Klug Insurance offers products that best fit our client’s particular needs. In this way, we are able to provide the best possible coverage at a competitive price.
Below are brief explanations of common terms in the Commercial insurance marketplace.
Types of Coverage
Property insurance protects tangible property such as buildings and office equipment. We suggest you have ample enough coverage to replace your property 100% should it be destroyed by a covered loss.
Liability insurance protects your legal responsibility for losses for which your company is responsible. These losses include such things as a slip and fall on your property or a product you create that injures someone.
Commercial Umbrella Coverage
Commercial Umbrella coverage is designed to protect a business by increasing the primary limits of liability coverage. This “umbrella” generally extends coverage over automobiles, general liability, and employer’s liability.
Commercial auto insurance provides coverage for a land motor vehicle such as a car, truck, or trailer which could cause or incur damage. If you or one of your employees driving a covered vehicle is ever responsible for a serious auto accident, you want to be certain that your business has appropriate liability coverage to protect your assets.
Workers’ Compensation insurance is employer-purchased coverage to pay for medical expenses, lost wages, and/or death benefits for employees who suffer a work-related injury or illness.
Crime coverage protects a business from losses caused by theft, robbery, or burglary of real property and monies and securities, both on and off the business property.
Mobile equipment insurance covers land vehicles or machinery, such as those used in construction or industry. They must not be licensed or registered as a motor vehicle, and intended for use primarily in locations other than the public road.
Surety bonds are not insurance. Rather, they’re agreements that provide monetary compensation to a third party if there’s a failure to perform specific acts by the insured party within a stated period of time.
E&O (Errors & Omissions)
E&O insurance protects against loss due to a claim of error or omission by the insured party. EPLI (Employment Practices Liability Insurance) EPLI insurance protects a corporation, directors and officers, and employees for claims resulting from wrongful termination, discrimination, sexual harassment, wrongful discipline, and failure to employ or promote.
D&O (Directors & Officers)
D&O insurance provides liability coverage for wrongful acts of a Board of Directors of either a corporation or non-profit group.