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Business Insurance

Property Damage | Business Interruption | Contractor’s Insurance | Commercial Crime | Workers’ Compensation | Commercial Liability | Commercial Auto | Pension & Savings

We know your business means everything to you. It is also important to us. As an owner of a growing business, you face tough challenges every day. Make sure your business is adequately protected today and tomorrow.

PROPERTY DAMAGE

One of the most common types of business insurance is Commercial Property Insurance, which provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, wind and other natural or man made disasters are examples of what is typically covered.

A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent insurance broker, Intrepidus can help you to determine the type of insurance policy and range of coverage that is best for your business.

For a full list of coverages available, or to learn more about this Commercial Property Insurance, contact us today.

About Commercial Property Insurance

Insuring your Building

Do you own a commercial building? If so, do you have enough Commercial Property Insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give us a call today, and we’ll help you to determine if you have enough Commercial Property Insurance for your business needs.

Business Personal Property Coverage

Business Personal Property Insurance covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location.

Business Interruption (Business Income Coverage)

This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business Income Insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.

Intrepidus understands the Bermuda business insurance needs of our customers. The right coverage for you is unique – call us today to find out how to protect your business and your future with the insurance that best matches your needs.

CONTRACTOR’S INSURANCE

Construction and contract work encompass some of the most diverse occupations, and with this diversity comes a number of risks. While some contractors and construction businesses have store fronts that clients visit and potentially could sustain an injury on the premises, others install drywall or kitchen cabinets in homes and could be held liable for the products if they inadvertently cause harm.

Contracting and construction business owners rely on adequate Commercial Liability Insurance to safeguard their business against the mounting risk of potential lawsuits over accidents, injuries and illnesses — especially in today’s litigious environment.

Read on to learn how you can protect your contracting or construction business and yourself from events beyond your control with General Liability Insurance.

How General Liability Insurance protects construction and contracting businesses:

  • This coverage protects your business assets. If a third party alleges bodily harm, injury, or property damage, and you don’t have General Liability coverage, your contracting or construction business assets could be seized to pay the judgment.
  • It offers a survival plan. This coverage ensures your contracting or construction business can survive if a judgment is passed, and it will cover court costs and settlements up to the specified policy limits.
  • It gives your contracting or construction business and your employees security. With this coverage, you can carry out daily work knowing that you and your employees are protected from uncertainty. General Liability coverage protects your business against claims brought against the company as a whole, as well as claims brought against individuals employed by the company.

For a contractor or construction business, General Liability Insurance offers the peace of mind that the contracting or construction business will have the necessary funds to continue daily operations — even when faced with a costly claim. General Liability Insurance covers the legal fees that can easily bankrupt a small business, such as the cost of attorney fees, witness fees, court expenses and more. After a lawsuit, General Liability for construction and contracting businesses can be the difference between never opening your business again and weathering the storm.

General Liability Insurance may also include business interruption coverage, which may cover revenue lost while a business is in court defending itself against a claim. Talk to an Intrepidus broker to learn more about your General Liability coverage options.

Bodily Injury Claims

As professionals in a labor-intensive industry, builders and contractors know that no matter how careful a business is, accidents happen, especially when untrained visitors enter a worksite. With General Liability Insurance, though, you are protected against the all-too-common accidents and lawsuits that can occur.

In the event of an accident on your business’ premise, this insurance will cover medical expenses, funeral expenses and court-awarded compensation if a third party’s injury results in death. While General Liability covers injury and illness-related expenses for third parties, your own employees’ on-the-job injuries are not covered under this policy. To protect your employees on the job, consider purchasing Workers’ Compensation Insurance as well.

Property Damage Claims

General Liability Insurance protects your contracting or construction business against the high cost of a lawsuit if someone alleges that your business damaged their property or that your business is responsible for their inability to use that property. For contractors who work in remodeling, it is important to note that Property Damage Liability coverage typically does not cover damage caused to client property that you are working on.

Completed Products Claims

General Liability Insurance policies can protect your construction or contracting business against claims related to the services completed and the products produced. So if, for example, your business inadvertently installs kitchen cabinetry with unstable shelving that ends up injuring the homeowner, your contracting company could be found liable. With the proper coverage, however, your legal expenses and any damages can be covered, up to your policy limits, by insurance.

