a company’s business plan and strategy. There are many types of insurance available to protect businesses from the risks they face. However, budget constraints for small businesses require them to do a cost benefit analysis in choosing the insurance that best protects them. What type of insurance you need most depends on a variety of variables. These variables include industry, location, size, assets and specific business operations. The way to best determine your risks are to contact a professional commercial insurance agent that can discuss their risks
with you like the agents at ALC Risk Solutions, inc.
Most small to mid-sized businesses should have, at a minimum certain insurance policies including: commercial property insurance, commercial general liability insurance and workers compensation insurance. Many industries have insurance specific to them which they should consider in order to be properly insured. At ALC Risk Solutions, our slogan is that your Risks are as unique as You. Here is a brief example of some of the industries that have specific insurance needs and concerns. For more information contact ALC Risk Solution by going to www.alcrisk.com or email acohn@alcrisk.com or call (786) 664-7475.
What type of Insurance does a Technology Company need?
· General liability insurance
· Property insurance
o Inland marine insurance for servers and larger equipment
o Business interruption insurance
· Cyber Liability Insurance or Internet Liability Insurance
o Covers privacy liability
o Intellectual property infringement
o Viruses
o Network Security
o Bodily Injury
· Product Liability insurance
· Workers Compensation Insurance
· Cyber Crime for third parties
o Insurance for employees stealing from clients
· Professional liability insurance or errors and omissions insurance
For More Information about Technology Insurance go to the Technology Insurance website for ALC Risk Solutions, InternetRiskSpecialist.Com
What Type of Insurance does a Marine company need?
· Marine General Liability Insurance – Marine companies and non-marine companies that occasionally do work on boats, need special general liability insurance. This is because typical general liability insurance policies do not cover boats that are in the insured’s care, custody or control. Also, there are specific underwriting concerns that may exclude coverage in the event of a claim if there is work performed in the marine industry. There are also specific legal liability insurance policies that cover certain marine operations:
o Marina Operators Legal Liability Insurance
o Ship Repairers Legal Liability Insurance
o Ship Builders Legal Liability Insurance
o Stevedore’s Legal Liability Insurance
o Charterer’s Legal Liability Insurance
o Wharfinger’s Legal Liability Insurance
· Workers Compensation – employees in the marine industry have unique marine related risks and exposures. Therefore, along with State required workers compensation, they may also need federally required workers compensation like USL&H and Jones Act Insurance Coverage.
o United State Longshore and Harbor Workers Act (USL&H)
o Marine Employers Liability
What is the USL&H? When do I need USL&H? What is State Workers Compensation compared to USL&H and Compared to Jones Act or Marine Employers Liability?
· Commercial Boat Insurance
o Hull Insurance
o Protection and Indemnity
· Commercial Property Insurance
o Flood Insurance
o Hurricane Insurance
o Business Interruption
· Crime Insurance/Employee Dishonesty
· Employment Practices Liability
· Group Health Insurance
For More Information about Marine Insurance go to the Marine Insurance website for ALC Risk Solutions, MiamiMarineInsurance.Com
What Type of Insurance does a Restaurant Need?
· Property Insurance
o Inland Marine or Commercial Floater – large mobile equipment
o Business Interruption
Insurance or Business Income
o Hurricane Insurance
o Flood Insurance
o Food Spoilage Insurance
· General Liability Insurance
o Coverage for Additional Insured if work is done off-premises like catering
o Liquor Liability Insurance
o Hired and Non-Owned Automobile Insurance – covers the
business for accidents in the employees cars, especially needed if deliveries are done
· Workers Compensation
o Restaurants typically do not need to use Employee Leasing, Restaurants can save money by using an
independent insurance agent to get workers compensation insurance for restaurant employees
· Employment Practices Liabilit
y Insurance
· Crime or Employee Dishonesty Insurance
· Auto Insurance
· Boiler and Machinery or Equipment Breakdown Insurance
Restaurant Insurance go to ALC Risk Solutions. And coming soon,
www.foodbevins.com for the Food and
Beverage Industry.
What type of insurance does an Auto Mechanic need and What type of
Insurance does other Auto Industry and Transportation Industry Businesses need?
· Property Insurance
o Coverage for tools and equipment
· Garage Liability Insurance
o General liability for companies in many automotive and transportation industry.
· Garagekeepers Liability Insurance
o Provides insurance for vehicles left in the care, custody or control of the auto mechanic.
· Crime or Employee Dishonesty Insurance
· Workers Compensation Insurance
· Auto Insurance and Hired and Non-Owned Auto Insurance
· Trailer Interchange Insurance
· Motor Truck Cargo Insurance
· Warehouse Legal Liability Insurance
· Truckers Liability Insurance
What type of insurance does a construction company need?
