General Commercial Insurance
This is a commercial insurance policy designed for small to medium-sized business. The policy covers both property and general liability (see below for detailed description of coverage) and has coverage that has been bundled specifically for those types of businesses at a lower cost. Many consider these policies to be one of the most affordable, yet comprehensive coverages available for a small business owner.
One of the most basic types of business insurance is General Liability Insurance or Business Liability Insurance. You may need this type of coverage as a pre-requisite to doing business with other companies or for renting a space for your business. Coverage includes claims such as physical losses like trip and falls on your premises. This coverage can include fire damage caused by you at your business location, medical costs, compensatory damages, attorney fees, judgments, court fees and more. Accordingly, premiums vary based on your specific type of business.
Commercial Property Insurance, sometimes called Business Property Insurance, is commercial insurance that covers the physical assets of your business. Thus, it protects you from minor and/or major losses due to property damage that occurs as a result of things like a fire, theft, storms and other natural disasters. This type of insurance can be good for many types of businesses, such as service-oriented business, manufacturers, retailers, etc. The policy covers the physical property as well as any equipment, including the contents of the building such as merchandise and furniture and will also cover cost income and incurred expenses relating to business interruption due to covered damages. Other items covered include buildings, structures, equipment, machinery, inventory, commercial autos, computers, media equipment and peripheral devices; costs incurred to research, replace or repair lost or damaged data and software (includes portable or mobile, equipment and media).
Product Liability Insurance is for retailers and/or resellers, manufacturers, wholesalers, suppliers, importers and distributers. It protects your business from financial loss and/or claims due to bodily injury and property damage resulting from any physical product the insured supplies, manufactures, imports, distributes, and even resells to the public. Premiums for these policies are based upon the type of product, volume of sales, and the role of the insured in the process. If your business is involved in any part of the chain of commerce, then it is critical to secure product liability coverage. The policy will protect you from medical costs, compensatory damages, economic damages, attorney fees, costs and other punitive damages.
Professional Liability & E&O
Professional Liability or Errors and Omissions (E&O) Insurance is for service oriented type businesses like attorneys, physicians, accountants, financial consultants, etc. It is a commercial insurance policy that will protect the insured from financial damages in the event they are sued for a perceived or real “negligence” that injures their clients. Premiums vary based on industry, revenue size, length of time in business, geographical location and other factors. The policy will protect you from court and judgment costs, attorney fees and other defense expenses, as well as final settlements.
Experts agree at some point all businesses will suffer a potentially large loss from some type of cyber attack or breach. That’s because a vast majority of companies conduct their business online. Additionally, they store valuable data on computer networks and/or in the cloud (internet storage). Yet, the standard business owner policy does not consider electronic data to be tangible assets and therefore does not cover them.
the djb group can help you secure Cyber Risk and Liability Insurance tailored around your company’s specific needs. Cyber Risk Liability generally covers loss caused by computer viruses, computer theft, or extortion. Additionally, it also covers intentional or unintentional errors made by your employees. It may also cover an outright cyber breach and/unauthorized use of your data from someone outside your business.
Farm & Ranch
the djb group offers a variety of coverage to meet the needs of farmers and ranchers. No matter the size, or nature (crops, livestock) of the business we are able to tailor multiple coverages. This includes property and liability coverage, including auto, equine, machinery, livestock and more to fit your needs.
Umbrella & Excess
Umbrella & Excess Liability acts as a gap between existing coverage and any claims that go beyond the limits of those policies. Simply put, this extra coverage helps in the face of catastrophic settlement that threatens your financial future. A simple example would be a settlement calling for $1.5 million, however your General Liability only covers $1 million. Your Umbrella Policy would provide you the additional $500,000 to successfully settle the claim, without touching your assets.
You may find that adding an Umbrella Policy to your portfolio could be less expensive than raising the limits on their existing policies. Thus, premiums will depend on several risk factors as well, as the underlying policies.
Most states require Worker’s Compensation Insurance (also known as simply “Worker’s Comp”). That’s because it protects both employees and the employer in the event of a workplace injury. Worker’s Comp coverd medical costs and provides income to the employee during the period the employee is unable to work. Additionally, it helps protect employers from lawsuits initiated by employees with regard to workplace injuries and occupational illnesses. State laws can vary with regard to Worker’s Comp protection. Accordingly, the DJB Group will help to ensure your business complies with state law.