Coverages
Frequently Asked Questions
WHAT INFORMATION IS REQUIRED TO GET A BUSINESS AUTOMOBILE QUOTE?
- Name of entity that owns the vehicle you want the quote for
- Geographic garaging location and address for the vehicle
- Description of the vehicle as follows:
- Year
- Make and Model
- Vehicle Identification Number (VIN)
- Gross Vehicle weight (for trucks)
- Cost new
- State what the vehicle is used for
- What is the radius of operation of the vehicle?
- List the names as written on their licenses, dates of birth, drivers license numbers and the state in which their licenses are issued for all regular operators of each vehicle insured.
- List the name and addresses of the Loss Payees for each vehicle
- (8) Do you have a plow, cell phone, 2-way radio or any other special equipment on any of the vehicles? If yes, please provide a list for each vehicle having extra equipment.
WHAT IS EMPLOYMENT PRACTICES LIABILITY INSURANCE?
EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.
The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no company is immune to such lawsuits. Recognizing that smaller companies now need this kind of protection, some insurers provide this coverage as an endorsement to their Businessowners Policy (BOP). An endorsement changes the terms and conditions of the policy. Other companies offer EPLI as a stand-alone coverage.
EPLI provides protection against many kinds of employee lawsuits, including claims of:
- Sexual harassment
- Discrimination
- Wrongful termination
- Breach of employment contract
- Negligent evaluation
- Failure to employ or promote
- Wrongful discipline
- Deprivation of career opportunity
- Wrongful infliction of emotional distress
- Mismanagement of employee benefit plans
The cost of EPLI coverage depends on your type of business, the number of employees you have and various risk factors such as whether your company has been sued over employment practices in the past. The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. The policy covers legal costs, whether your company wins or loses the suit. Policies also typically do not pay for punitive damages or civil and criminal penalties. Liabilities covered by other insurance policies such as workers compensation are excluded from EPLI policies.
To prevent employee lawsuits, educate your managers and employees so that you minimize problems in the first place:
- Create effective hiring and screening programs to avoid discrimination in hiring.
- Post corporate policies throughout the workplace and place them in employee handbooks so policies are clear to everyone.
- Show employees what steps to take if they are the object of sexual harassment or discrimination by a supervisor. Make sure supervisors know where the company stands on what behaviors are not permissible.
- Document everything that occurs and the steps your company is taking to prevent and solve employee disputes.
With permission from: © Insurance Information Institute, Inc. - http://www.iii.org
HOW DOES LIABILITY INSURANCE COVERAGE PROTECT MY SMALL BUSINESS?
Business liability insurance may cover you for bodily injury, property damage, personal injury and advertising injury that occur on your premises or by your product or completed operation to a third party. All business liability policies have difference coverages, limits and exclusions.
WAYS TO SAVE PREMIUM ON YOUR BUSINESS INSURANCE
Property:
- Increase your deductible limit to $500, $1,000, $5,000 or $2,500
- Install a smoke, fire or burglar alarm system
- Install a sprinkler system
- Keep your property clean and orderly
- Maintain your property with repairs as they are needed
- Do not have Claims
General Liability:
- Have a Safety Program in writing and a safety committee that meets regularly
- Do not have claims
Automobile:
- Do not have accidents or claims
- Have a vehicle maintenance program
- Hire drivers with no accident or convictions
- Have high deductibles on Comprehensive and Collision
WAYS TO SAVE ON YOUR WORKERS’ COMPENSATION INSURANCE PREMIUMS
- Create an active safety group and written program
- Create a return to work program
- Offer employees light duty work who are hurt on the job
- Do pre-employment physicals on all new hires
- Establish an employee health insurance plan
- Incorporate a written drug and alcohol policy into your employee manual
- Management must be committed emotionally and financially to a safety program
- Some types of businesses need to create a drug and alcohol testing program
- Comply with all OSHA requirements
- Buy a medical or indemnity deductible
