Commercial Insurance Products

An effective way to provide your business with the most coverage at a reduced, package rate.  A BOP has the flexibility to expand as your business grows and your insurance needs change.
 
A BOP bundles coverage for property, general liability, business interruption, crime, and a broad array of coverage extensions such as accounts receivable, advertising injury, data breaches, glass breakage, signs, and equipment breakdown.
 
Included in the Property coverage section of a Business Owner’s Policy is Business Income and Extra Expense, also known as Business Interruption Insurance:

• Business Income: Provides coverage for loss of business income that results from a fire or other covered loss that disrupts the operation of your business.
   
• Extra Expense: Covers the extra expense incurred to continue operations in the event of a covered loss to your property, such as a need for a temporary location, additional temporary staff, and other additional expenses affected by a covered loss.

Covers damage to property that you own, such as your building, equipment, furnishings, computers, valuable papers, fine arts, accounts receivable, money & securities, and more.  
 
Provides protection against such perils as fire, theft, windstorm, smoke, vandalism, collapse, and much more.

Provides protection against litigation alleging your negligence caused a claimant’s bodily injury or property damage resulting from your premises, operations or products.  Coverage for covered claims pays cost of damages, settlements and legal defense fees, such as the cost of hiring an attorney. 
 
It also includes personal injury liability (libel, slander, false arrest, invasion of privacy) coverage for advertising injury and:

• Sexual Molestation & Abuse Liability:  Provides separate limits for settlements, judgments and the legal expenses associated with lawsuits arising from claims of physical and/or sexual abuse.
   
• Hired/Non-Owned Auto Liability:  Protects you from losses resulting from bodily injury or property damage caused by the use of leased, hired, rented and/or borrowed vehicles, including your employees’ vehicles when used in connection with your business.

Workers’ Compensation helps pay for medical expenses and wage replacement for employees who suffer from a job-related accident or illness.
 
Workers’ Compensation laws and rates are regulated by your state’s Workers’ Compensation Bureau.  In some states Workers’ Compensation is required if you have a single employee.  In other states it is voluntary.  The laws governing coverage for owners, independent contractors, subcontractors, volunteers, and part-time employees vary by state.
 
Speak with an Affinity Commercial Solutions representative to learn about the Worker’ Compensation coverage available in your state.

Most states require commercial vehicle owners to carry bodily injury and property damage liability that results from accidents that occur while you or someone from your organization is driving on business time.  Some states also require medical coverage and/or uninsured/underinsured motorists. 
 
Whether you protect your commercial vehicles with physical damage coverage or decide to self-insure is your choice. 
 
The Hired and Non-Owned Auto endorsement extends your liability coverage to vehicles you hire (rent or borrow) and to vehicles owned by your employees, should they use them for business.

Professional Liability is sometimes called Malpractice Insurance or Errors & Omissions Insurance.
 
It protects against liability incurred due to an error or omission committed in the performance of your professional services.  Damages are usually for financial loss, but in the case of healthcare professionals, it is generally for physical injuries.
 
For an accountant, filing a tax return late causing a client to incur IRS penalties could result in a professional liability claim.  For a physician, failing to perform a surgical procedure properly, resulting in permanent or temporary injury, can also result in a professional liability claim.

Directors & Officers Liability may be thought of as Errors and Omissions Insurance for your management.
 
Claims may involve lawsuits alleging mismanagement, unfair employment practices or conflicts of interest.  In the case of a for-profit company, claims may involve a lawsuit by shareholders for declining stock prices.  In the case of a nonprofit, it may involve donors alleging improper use of funds.
 
D&O coverage may vary depending on the industry in which you work, adding protection for industry-specific exposures.  Extensions of coverage on a D&O policy may include Employment Practices Liability, Sexual Abuse & Molestation, Wage & Hour Defense Costs, and Fiduciary Liability Defense Costs.

Umbrella Liability and Excess Liability policies are designed to provide liability coverage above the limits on your underlying Commercial General Liability (CGL), Automobile Liability, and Directors & Officers Liability policies. 
 
For example, your CGL policy might offer a maximum of $5 million of coverage.  If your business has assets in excess of that amount, and you are concerned that one catastrophic event could destroy your company financially, an Umbrella policy allows you to gain access to $10 million, $25 million, or higher limits.
 
Umbrella policies offer higher liability limits and may broaden the coverage on your underlying policies.  For example, an umbrella policy might extend the coverage territory from the U.S. to worldwide.  An Excess policy provides availability to higher liability limits but does not offer broader coverage.

All 50 states have enacted privacy laws.  If a hacker breaks into your computer network or a laptop is stolen from your car and your customers’ confidential data, such as names, addresses and Social Security numbers is compromised, certain expenses may result.
 
Your state may require you to provide written notice to your customers of the breach.  You may be required to also provide credit monitoring.  Fail to respond within a specified timeframe, and you may be subject to regulatory fines and penalties. 
 
Cyber Liability helps protect you from claims by your customers and third parties whose systems may have been damaged by unauthorized use of your network.  It also pays for remediate expenses such as notification costs, credit monitoring, public relations, computer forensics, and more. 
 
Because there is no standardized Cyber Liability Insurance policy on the market today, it is important to speak with an Affinity Commercial Solutions specialist about the options available to help protect your business.

Most businesses are surprised to learn that the most common type of Crime Insurance claim is employee theft.  A typical Crime policy provides coverage for Employee Dishonesty, Forgery or Alteration, Computer Fraud, Funds Transfer Fraud, Money & Securities, and Counterfeit Money.

Covers damage to or loss of property in transit during shipping, whether by land, air, or sea.  Typical losses are due to accidents, mishandling, breakage, fire, and theft.

Provides coverage for property itemized in a policy regardless of location.  Items are usually scheduled and insured individually to value.  Valuation may be determined by a bill of sale or appraisal.
 
Inland Marine policies are typically used for property that tends to move around such as construction equipment, medical equipment, laptops, artwork, jewelry, and cameras.

A form of Inland Marine insurance that protects customers’ property that is in your care, custody, and control.  For example, if a customer leaves their smartphone with you for repair and it is stolen.

Covers wrongful acts arising from employment procedures.
 
The most frequent types of Employment Practice Liability claims include wrongful termination, discrimination, sexual harassment, failure to promote, retaliation, invasion of privacy, negligent evaluation, and deprivation of a career opportunity.

A three-party contract under which an insurer agrees to pay losses caused by criminal acts (fidelity bonds) or the failure to perform a specific act (performance or surety bonds).