Property & Casualty
Freudenrich and Associates offers several classes of commercial insurance.
Property Insurance
Commercial Property Insurance
Fire, theft and other losses are realities in business. Property insurance covers not only building and structural damage, but also the business’ personal property. All of the following, owned or leased, can be considered business property (including, but not limited to):
- The actual building
- Inventory
- Furniture, equipment and supplies
- Machinery
- Computers
- Valuable papers, books and documents
- Artwork and antiques
- Signs, fences and outdoor property not attached to the building
- Non-tangible items such as trademarks and copyrights
There are three types of property insurance plans:
- Basic – includes losses resulting from fire, lightening, windstorm, hail and explosion.
- Broad – includes basic plus extended coverage for other types of perils, such as riots and/or civil commotion, or a roof collapsing due to the accumulation of snow or ice.
- Special – includes basic and broad, plus coverage on all direct physical losses except conditions excluded in the policy.
With property insurance you can buy either ‘actual cash value’ or ‘replacement cost’ insurance.
Casualty Insurance
General Liability Insurance
Liability insurance protects your business from claims of personal harm or injury. When your business is legally liable, liability insurance pays costs to third parties up to the policy limits. Liability insurance is available to cover:
- Bodily injury
- Damage to others’ property
- Personal injury, including slander and libel
- False or misleading advertising
There are three types of legal damages typically covered by a Commercial General Liability Policy:
- Compensatory damages – financial losses suffered by the injured party and future losses they may suffer resulting for an injury they claim in the lawsuit.
- General damages – non-monetary losses suffered by the injured party, such as “pain and suffering” or “mental anguish”.
- Punitive damages – additional penalties and charges the defendant must pay.
Standard liability insurance does not protect a business against:
- Claims from wrongful termination, sexual harassment, failure to employ/promote, or race and gender lawsuits.
- Claims relating to operating an automobile or truck.
- Bodily injury
- Property damage
- Medical payments
- Collision
- Comprehensive (sustained losses not from a collision)
- Uninsured motorists
- Under-insured motorists
- Borrowed or rented vehicles
- Employee autos used for business
- Accident prevention
- Loss and fraud control
- Claims management
- Medical and disability management
- Service
- Errors and Omissions (E&O)
- Employment Practices (e.g. claims for harassment, discrimination or wrongful termination)
- Professional Services (negligence, error, or omissions in occupations such as architects, engineers and accountant
Business Auto Insurance
Employee, equipment and product mobility is part of doing business. A vehicle safety program is one way to reduce the risks associated with owning and operating business vehicles. But, the best safety program can be sidelined by outside factors including weather, road conditions and other drivers. Therefore, commercial vehicle insurance (CVI) makes good business sense.
CVI is available to repair or replace a few (or a fleet of) company vehicles damaged by theft, accidents and other events. When your business is legally liable, CVI pays costs to third parties up to the policy limits. Customizable CVI coverage may include:
Worker’s Compensation Insurance
“Workers Comp” as it is generally known, protects employees injured in the course of employment. However, from the business’s point of view, the tenets of Workers Comp are broader. Workers Comp is a multi-dimensional product which deliver:
Workers Comp policies are defined by state statutes. Freudenrich and Associates is knowledgeable in Workers Comp and available to help identify best programs for your business.
In the event of a Workers Comp claim, Freudenrich and Associates will work with your business to file the proper forms.
Professional Liability Insurance
Some businesses require specialized liability policies; these policies may include:
Umbrella Insurance
Umbrella liability policies provides extra protection above a standard policy. Umbrella policy coverage limits are typically within the $1 million to $5 million range and are appropriate for business owners who have large assets or may be especially vulnerable to lawsuits.