Accidents happen, but you need to be protected in the event a claim is made against you or your business. Excel & Y offers a wide range of liability insurance to make sure that you’re protected:
Commercial general liability insurance is coverage that will protect your business if someone files a lawsuit against you. It is often used to cover claims against your business for injury or property damage. Typical examples include if a customer is injured at your place of business, or if an employee damages property at a client's site.
Without a commercial general liability insurance policy, you are leaving yourself and your company vulnerable to lawsuits that could have a devastating impact on your business.
There are four main types of coverage included in the standard Commercial General Liability (CGL) policy:
The primary reason for professional liability insurance is that a typical commercial general liability insurance policy will only cover a bodily injury, property damage, personal injury or advertising injury claim. If your business is accused of negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice, you still need additional protection.
Professional Liability insurance is also known as Errors and Omissions coverage or Professional Indemnity Insurance and may also even take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called Medical Malpractice. Notaries may take out errors and omissions insurance (E&O). Some examples of other potential E&O policyholders include real estate brokers, appraisers, management consultants and software developers.
This coverage focuses on the failure to perform, financial loss and error, or omission of the products or services sold. Additional coverage for breach of warranty, intellectual property, personal injury, security and cost of contract can also be added. Basically, this coverage could benefit any business that provides advice or gives a service. It is also sometimes required under contract by other businesses that are the beneficiaries of the advice or services given.
Professional liability insurance policies are generally set up based on a claims-made basis, meaning that the policy only covers claims made during the policy period. Claims which may relate to incidents occurring before the coverage was active may not be covered. However, these policies will have a retroactive date which can operate to provide cover for claims made during the policy period, but which relate to an incident after the retroactive date (where the retroactive date is earlier than the inception date of the policy). It is important to continue your coverage because cancelling the policy, may make it as if you never had coverage for any incidents in the first place.
Directors and officers of public, private or non-profit company’s can be held liable for both the actions, and inactions, of the businesses they are responsible for. Other policies leave gaps in coverage that can leave you at risk.
With Director’s and Officer’s liability, you are protected from:
The liability policies purchased by the business may not address the complete liability insurance needs of all business owners.
Some problems include:
An Umbrella Liability Policy can solve these problems by providing the insured with both additional limits and broader policy coverages.
If your existing policies don’t provide the full breadth of coverage that you need, a commercial umbrella policy can provide you and your business with additional liability protection.
A commercial umbrella policy will provide liability limits in excess of those on your liability policy(s). This provides you and your business with additional protection in the event of a catastrophic event that results in hundreds of thousands, or even millions of dollars being awarded to plaintiffs in a lawsuit.
Commercial umbrella policies can be a good value because they provide much additional insurance protection for a relatively small premium. This is because umbrellas are considered secondary coverage, meaning that your primary policy's limits must first be exhausted before coverage takes effect.
Speak with an Excel & Y Broker to explore your options today.Start a quote
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