We call your attention to the items listed below which may require your immediate attention. Please read this important document and call us at once should you have any questions regarding these coverages:
Flood Insurance: Almost all commercial lines property policies exclude flood. The only way to protect your business from rising water is with flood insurance. There is a 30 day waiting period for flood coverage to begin. CALL US!!
Umbrella Coverage: Your commercial policies provide a limited amount of liability protection. However, it may not be adequate in cases of catastrophic losses, such as accidental death or crippling injury. A commercial umbrella policy provides additional liability limits. Limits exceeding five million dollars are available. CALL US!!
Employment Practices: Employers of all sizes face a critical issue: Employees filing suit for alleged wrongful employment practices – such as wrongful termination of employment, employment discrimination, sexual harassment, wrongful failure to employ to promote, negligent evaluation, violation of the Americans with Disabilities Act or the Civil Rights Act, etc. If a suit is filed – even if you’re innocent – the cost to defend yourself could endanger the survival of your business. Employment Practices Liability Insurance provides legal defense for such incidents. CALL US!!
DOC (Drive Other Car): If you do not have a personal automobile policy and drive a company car insured on a business auto policy, it is imperative that you have this coverage added to your business auto policy. This gives you personal automobile coverage when driving a vehicle belonging to others. CALL US!!
Contracted Labor: If you are giving your employees a 1099 form, they may still be covered under your Worker’s Compensation and General Liability Policy. Unless that employee has his or her own respective policy, he or she is an employee from an insurance perspective. What your accountant is telling you may not apply to your insurance policy. North Carolina law mandates you carry Worker’s Compensation insurance if you have 3 or more employees. CALL US!!
Ghost Policy for Worker’s Compensation: This policy provides no benefit coverage for the owner of the business. It will provide benefits for any employees, subject to audit. Be sure to notify us if you hire any employees during the policy year. Minimum premium for these policies is $1250. CALL US!!
Employee Benefit Liability: This is a safeguard endorsement to protect you should you make an error in the administration of your employee benefit program. CALL US!!
Pollution Coverage: There is very, very limited coverage under standard insurance contracts. This can be purchased through specialty insurance Carriers. CALL US!!
Business Income: After a property loss occurs, this is money that will pay for continuing expenses (rent, insurance, employee payroll, etc.) plus net profit while the property is being rebuilt. It enables a business to “stay in business” when the doors are shut due to property damage. CALL US!!
Cyber Liability: Today’s criminal doesn’t use a crowbar. He or she uses a keyboard. One of your biggest assets is the information that you keep of others. This coverage provides defense in this growing unauthorized exposure to your computer system. CALL US!!
Director and Officers: Members of profit and not-for-profit boards can be held personally liable for decisions that adversely affect the business entity. If you sit on any type of board of directors, you need this coverage. CALL US!!
Equipment Breakdown: This provides special coverage for perils not found under a standard property policy. Coverages include breakdown, electrical arcing, and power surges. If you have any type of mechanical equipment, this coverage is very necessary. CALL US!!
Data Recovery: If your business suffers a loss to property, there is a limit of money to help recreate the data lost due to the claim. CALL US!!
Electronic Data Processing (EDP): Your computer system, including both hardware and software, has additional exposures to loss that are not covered under a standard property policy. These exposures can be insured with specified insurance on the EDP components in your office. CALL US!!
Home Business Pursuits: If you have any business operations in your home, there is a very limited, if any, coverage under a homeowner’s policy. There are various ways in which you can get the necessary property and liability exposures covered. CALL US!!
Hired and Non-Owned Automobile Liability: If your employees use their own personal vehicles on business for you, this is a most important coverage. If the employee causes an accident, the employer can also be brought into a lawsuit for damages to the injured party. CALL US!!
Annuities: Some of our insurance companies offer competitive alternatives to Certificates of Deposit offered by your bank in the form of annuities. CALL US!!
Key Employee Life Insurance: Your Company should protect its most valuable asset – your employees! Your company may purchase life insurance on key employees to help weather the storm after the death of that employee. CALL US!!
Buy Sell Agreement: If your business partner passes away you may now find yourself in business with their heirs. A buy-sell agreement is a contract among business owners. At the loss of an owner, the business interest is transferred according to the terms of this contract. The other owner(s) are obligated to purchase the deceased’s business interest and the deceased’s heirs are obligated to sell. Often, this is funded by life insurance. CALL US!
Professional Liability: Malpractice is not restricted to doctors or dentists. Any professional (CPA, lawyers, real estate agents, hairdressers to name just a few) is held to a higher degree of accountability because of their training and experience. This coverage is mandatory for anyone who holds himself out as an expert in his particular field. CALL US!!
Employee Dishonesty: Employees can and do steal from their employers. If convicted in a court of law for wrongdoing, an employer can re-coup its losses with this very important coverage. It is often the most-trusted employee that causes these kinds of claims. CALL US!!
Mold Exclusions: Mold and Fungus losses have proliferated in the construction industry over the past few years. These losses are NOT covered under standard General Liability policies! The coverage can be purchased. CALL US!!
Claims Made V. Occurrence: General Liability policies are written two different ways: claims made and occurrence. The occurrence policy provides coverage when the event occurs. The claims made policy provides coverage when the claim is reported. Often there is a time delay between an “occurrence” and when the “claim is made”. It is very important to review this discrepancy when changing carriers, especially when the previous policy is “claims made”. CALL US!!
Ordinance and Law: Coverage for loss caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical; heating, ventilating, and air-conditioning (HVAC); roofing materials; fences; and plumbing units based on city codes. CALL US!
DISCLAIMER: THE ABOVE “COVERAGE GAP” NOTICE LISTS SOME OF THE COVERAGES THAT ARE OFTEN OVERLOOKED. THERE MAY BE OTHER GAPS IN YOUR COVERAGE THAT ARE NOT LISTED. PLEASE CALL US FOR AN APPOINTMENT FOR AN INSURANCE CHECKUP TO BE SURE THAT YOU HAVE THE PERSONAL AND/OR BUSINESS PROTECTION THAT YOU NEED.
CALL US TODAY!!!
LONG INSURANCE SERVICES, (336) 992-5664
