Does Your Business Have Enough Protection?
Business insurance includes products designed to protect risks inherent to commercial enterprises, such as commercial property, liability, business vehicles, workers' compensation, and bonds. Robert P. Powers Insurance Agency is here to help business owners across the New England States find the necessary business insurance!
We have experience in the following programs:
- Commercial Real Estate
- Contractors
- Auto body/Garage
- Landscapers
- Medical Professional Liability
- Nonprofit Institutions
As an independent agent, we represent numerous commercial insurance companies offering a variety of coverage and price options. Equally important, we listen. We take the time to understand your business needs. We help you find the coverage you need at an affordable price!
Understanding the Different Types of Business Insurance
Commercial property insurance protects a business against the loss the physical property or the loss of use of company assets. Company assets generally include buildings, contents including equipment, furniture, inventory and supplies, as well as income and the ability to maintain the enterprise's operations. Company assets may also include cash on the premises and valuable papers.
Property coverage can be written in two different ways. Named perils coverage protects the business from losses caused by the specific perils listed in the policy. All-risk coverage protects the business from all causes of loss except those specifically named in the policy.
Property can be valued in two ways. Replacement-cost coverage pays to replace damaged property fully. Actual cash value (ACV) coverage pays the cost of replacing damaged property less depreciation at the time of loss.
While individual property insurance policies are available, many businesses find buying a package policy that includes both property and liability coverage is more cost-effective. A combined property/liability policy is often called a Commercial Multi-Peril (CMP) policy for larger businesses. Smaller businesses can get similar coverage in a Business Owners Policy (BOP) policy. Want to speak with one of our experts? Call
(402) 477-8853 now.
Commercial Liability
Commercial general liability insurance covers the legal costs and general damages that a business becomes responsible for in a covered liability claim or lawsuit, subject to the limits and conditions of the policy. General liability insurance policies usually protect the business in four categories; bodily injury, property damage, personal injury (including slander), and advertising injury. Punitive damages are generally not covered because they are considered punishment for intentional acts.
General liability insurance policies usually state the maximum amount the insurer will pay during the policy period and often list the maximum amount the insurer will pay for any occurrence.
It is important to understand that general liability insurance does not protect your business against every type of liability. Certain risks require separate coverage.
While individual liability insurance policies are available, many businesses find buying a package policy that includes property and liability coverage is more cost-effective. A combined property/liability policy is often called a Commercial Multi-Peril (CMP) policy for larger businesses. Smaller businesses can get similar coverage in a Business Owners Policy (BOP) policy. Need more information? Contact our experts today at
(402) 477-8853!
Business Vehicles
As a business owner, you need the same kind of insurance coverage for commercial vehicles as you do for personal vehicles. A Massachusetts commercial auto insurance policy can cover cars, trucks, buses, limousines, and certain types of motorized equipment.
Non-owned and hired auto liability coverage is also available for vehicles that the business rents or borrows. Businesses with five or more vehicles are eligible for fleet discount pricing.
Just as working safely can keep down the cost of workers' compensation insurance, so can safe driving reduce the cost of commercial auto insurance. Professional driver training programs, responsible vehicle maintenance schedules, and equipping all vehicles with claims kits have proven to reduce losses for Massachusetts businesses.
Worker's Compensation
Worker's compensation coverage indemnifies workers for injuries arising out of or during the course of employment. The coverage is required by law in every state and is provided either through private insurance or, in a few states, through a regulated compensation fund. Benefits generally include medical expenses, death benefits, lost wages, and vocational rehabilitation.
There are usually two parts to a workers' compensation insurance policy. The first part of the policy transfers liability for all mandated benefits from the employer to the insurance company. The second part provides coverage to employees for work-related injuries and illnesses that are not specifically required by law. Part two is important liability protection for the business owner and is subject to the limits and conditions of the policy.
Workers' compensation is a complex coverage. Each state is the primary regulator of their own rules governing benefits, coverage, and premium calculation. So business owners operating in multiple states must understand the unique requirements of each jurisdiction. Also, premium calculations are based on a number of factors, such as the class of business, payroll amount, lost cost modifiers, and experience modifiers. Plus, insurance companies generally offer a number of different rating plans.
Workplace safety is an important part of controlling the cost of workers' compensation insurance. Insurance companies offer a variety of programs to help employers reduce or eliminate losses.
Commercial Umbrella Policy
Commercial umbrella insurance, sometimes called excess liability insurance, is an important source of protection for business owners. The coverage provides additional liability limits that exist in other commercial policies, such as general liability, commercial auto, and employer's liability. Umbrella insurance may also protect businesses from exclusions or gaps in underlying liability policies.
Commercial umbrella policies often offer such features as worldwide coverage, blanket contractual liability protection, and extension of protection to additional insureds. However, commercial umbrella insurance generally does not apply to professional liability insurance.
