COMMERCIAL INSURANCE 101
Professional Liability Insurance (E&O)
Errors & Omissions (E&O) covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, doctors, engineers and technology companies. AZ Insurance Team recommends that all professional and technology companies have E&O coverage. E & O is also known as Malpractice and Professional Liability Insurance.
Employment Practices Liability Insurance (EPLI)
Employment Practices Liability Insurance for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. If you have employees, AZ Insurance Team recommends considering this type of coverage.
Directors and Officers Insurance (D&O)
D&O covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well.
Business Owners Policy (BOP)
A BOP is a great combination of various coverages. It combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged coverage is generally less expensive than when purchasing coverage separately. With a BOP you have the ability to customize the policy to meet your individual business needs.
Perhaps you need general liability coverage that includes operations. Or, you need to add business auto coverage or commercial property insurance. Whether you are a home-based business, small service provider or contractor, AZ Insurance Team will work with you to find the right combination of business insurance coverage to meet your specific needs.
Supplemental Coverage Available:
Extended liability for additional insureds.
Debris removal, personal property.
Tools and equipment.
Valuable records protection and accounts receivable.
In addition to advising you on the right coverage, we provide additional services, such as:
Loss Prevention Programs—with our insurance company partners, we can evaluate your business's current conditions and recommend ways to lower property, auto, workers compensation or liability losses. Lower losses will not only lower your insurance costs, but also increase your productivity by avoiding downtime.
Quick Claim Response—when you do have a claim and need fast and fair service, we work with you to make that happen. That's why we only represent companies with excellent records for settling claims fairly and promptly.
Competitive Rates—many of the insurance companies we represent specialize in insuring specific types of businesses or industries, offering special coverage and pricing.
Workers’ compensation coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally, this coverage protects an employer from being sued by an injured worker in most cases.
AZ Insurance Team can help your business find complete solutions to your unique workers compensation insurance needs. We’ll find solutions that create safer and more productive workplaces, more confident and secure workers and overall savings you'll see on the bottom line.
Coverage for office workers using their own vehicles on company business is often needed, as well. If you have employees, it is critical that you consider this workers compensation coverage.