Commercial Insurance

3 Types of Claims That Require Construction EO Insurance

Because injuries are common on construction sites, most employers carry general liability and workers’ compensation insurance. However, these policies will not protect you from all the risks your business faces. Here are three types of claims that could be disastrous without also having construction E and O.


Even if you make safety a priority, simple mistakes can happen. For example, if a worker forgets to tighten a single screw, a wooden beam could fall and hurt someone. General liability would not cover the resulting court costs and medical bills if the worker were found to be negligent.

Strict Liability

Construction involves the use of equipment such as cranes that are inherently dangerous. Strict liability occurs when people are injured as a result of this equipment, regardless of whether workers followed safety protocols.

Breach of Contract

If a construction company does not follow the contract it has with a developer, the developer can sue for breach of contract. Sometimes these claims occur long after the project is complete if the developer discovers defects in the finished product.

No matter how good you are at running your construction business, any of the above scenarios could occur without warning. If you have an errors and omissions policy, you do not have to worry that one will result in a lawsuit you cannot afford.

Commercial Insurance

3 Essential Insurance Plans For Biotech Companies

Companies in the biotech field engage in complex research activities that require sensitive, state-of-the-art equipment and often rely on the use of clinical trials. If you operate a business in this industry, it’s paramount that your company and its employees are protected against the risks they face. While it’s likely that you already have workers’ compensation and directors and officers plans, these are not enough to cover all of your liabilities. Below are three additional plans that are essential to organizations working in biotech.

  1. Commercial Property Insurance

This insurance product will protect your property against damage caused by fire, theft, vandalism, storms and other types of disasters. You should also make sure that your commercial property plan covers damage to any fragile equipment used by your company.

  1. Pollution Liability Insurance

Biotech coverages of this type are particularly important if your organization works with chemicals or produces hazardous waste. It will offer protection from third-party claims of property damage and bodily injury.

  1. Clinical Trial Insurance

While your business may apply rigorous safety measures to all of its clinical trials, unforeseen accidents and mistakes can still occur. Clinical trial insurance will pay for any resulting legal defense costs as well as the costs associated with a settlement or judgement.

The biotech industry has produced many advancements in the medical, agricultural and industrial fields, to name a few. This work is often essential to the continued welfare of humanity. Make sure that you and your employees are able to continue these important efforts by getting the insurance protection you need.

Commercial Insurance Coverage Plan Healthcare claims Insurance Coverage Self-funded Insurance

What Makes Self-funded Insurance Attractive?

As healthcare costs continue to rise, companies find themselves in the position of having to pass along those costs to their employees and raising premiums year after year. Many are turning to self-funding their insurance plans as a way to contain costs.

Basically in a self-funded (self-insured) plan, the employer takes the risk of paying the healthcare claims. This works in the following manner.

  • When the employer deducts health insurance premiums from the employee’s pay, the money is deposited into the company’s health care asset account where the funds accumulate and earn interest.
  • When an employee visits the doctor and incurs a medical claim, that claim is sent to the employer (or their third-party administrator) and the claim is paid from the funds in the company’s health care asset account.

Self-funded insurance becomes attractive to employers for several reasons.

  • No risk pooling costs associated with fully insured plans
  • Monies in the asset account can accrue interest
  • Claims are not paid until incurred
  • Any surplus left in the assets account is kept by the company, allowing the reduction of premiums and offset costs from year to year based on their claim utilization
  • Lower administration costs
  • Greater plan design flexibility to meet a company’s needs

Companies should talk to their insurance carrier to see if self-funding may be a viable option to reduce costs associated with healthcare benefits.

Commercial Insurance

What Does Commercial Insurance Do To Protect Your Business?

As a business owner, you have an obligation to protect your company from anything that could threaten its financial future. Knowing the basics of commercial insurance can help you evaluate which types of coverage your business may require.

Understanding Policy Types: The Basics of Commercial Insurance

According to Allegiant Insurance Services, there are four main types of essential insurance coverage for small businesses:

1. Liability Insurance

Liability insurance shields your business from legal claims of negligence, harm or other damages allegedly caused by your products or services. It also provides protection for claims of injuries incurred on your property.

2. Workers Comp Insurance

If your business has employees, you will likely need workers comp coverage. Workers comp provides for the medical expenses of employees injured on the job or compensates families for the work-related loss of a loved one.

3. Property Insurance

Safeguard your facilities and inventory against theft, fire or other catastrophes. Property insurance covers everything from office equipment to raw production materials.

4. Business Auto Insurance

Whether you have one company car or a whole fleet of trucks, business auto insurance is indispensable. This type of coverage addresses personal injury and property damage claims that may result if one of your company’s vehicles is in an accident.

Finding the Right Commercial Insurance

Once you understand the basics of commercial insurance, you can work with a qualified insurance agent to get customized coverage. Your agent can bundle several types of insurance into a business owner’s policy that suits your company’s needs.