Umbrella insurance policyholders are responsible for keeping the schedule of underlying insurance policies in force, without alteration, during the term of the umbrella liability policy.
Commercial umbrella insurance tends to be relatively inexpensive for the business's additional protection. Plus, as a business owner, you gain peace of mind knowing that you are covered in the event of an expensive lawsuit.
Bonds
A surety bond is a guarantee that someone contracted to perform a specified obligation will, in fact, complete that obligation. There are three or more parties involved in a bond transaction.
The first is the principal. This is the person obligated by contract to perform specified responsibilities. The second is the obligee – the party who is the recipient of the contracted obligation. And the third is the surety, which ensures that the principal's obligations will be performed.
Through a bond contract, the surety agrees to uphold the contractual promises made by the principal or pay a specified amount of money to the obligee in case the principal defaults on his or her obligations. The bond demonstrates the credibility of the principal and guarantees the performance of the terms of the agreement.
Because there is financial risk involved, the surety in a bond contract is usually an insurance company whose solvency is verified by private audit, government regulation, or both. The principal will pay a premium to the bonding company, usually annually, for their participation in the bond contract.
Business Professionals We Work With
Commercial Real Estate
Condominiums, apartment buildings, or strip malls. We work with numerous carriers that offer coverage specific to your needs including:
- Commercial Property
- General Liability
- Commercial Crime
- Commercial Auto
- Employee Dishonesty
- Directors & Officers for Condominium Associations Board of Directors
- Ordinance & Law Coverage
- Newly leased property
- Newly Acquired LLCs, LLPs and LPs
- Real Estate Managers Additional Insured Endorsement
- Builders Risk
- Lease Cancellation
- Retail Anchor Store Business Income
- Tenant Move Back Expense
- Additional Insured by Contract, Agreement or Permit
- General Liability Aggregate Limit per Location
- Property Damage Legal Liability
Contractors
Whether you are a general contractor or a specialty trade contractor, we can offer you coverage, service and pricing that meets your needs and exceeds your expectations. In addition to general liability and property coverages standard on most policies, our carriers offer the:
- Products/Completed Operation
- Business Income and Extra Expenses
- Hired and Non-owned Liability
- Builders Risk Coverage
- Additional Insured Endorsement
- Inland Marine Coverage
- Equipment Breakdown
- Contractors Equipment
- Installation Coverage
- Workers Compensation
- Umbrella
Auto Body/Garage
Whether you are independently owned or a franchise, a general repair with a gas station or a body shop, we can assist you in finding the coverage you need at a price you can afford. Some of the coverages included in your policy will include:
- Business income and extra expense
- Employee dishonesty and forgery
- Employee tools
- Equipment breakdown
- Garage keepers liability
- Liability for damage to premises rented to you
- Motor vehicle damage to leased vehicles
- Sign Coverage
Landscapers
Several markets are available. Coverages include:
- Liability
- Property – included your tools and equipment
- Crime
- Equipment breakdown
- Sign Coverage
- Coverage for snow plowing
- Herbicide/pesticide liability coverage
Medical Professional
2011 Pinnacle Award Winner
We proudly announce that the Robert P. Powers Insurance Agency, Inc., a designated Charter Agent, has been recognized by Coverys (formerly known as ProMutual Group) as the 2011 Pinnacle Award Winner. The Pinnacle Award is an honor granted to agencies that exemplify excellence by providing outstanding support and dedication to their clients and the Coverys organization.
Coverys is the 8th largest medical malpractice insurer in the nation and covers more than 22,000 physicians, surgeons, and dentists, as well as more than 500 hospitals, healthcare centers and clinics.
As a medical malpractice insurance provider, Robert P. Powers Insurance Agency, Inc. knows your patients rely on you as their trusted healthcare provider to be knowledgeable, experienced, and skilled at what you do. We also know our customers expect the same from us, which is what we deliver daily.
We appreciate your business and look forward to serving you in any future endeavors.
Nonprofits
At Robert Powers Insurance, we are committed to our community. We know that nonprofit organizations strive every day to ensure every dollar raised goes directly to services provided rather than added overhead expenses.
At the same time, you are responsible for being adequately protected so that in the event of a claim, your property, your employees, your volunteers, and the people you help are not at risk. We work with you to make sure you have that protection. We have numerous carriers that specialize in nonprofit institutions. Some of the coverages offered include:
- Property & general liability
- Professional liability
- Directors & officer's liability
- Abuse & molestation
- Special events coverage
- Coverage provides legal defense and indemnity for your employees and volunteers
- Property Damage legal liability
- Identity fraud coverage
- Emergency real estate consulting fee
- Executive officer replacement expenses
- Unpaid donations/pledges
- Insured's work material expenses
- Employment practices liability
- Employee benefits liability
- Coverage for donated stock
- Business auto, including non-owned and hired auto
- Umbrella
Can We Save Your Business Money on Coverage?