Business Insurance Products

Posted on

Kilbride & Harris Insurance Services offers a full line of insurance products designed to protect your business.


 

Commercial Package Policy (CPP):

A package policy designed for larger commercial risks that can provide in one policy, several lines of insurance business as needed by that commercial venture. Lines of business that may be included in the CPP are property, general liability, inland marine, crime, boiler and machinery insurance, and commercial automobile.

Business Owners Policy (BOP):

Similar to the commercial package policy, it provides broad property and liability protection in a single contract and is designed for small and medium-sized office, service or mercantile risks.

Commercial General Liability Policy (CGL):

This insurance policy is issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the “comprehensive” general liability policy.  Protection can be provided on an occurrence coverage form or on a claims-made coverage form.

Medical Professional Liability Insurance or Medical Malpractice Insurance (MM):

Medical professional liability insurance, sometimes known as medical malpractice insurance, is one type of professional liability insurance. Professional liability refers to liability that arises from a failure to use due care and the standard of care expected from a person in a particular profession, in this case a physician, physician’s assistant, dentist, nurse, hospital, nursing home or other health-related organization. A medical professional liability insurance policy covers bodily injury or property damage as well as liability for personal injury such as mental anguish. These policies pay defense costs and generally cover claims for medical error or neglect, even if the claims are false or groundless.

The complexity involved in discovering negligence results in a higher percentage of premium dollars going toward defense and cost containment expenses. Medical liability insurers spend substantial funds investigating and defending claims where there is an adverse patient outcome not resulting from negligence.

Many insurers write on a claims-made form basis where a policy in effect at the time a claim is reported responds for the loss, regardless of when the error was made. The policy that was more popular in earlier times is occurrence-made which covers a loss that occurred during the policy period, regardless of when the claim was made.

 

Workers Compensation Insurance (WC):

Workers’ compensation is a type of insurance coverage that provides wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence. All states have laws which require employers to provide such protection.

Data Breach or Cyber Liability Insurance (CLI):

What Does Data Breach Insurance Cover?

When working with client data, your business assumes responsibility for the security and privacy of a client’s data on your servers. You might think you’re covered through your General Liability Insurance but you’re not. With Data Breach Insurance, your firm would typically be covered for:

  • Denial of service attacks or inability to access websites or systems.
  • Unauthorized access to, use of, or tampering with data.
  • Disclosure of confidential data (invasion of privacy).
  • Loss of data or digital assets (malicious or accidental).
  • Introduction of malicious code or viruses.
  • Cyber extortion or terrorism threats.
  • Personal media injury (defamation, libel, or slander) from electronic content.
  • Regulatory action, notification, or defense expenses.
  • Crisis management and public relations expenses.
  • Data or system restoration.
  • Business interruption expenses.

Many states now require you to notify all your customers even if a breach is only suspected. A breach can occur by something as simple as:

  • -  An outside source entering your data base and stealing personal information
  • -  A laptop being stolen, misplaced or left out in the open that compromises
  • -  Human error
  • -  An employee’s cell phone being breached

 Directors & Officers Liability Insurance (D&O):

This coverage is designed to protect officers and directors of not-for-profit or for profit corporations against damages from claims resulting from negligent or wrongful acts in the course of their duties. It can also cover the expenses incurred in defending lawsuits arising from alleged wrongful acts of officers or directors. These policies typically include employment related practices liability coverage as well.

EPLI-Employment Practice Liability Insurance (EPLI):

Today’s litigious workplace and the evolving social media networks are exposing employers to new areas of employment discrimination, harassment, libel, slander, invasion of privacy, defamation, mental anguish and emotional distress not yet fully tested in the courts. Are you, your managers, employees and even third parties protected? As the name implies, Employment Practices Liability Insurance (EPLI) provides broad insurance protection from such employment-related claims and lawsuits.

 Errors and Omissions Coverage (E&O) or Professional Liability Insurance (PLI):

Professional liability insurance (PLI) but more commonly known as Errors & Omissions (E&O)   focuses on the alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless.

Fiduciary Liability Insurance (FLI) :

Fiduciary Liability Insurance works to protect the personal assets of company fiduciaries, as well as the financial assets of the company and employee benefit plans against lawsuits. This insurance provides protection for those persons administering pension and welfare funds, profit sharing and other employee benefit programs against loss for errors and or omissions by the administrator.  Coverage typically pays for a legal defense and the insurer will supply expert defense counsel. The Employee Retirement Income Security Act (ERISA) of 1974 created the need for this coverage. This coverage has also been referred to as pension trust liability insurance.

ERISA Bond – Employee Retirement Income Security Act of 1974:

ERISA may also be referred to as the “pension reform act.”  One of the purposes of this act is to force employers to protect the assets of the business that have been designated as employee pension benefits via an ERISA Bond. 401(k) Profit sharing or pension plans are subject to the ERISA Bond act.