· General Liability insurance
o Additional insured – it is very important that construction companies get blanket coverage for Additional insureds on their general liability insurance policies. This is a way Construction companies can save money on their liability insurance.
· Workers Compensation Insurance
o Where can Construction companies get workers compensation insurance? Many times construction companies can get workers compensation insurance without using an employee leasing company.
· Property Insurance
o Insurance for tools and installation equipment
· Auto Insurance
· Crime or Employee Dishonesty Insurance
· Builders Risk Insurance
· Bonds
o How does a construction company get bonded?
§ Construction bonds, including bid bonds, performance bonds, supply bonds, contract bonds and surety bonds are a thorough, but simple process. To get a bond you simply need to provide financial and credit information to the bonding company. They will review the documents, check references and issue an amount that they can bond you for. Once you get the first bond, the process going forward is very simple.
For More Information about Construction Insurance go to ALC Risk Solutions. And coming soon, www.flconstructioninsurance.com for the Construction Industry.
What type of insurance does a manufacturer need?
What insurance does an importer need?
Many time manufacturers and importers are classified the same for liability insurance. Manufacturers and importers are classified similarly because in the event of a claim, they are the first ones that are going to be sued for product liability issues. Therefore, in many cases they need the same type of insurance including:
· Property Insurance
o Business Interruption Insurance
· Cargo Insurance
o Motor truck cargo if the product is only transported in the US
o Ocean or Air Cargo if products are shipped out of the US
o It is a better idea to have your own cargo insurance instead of relying on the insurance of the freight forwarder. This gives you more control and can save you a lot of money.
· General Liability Insurance
o Product liability insurance is a huge concern if you manufacture or import a product
o Errors and Omissions
§ Some products should have a product liability insurance policy and an Errors and Omissions insurance policy. Product liability only covers property damage and bodily injury law suits. Errors and Omissions covers your business if there is a financial law suit due to your product
· Product recall Insurance
o Insurance to cover the cost for a product recall
· Workers Compensation Insurance
· Auto Insurance
· Crime or Employee Dishonesty
· Employment Practices Liability Insurance
What type of insurance does a Law Firm need?
· Property Insurance
· General Liability Insurance
· Workers Compensation Insurance
· Crime Insurance
· Employment Practices Liability Insurance
o Important to have insurance coverage for law suits brought for “failure to make partner”
· Professional Liability Insurance
o It is very important to read the scope of coverage and the retroactive dates as well as the payout for the extended reporting period.
· Privacy Liability – provides coverage if the personal information of clients is stolen or accidently distributed
· Directors and Officers Liability Insurance – covers the directors and officers for the mismanagement of the firm, this has come to light even more with the abundance of ponzi schemes like Rothstein, Rosenfeldt and Adler.
· Group Health Insurance and Group Benefits
o How can I get better employee benefits for my small business? Group benefits are tricky for small law firms. You want the best coverage, without having to pay too much for it.
What type of insurance does a Doctor’s Office or other Health Care Facility need?
· Property Insurance
· General Liability Insurance
· Medical Malpractice Liability Insurance
· Medical records privacy liability including insurance for HIPAA violations
· Workers Compensation Insurance
· Crime Insurance
· Employment Practices Liability Insurance
o It is very important to read the scope of coverage and the retroactive dates as well as the payout for the extended reporting period.
· Group Health Insurance and Group Benefits
o How can I get better employee benefits for my small business? Group benefits are tricky for small medical offices firms. You want the best coverage, without having to pay too much for it.
What type of insurance does a Franchise need?
Insurance coverage for franchises really depends on the type of business and the franchisor itself. If you need to provide your own coverage, purchasing it is no different than if you were not a franchise. However, it is very important to let your agent know that you are a franchise, because many insurance companies give discounts to franchise businesses on their insurance. To get a discount on your franchise’s insurance contact Andrew Cohn at ALC Risk Solutions.
· Property Insurance
· General Liability Insurance
· Workers Compensation Insurance
· Auto Insurance
· Crime Insurance
What type of insurance does a Retail Store need?
· Property Insurance
o Business Interruption Insurance
· General Liability Insurance
· Workers Compensation Insurance
· Auto Insurance
· Crime or Employee Dishonesty
· Employment Practices Liability Insurance
What type of insurance does a Retail Store need?
· Property Insurance
o Business Interruption Insurance
· General Liability Insurance
· Workers Compensation Insurance
· Auto Insurance
· Crime or Employee Dishonesty
· Employment Practices Liability Insurance
What type of insurance does a small office need?
· Property Insurance
o Business Interruption Insurance
· General Liability Insurance
· Workers Compensation Insurance
· Auto Insurance
· Crime or Employee Dishonesty
· Employment Practices Liability Insurance
For more information contact ALC Risk Solution by going to www.alcrisk.com or email acohn@alcrisk.com or call (786) 664-7475.
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