Depending on the nature of your work – legal, accounting, consultancy, or other – you may have significant risks in the area of malpractice or "errors and omissions," in addition to the usual insurance needs of any business professional. America is becoming increasingly litigious as a society, and it is critical that any firm have adequate professional liability protection. Fee Insurance knows this arena and can be help you understand the impact of your risk.
Protect yourself from risk.
Firms of all types and sizes, including sole practitioners, need the same basic business insurance every enterprise requires, in addition to coverage specific to the work of someone providing legal, tax, or business advice.
Some of the coverages you may want to consider include:
Commercial property insurance covers your buildings and their contents in the event of fires, theft, vandalism, and certain weather events. Your office, equipment, instruments, and materials inventory can all be covered with a commercial property policy. Fee Insurance Group can help you evaluate how much coverage you need for your facility. Proper valuation of your business property is essential to making sure that you will be sufficiently reimbursed in the event of a loss.
Employee Accidents and Injuries
Workers’ compensation insurance helps protect your employees and your business from the costs of workplace accidents and injuries.
Kansas requires workers’ compensation insurance for most employers—see rules here. Those statutes determine the amount of benefits an injured employee is entitled to, what types of injuries are covered, and how medical care will be delivered. In general, workers’ compensation insurance covers the costs of medical care for the injured worker, as well as income replacement if they cannot return to work for a while. Workers’ compensation insurance may also provide death benefits if a worker is killed at your facility.
Commercial General Liability (CGL) insurance helps provide protection from a variety of claims ranging from:
Injuries on your property, such as slips or falls
Bodily injury or property damage to a third party caused by your work or your employee's activities
Liability of others you assume under contracts
Bodily injury or damage to another's property arising from a defect in your product
Libel, slander, or business disparagement
Copyright infringement in your advertisement
General Liability insurance covers the cost of your legal defense if you are sued for covered claims and any settlement or judgement awarded for those claims.
Lost Income and Business Interruption
A commercial property policy also helps provide coverage for business interruption, or circumstances where a covered event (fire, tornado, etc.) causes damage that forces you to temporarily close while you make repairs or relocate. Business interruption coverage helps pay for lost income and ongoing expenses (employee salaries, rent, etc.), and may even pay certain relocation expenses for a specified period after a covered loss. You may even be able to insure your manufacturing business for lost income due to interruptions in utility services, such as electrical and water services. Ask your agent how to add this coverage to your business property policy.
Malpractice insurance is professional liability insurance for a broad range of professions. A malpractice policy is specialized to deal with the risk of lawsuit due to errors and omissions in your work, such as bad advice, accidental injury, incorrect information, or unintentional misrepresentation.
If a client suffers physical, financial, or emotional harm as a result of something you did or didn't do during the course of your transaction, that client could choose to file a malpractice claim against you. Malpractice insurance provides the settlement cost, court fees, and your legal defense, up to the limits of your policy. That way you can keep your business running, and keep your savings account intact.
Commercial Vehicle Damage and Liability
Commercial auto insurance typically covers cars, trucks, trailers, vans and other vehicles designed for use on public roads. Only a business auto policy can help provide protection for vehicles being driven for business purposes.
You can customize your policy to cover:
Vehicles that your public business owns
Vehicles that your public business owns, leases, or hires
All vehicles that are used for business purposes, including those that the business does not own, lease or hire (e.g., personal vehicles that are driven for business purposes)
You can list each vehicle on your policy and carry different coverage for each depending on the vehicle’s characteristics and the coverage you need for it.
Professional companies like yours often store highly sensitive information about employees, and clients , including Social Security and credit/debit card numbers. Data Breach Coverage helps pay the costs of notifying impacted individuals such as customers and employees, managing public relations, good faith advertising, and more if personally identifiable information is lost or stolen.
An Umbrella Liability Policy supplements your existing policy's general liability, auto liability and employer's liability limits. An umbrella policy provides:
Increased limits in excess of the standard primary policies
Replacement of the primary policies if limits are used up by covered losses
Broader coverage than primary coverages