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Telephone: 1-312-720-1950  

E-mail: admin@235insurance.com

 

235 Insurance

800 W Diversey Pkwy

Chicago IL 60614

Four Cornerstones of Commercial Insurance

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Other Forms of Commercial Insurance

Professional Liability Insurance, aka Errors & Omissions or Malpractice Insurance, is a coverage typically needed or required by any and all professional services firms, and companies in other industries, to protect against negligence claims, failure to deliver goods, or for inaccurate advice considering services provided to end users and/or a company's clients.  This type of insurance pays financial losses and investigation expenses when a claimant alleges a material loss as a result of dealings with your company.  Coverage can be customized to the needs of various companies.  For example, for a music licensing company we included a form to protect against accusations regarding intellectual property violations.  

Umbrella Coverage policies provide additional coverage over a schedule of underlying policies and forms, such as providing an additional $1-25MM liability over other commercial insurance cornerstones described on this page.   Umbrella Liability is not to be confused with Excess Liability, which provides additional liability over a single line of coverage, as oppose to a schedule of multiple policies and/or forms like an umbrella.

There are many other types of commercial insurance policies which may be suitable for your company, including but not limited to:

 

A)  Employment Practices Liability

B)  Directors & Officers Coverage

C)  Cyber Liability or Data Breach

D)  Contractor's Equipment &/or Inland Marine

E)  Liquor Liability or "dram shop" insurance

F)  Boiler & Equipment Breakdown

G)  Ordinance or Law Insurance

H)  Crime and Theft Insurance

I)   Earthquake & Flood Insurance

J)  Bailee's Coverages  (i.e. garagekeeper's)

K)  Accident Coverages or Participant Injury (i.e. sport)

L)  Surety Bonds

 

 

A careful conversation with your insurance agent or broker will help you determine the coverage forms and amounts of insurance appropriate for your company.  

 

 

 

 

Commercial Property Insurance

 

Commercial Property Insurance protects the property and income of your commercial enterprise. Property coverage may include, for example:  A)  a building in which you own or do business, B)  tenant improvements, C)  business property such as office and data equipment, and D) business income, or rents. Your commercial insurance policy should list all locations in which you regularly do business.  Keep in mind that business property stored more than 100 feet from your building or premises is not covered by standard property forms (mobile business property could otherwise be covered by Inland Marine insurance).  

 

There are several key components of every property policy that an insured should always consider:  A) A standard property policy will cover your business property for basic perils such as fire, wind or hail, or sinkhole losses.   However, the best property policies are written on "special" forms, which cover all losses unless excluded.  B)  Loss valuation affects your claim's settlement. Replacement Cost is the best coverage because it replaces covered property at full value, or in today's dollars. Actual Cash Value coverage factors depreciation into the loss settlement.  And, finally, C) coinsurance requires that insureds cover their property to a minimum % of its valuation.  Most policies require 80% coinsurance, meaning an asset must be insured 80% to its loss settlement value (as determined by an adjuster at time of loss), or an insured's claim will be prorated by the % it is insured against its 80% coinsurance factor, less a deductible.   We are experts assisting with these issues and concerns.  

Please complete our business insurance questionnaire in order to tinder an inquiry for

your company's insurance needs.

Worker's Compensation Insurance

 

Worker's Compensation insurance provides clear terms of coverage and benefits for employees who experience sickness or injury while on the job, or as a result of their labor activities.   Benefits to the employee include medical treatment, lost wages retribution, disability compensation, and rehabilitation expense.   For companies employing three or more persons, worker's compensation insurance in Illinois and most other states remains legally mandated (unless your company receives permission to self-insure).

 

It remains up to each individual state how their worker's compensation marketplace will behave, but most states offer some combination of "voluntary" and "involuntary" markets to help all companies obtain coverage. In Illinois, we rely on the National Council of Compensation Insurance (NCCI) to administer the "assigned risk pool" where companies who are unable to procure voluntary underwriting are assigned to an involuntary carrier (all carriers offering WC in IL are required to participate).    

 

 

 

General Liability Insurance

 

General Liability insurance protects the activities of your commercial enterprise in dealings with the public. This important coverage safeguards business liability concerning four main categories:  A)  Bodily injury and property damage, B)  Products and Operations, C) Personal and Advertising Injury, and D) Medical Payments.  "CGL" insurance pays for what an insured is legally obligated to pay.   Like most insurance policies, coverage typically includes both claims and defense costs, on the basis of the insurance company's "duty to defend" principle.  

 

There are a number of exclusions in CGL coverage, so be sure to review closely your needs prior to ordering insurance, and review your policy with your agent after issuance. Despite exclusions on the CGL forms, many of the excluded forms can be covered elsewhere (for example: electronic data through cyber liability and/or data breach policies;  liquor liability through "dram shop insurance";  pollution liability through a separate pollution insurance form).

 

 

 

 

 

 

Commercial Auto Insurance

 

Commercial Auto Insurance covers your company's vehicle fleet for liability losses and also provides the option of physical damage coverage, such as comprehensive and collision coverage like on your personal auto insurance policy.   Commercial auto insurance policies cover auto liability and physical damage on basis of: Symbol 1)  any auto, Symbol 7) scheduled autos, Symbol 8) non-owned auto, and Symbol 9) hired auto. Any auto coverage with endorsements for non-owned auto and hired auto is recommended (1, 8, 9), because if an insured uses scheduled auto and the insured or agent fails to keep their scheduled policy up to date, coverage will not be in place for an unscheduled but owned vehicle.  

 

"Hired auto" are vehicles which are hired, leased, or borrowed by your company. "Non-owned auto" covers vehicles which are not owned, hired, leased or borrowed, but that are used in connection with your company, such as an employee using their personal vehicle to attend sales appointments.   Always make sure your employees carry reasonable personal auto insurance liability limits (such as $100,000 bodily injury per person), because personal auto liability policies are the default first line of coverage in an auto liability suit involving a privately owned vehicle which also names your business.  

 

 

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