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Commercial Insurance

• General Liability
• Real Property
• Automobile
• Workers Compensation
• Umbrella
• Inland Marine
• Ocean Marine Cargo Coverage
• Directors and Officers Liability
• 401K Retirement
• Health and Life

GENERAL LIABILITY

This coverage protects your business from claims arising from alleged bodily injury, personal injury or property damage liability. It includes protection for services you render or products you sell. Coverage payments can include judgments, attorney fees, court costs, or other related expenses.

REAL PROPERTY

Real property coverage provides protection for permanent structures listed on the policy. Completed additions, permanently-installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building and additions under construction or repair are all included in this definition.

AUTOMOBILE

This policy can provide a combination of liability protection and physical damage coverage for loss due to damage to vehicles owned, maintained, or used by you. Additional coverages such as medical payments and uninsured motorist protection can be purchased to "customize" the policy to fit your business.

WORKERS COMPENSATION

State law requires that every employer provide Workers Compensation insurance for their employees. This insurance provides coverage for accidents or disease arising from employment as prescribed by these state laws. Benefits can include lost wages, medical expenses, and permanent disfigurement/disability payments.

UMBRELLA

This policy provides protection against catastrophic liability claims. The policy acts as an excess coverage over your primary liability policies. Its limits apply in addition to that provided by the underlying coverage.

INLAND MARINE

Property that is mobile in nature has been traditionally handled on these types of policies. A wide variety of forms and coverages has been developed to handle the needs of this property.

OCEAN MARINE CARGO COVERAGE

This policy is used to provide coverage for property you ship overseas while within the described territory and for the limits and perils declared on the form.

DIRECTORS AND OFFICERS LIABILITY

This insurance is used to insure against claims arising from the negligent acts, errors, or omissions alleged to have been committed by present or former directors or officers of your corporation.

401K RETIREMENT

A 401k plan allows employees to save for their own retirement. This type of plan was named for section 401k of the Internal Revenue Code, which permits employees of qualifying companies to set aside tax-deferred funds with each paycheck.

As an employer, it is your responsibility, and the plan provider who offers the 401k, to do all the legwork in setting up the plan. The employee is left simply to decide which percentage he wants deducted from each paycheck, and how he wants to invest it.

Contributions are pre-tax, meaning the employer deducts the amount from the employee's salary before calculating income taxes. In fact, it is because the deduction is pre-tax that the IRS sets a limit on employee contributions. The limit is to ensure that the highly paid employees in your company don't abuse the tax advantages of the plan.

HEALTH & LIFE

Group health insurance plans are categorized as either indemnity plans or manage care plans. Indemnity and managed care plans differ in their basic approach. Put broadly, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. You will typically have a broader choice of doctors, hospitals, and other health care providers with an indemnity plan while you will typically have less out-of-pocket costs and paperwork with a managed care plan. There are three basic types of managed care plans: PPOs, HMOs and POS plans.

As a member of a PPO (Preferred Provider Organization) plan, you will be encouraged to use the insurance company?s network of preferred doctors and hospitals. These healthcare providers have been contracted to provide services to the health insurance plan?s members at a discounted rate. You typically won?t be required to pick a primary care physician but will be able to see doctors and specialists within the network at your own discretion.

Though there are many variations, HMO (Health Maintenance Organizations) plans typically enable members to have lower out-of-pocket expenses but also offer less flexibility in the choice of physicians or hospital than other health insurance plans. As a member of an HMO, you will be required to choose a primary care physician. Your primary care physician will take care of most of your healthcare needs. Before you can see a specialist, you will need to obtain a referral from your primary care physician.

A POS (Point of Service) plan combines some of the features offered by HMO and PPO plans. As with an HMO, members of a POS plan are required to choose a primary care physician from the plan?s network of providers. Services rendered by your primary care provider are typically not subject to a deductible. Also, like HMOs. POS plans typically offer coverage for preventative care visits.

Life insurance is a contract in which an insurance company agrees to pay money to a designated beneficiary upon the death of the policyholder. The purpose of life insurance is to provide financial support to those who survive the policyholder, such as family members or business partners. Group life insurance is available through an employer or association that covers participating employees and members under one master insurance policy. Most group life insurance policies are term insurance policies, but life insurance may be divided into two basic classes: term and permanent.

Term life insurance provides coverage for a specified term of years for a specified premium. The policy does not accumulate cash value. Term is generally considered ?pure? insurance, where the premium buys protection in the event of death and nothing else. The three key factors to be considered in term insurance are: face amount (protection), premium to be paid (cost to the insured), and length of coverage (term).

Various insurance companies sell term insurance with many different combinations of these three parameters. The face amount can remain constant or decline. The term can be for one or more years. The premium can remain level or increase. A common type of term is called annual renewable term. It is a one year policy but the insurance company guarantees it will issue a policy of equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured?s age at that time. Another common type of term insurance is mortgage insurance, which is usually a level premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner?s residence so the mortgage will be paid if the insured dies. Guaranteed renewability is an important policy feature for any prospective owner or insured to consider because it allows the insured to acquire life insurance even if they become uninsurable.

Permanent life insurance is life insurance that remains in force until the policy matures, unless the owner fails to pay the premium when due. The policy cannot be cancelled by the insurer for any reason except fraud in the application, and that cancellation must occur within a period of time defined by law (usually two years). Permanent insurance builds cash value, providing a type of savings account that the policy owner can access if needed either by borrowing against the policy or surrendering the policy and receiving the surrender value.