Property and Liability Insurance

Why Do You Need It?

A fire at your worksite or even a minor fall by a visitor can have a devastating impact on your business. So how can you help protect your business from big financial losses? You can start with two critical kinds of commercial insurance: property insurance and liability insurance.

What Is Property Insurance?

Property insurance covers your physical assets: your building, equipment, furnishings, fixtures, inventory, computers, valuable papers, records and more. But property insurance can also provide income if your business is forced to suspend operations after a covered loss. For example, if your building is destroyed or damaged in a fire, you may not only be covered for that property loss, but you may also be able to collect income while your business is recovering.

What Is Liability Insurance?

Business liability insurance is specifically designed to protect your business assets if it is alleged that the actions of your company resulted in bodily injury or property damage to someone else. For example, a liability insurance policy may cover expenses if someone claims to be injured by a product you sell…or it can pay for defense costs if a competitor sues you for trademark infringement.

Workers Compensation Insurance

Why Do You Need It?

As soon as you hire your first employee, you need the protection of workers compensation insurance. Not only does the law require it, but the financial security of your business depends on it.

What Is Workers Compensation Insurance?

Insurance that pays for medical care and rehabilitation of injured workers and helps to replace lost wages while they are unable to work. Employers are required by the state to provide legally mandated benefits to employees if they are injured on the job. Employers purchase workers compensation insurance to assure they have the financial capacity to pay any claims that arise.

Commercial Auto Insurance

Why Do You Need It?

Commercial automobile insurance is just as important as insurance for your personal vehicles. Regardless of whether or not you have personal auto insurance, you still need commercial auto insurance if you are using your vehicle for business, as your personal insurance may not cover business use. Check with your Navion Insurance Associates broker to confirm that you are adequately insured.

What Commercial Auto Insurance Covers

Coverage for your commercial autos varies widely, and your Navion Insurance Associates broker can help you make the right decisions. Any discussion about commercial auto insurance should include business-use autos, pickups, vans, and trucks. You should also discuss "non-owned" vehicles if your employees use their own vehicles to run errands on behalf of your business, and rented vehicles if your employees rent cars when traveling. These coverages protect your business if your employees use their own vehicles as part of their employment.

Professional Liability Insurance

Why Do You Need It?

Regardless of what kind of business you own, customers can claim that something you did on their behalf was done incorrectly, and that this error cost them money or caused them harm in some way. Professional liability insurance covers professionals for unintentional negligence and errors or omissions that injure their clients.

What Professional Liability Insurance Is

Business owners protect themselves with professional liability insurance to protect against today's litigious world. This type of insurance may be appropriate for anyone who gives advice, makes educated recommendations, designs solutions or represents the needs of others, such as physicians, attorneys, architects, teachers, consultants, software developers, placement services, or inspectors.

How Professional Liability Insurance Works

Although formal contracts with your clients can help limit your liability, the largest expense associated with an professional liability claim is the legal defense needed to prove liability or innocence. Professional Liability policies are designed to cover many of these defense costs and ultimately the final judgment if the business owner does not win the case.

Management Liability

What Management Liability Insurance Is

Management Liability insurance encompasses several different coverages. Talk with a Navion Insurance Associates' broker to decide what coverages are appropriate for your business:

Directors and Officers Liability (D&O) protects directors and officers of public, private and non-for-profit corporations against loss (damages and defense cost) arising out of their status or conduct as directors or officers. Common claims allege breach of duty, security law violations, and unfair competition.

Fidelity (Crime) coverage protects organizations from loss of money, securities or other property resulting from theft. Common claims arise from employee dishonesty, forgery, robbery, wire transfer fraud and other criminal acts.

Employment Practices Liability (EPL) protects companies and individuals against loss (damages and defense costs) arising out of employment practice disputes. Common claims allege discrimination, sexual harassment, wrongful termination and wrongful disciplinary action.

Fiduciary Liability protects fiduciaries (as defined by ERISA) against loss (damages and defense cost) arising from the administration and management of employee benefit and pension plans. Common claims allege ERISA violations, negligent advice, and careless plan management.

Kidnap & Ransom (K&R) can provide reimbursement for ransom monies paid in the event of a covered kidnapping or extortion event. Companies who ask employees to travel overseas for business purposes often purchase this insurance at minimal cost to protect employees and their guests during such travel and business related activities at home or abroad.

Umbrella Insurance

Why Do You Need It?

Every business is vulnerable to a major catastrophe or a huge lawsuit. Think about some of the devastating losses you've heard about recently, or the large settlements that are awarded in courts. These losses could exceed your primary insurance coverage limits without umbrella insurance.

What Is Umbrella Insurance?

Umbrella insurance extends your coverage beyond the limits of your basic business insurance. Umbrella insurance is important because it covers unexpected events.

Specialized Insurance for Your Business

Why Do You Need It?

Your business may have unique risks that are uncommon for the typical business. For example, do you use hazardous chemicals in your operation? Or do you manufacture food products that may be vulnerable to contamination and product recall? Or do you often carry tools to your customers' worksites, and need to make sure your property is protected off–site as well as on–site? Whatever your industry, chances are there are commercial insurance coverages tailored to the risks you face.

Some insurance companies offer specialized packages for certain types of businesses as well as optional coverages for certain types of risks. Your Navion Insurance Associates broker is the person most qualified to help you evaluate all the coverages you may need for your business.