COMMERCIAL CRIME INSURANCE

As a small business owner and employer you want to make sure your business is protected against any dishonest acts of your employees including damage to your property, fraud or theft of a client’s property.

What is covered:

  • Employee dishonesty
  • Computer and funds transfer fraud
  • Forgery or alteration
  • Money and securities

What is not covered?

  • Your actions or those of your partners
  • Your liabilities due to crime-related losses
  • Your accounting errors
  • Specific occupations may have additional limitations

Commercial Crime Insurance will cover:

Employee dishonesty

Your Commercial Crime Insurance policy could provide coverage for damages (per occurrence) caused by dishonest acts of your employees. These losses include damage to the business’ personal property and the theft of money and securities.

Computer fraud and funds transfer fraud

Your Commercial Crime Insurance provides coverage for the loss of money, securities or other property relating to the use of a computer to fraudulently transfer those items out of your possession.

Forgery or alteration

Your standard Commercial Crime Insurance coverage for losses that result from the forgery or alteration of a check or similar financial instrument.

Money and securities

This insurance also provides coverage for the loss of money and securities that are used in your business at your premises, your home or bank, including their theft or disappearance.

Theft of client’s property

Your Commercial Crime Insurance package provides coverage in the event that one of your employees steals your client’s money, securities or other property at their premises. For international businesses, it is important to note that this coverage is not available in all U.S. states.

What is not covered?

We want you to feel confident that you understand your Commercial Crime Insurance. That is why we will spend time to help you understand what is and is not covered. The following is a list of what is not covered:

Your actions or those of your partners

Your policy won’t cover dishonest or criminal acts committed by the head of the company or one of its partners, or acts committed by employees with the aid of one of the partners.

Your liabilities due to crime-related losses

Your policy will only cover your losses due to the described events. The policy does not provide coverage for any liability you may have to a third party due to such losses.

Your accounting errors

Your policy will not cover losses that are due to your accounting errors.

Specific occupations

This Commercial Crime Insurance package is not available for attorneys, claims adjusters or those in the financial industry.

WORKERS’ COMPENSATION

Workers’ Compensation coverage pays for the medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while said employees are unable to work. Additionally, this coverage, in most cases, protects an employer from being sued by an injured worker.

Intrepidus can help your business find complete solutions to your unique Workers’ Compensation Insurance needs. We’ll find solutions that create safer and more productive workplaces, more confident and secure workers, and overall savings that will positively affect your bottom line.

Coverage for office workers using their own vehicles on company business is often needed as well. If you have employees, it is critical that you consider Workers’ Compensation Insurance.

What You Need to Know

Some Workers’ Compensation coverage can include:

  • Innovative payment systems
  • Medical disability case managers and utlisation management nurses
  • Certified life care planning nurses
  • Vocational rehabilitation consultants
  • Physician consulting services
  • Legal staff
  • Contracts with medical network providers
  • Managed prescription drug programme

To find out more about Bermuda Workers’ Compensation Insurance and other business insurance products and services, contact us today.

COMMERCIAL LIABILITY

Public Liability, also known as “Commercial Liability Insurance” is a broad commercial insurance policy that covers general liability exposures of a business. Intrepidus recommends that all businesses have general liability coverage in place.

Professional Liability Insurance (“Errors & Omissions”)

Errors & Omissions (“E&O”) covers professionals for negligence and errors or omissions that result in injury to clients or damage to a third party’s data. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers and technology companies. Intrepidus recommends that all professional and technology companies have E&O coverage.

Employment Practices Liability Insurance

Employment Practices Liability Insurance (“EPLI”) for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment and other alleged violations of employees’ legal rights. If you have employees, Intrepidus recommends considering this type of coverage.

Directors and Officers Insurance

Directors and Officers Insurance (“D&O”) covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well.

To find out more about these, as well as other business insurance products and services, call us today and we’ll help make sure that you are properly covered.

COMMERCIAL VEHICLES

Commercial Vehicles Insurance can cover a combination of vehicle types (trucks, cars) and drivers, as well as some types of motorised equipment. It provides for bodily injury liability and property damage while operating a company automobile, and medical payments or Personal Injury Protection (PIP) for the driver and passengers of the policyholder’s car.

Every business is unique – talk to Intrepidus today to find out how to get the best business auto insurance, service, price and value.

Want to find out more about your Business Insurance options?

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