Commercial Insurance

Introduction

Commercial property insurance coverage provides protection from most risks to commercial property - fire, theft and some forms of weather damage.  Just as you buy homeowners and car insurance for your family, you must purchase similar insurance coverage for your businesses and other organizations.  Some insurance companies provide only "Personal Insurance," others provide only "Commercial Insurance," while some provide both.  Regardless, because of the complexity of what is required and what is available, it is important to have a good insurance broker seeing to your risk management needs.  Harman Stone Corp. takes great pride in meeting those needs - "Small Business Serving Small Business."

Commercial casualty insurance is loosely defined as an area of commercial insurance not particularly or directly concerned with  commercial property insurance. It is sometimes equated to liability insurance and is mainly used to describe liability coverage of a business or organization for negligent acts or omissions.  However, casualty insurance has also been used to describe property coverage for aviation, boiler and machinery, and even glass and crime insurance coverage.  It sometimes includes marine insurance for shipwrecks, losses at sea, and fidelity and surety insurance. It frequently includes earthquake, political risk and terrorism coverage, and fidelity and surety bonds.


Risk Management

Insurance enables you and your business or organization to transfer the financial burden of a loss to an insurance company.  In exchange for the insurance premiums you pay, the insurer agrees to pay claims for covered losses your business or organization may incur.  They in turn spread this risk among all their policyholders.

Commercial insurance is a type of insurance that covers businesses and non-profit organizations against the financial effects of property and liability loses.  Insurance is one of several techniques used in the overall "Risk Management" process.  Risk management involves identifying, analyzing, and managing loss exposures.

A "Loss Exposure" is a condition or circumstance that presents the possibility of a loss, regardless of whether the loss has actually occurred.  If the possibility of a loss exists, then the "loss exposure" exists.

There are three (3) types of loss exposure in commercial insurance:

1.)     Property Loss Exposure;

2.)     Liability Loss Exposures; and

3.)     Personal Loss Exposures.


There is a risk management process for identifying and dealing with loss exposures for your business or organization.  It basically consists of six (6) basic steps:

1.)  Identify Loss Exposures;

2.)  Analyze Loss Exposures;

3.)  Examine Feasibility of Various Risk Management Methods Available;

4.)  Select the Appropriate Risk Management Method;

5.)  Implement Your New Risk Management Plan;

6.)  Monitor Your New Risk Management Plan Monthly, Quarterly, and Annually as Appropriate.


There are a series of risk management techniques available to a business or organization.  These include:

1.)  Insurance Coverage;

2.)  Avoidance - not owning a piece of property or refraining from engaging in a particular activity;

3.)  Loss Control - any measure to prevent or reduce losses such as safety measures or improved storage, for example.

4.)  Retention - is a technique where a business or organization "retains" or "self-insures" all or "partially self-insures" a particular loss exposure(s) either in an itemized form, by percentage, or through the use of larger deductibles.

5.)  Non-Insurance Transfer - also known as "hold harmless" agreements or indemnity agreements.


Workers Compensation



Commercial General Liability (CGL)



Commercial Package Coverage



Commercial Property Coverage



Commercial Casualty Coverage



Builders Risk Coverage



Contractors Liability Coverage



Business Owner Package Coverage



Business Income / Interruption Coverage



Inland Marine Insurance Coverage



Ocean Marine Insurance Coverage



Aviation Insurance Coverage



Business Liability Insurance Coverage



Professional Liability Insurance Coverage



Products and Completed Operations Insurance Coverage



Commercial Umbrella Excess Liability Coverage



Management D&O Liability Coverage



Commercial Automobile Coverage



Garage Liability Insurance Coverage (Automobile Dealerships, Auto Repair Shops, Service Stations, parking Garages, and Recreational Vehicle (R.V.) Dealerships)



Dealers Physical Damage Insurance Coverage



Truckers Insurance Coverage



Boiler and Machinery Insurance Coverage
(Equipment Breakdown Coverage)



Condominium Association Package Coverage



Crime and Fidelity Insurance Coverage



Farm Insurance Coverage



Environmental Insurance Coverage



Fidelity Bonds



Surety Bonds