When it comes to insurance for your business, one size does NOT fit all. At Stafford Insurance, our unique advantage is the professional experience of our dedicated commercial business staff. Each member of our commercial insurance team has over twenty years’ experience handling complex commercial insurance solutions.
When it comes time for the insurance binder at your property closing, a performance bond or certificate to secure a new contract or that special coverage you need to land a new account, you don’t want a clerk at the other end of the phone line. We connect you to an insurance professional with answers and solutions.
If your insurance agent isn’t up for the job, it’s time for you to talk to a professional at Stafford Insurance by calling (800) 491-5347.
Property Insurance covers the risk of loss to business property including commercial buildings, equipment, furniture, fixtures, inventories, business records, and supplies.
Property Insurance is capable of covering two types of property losses:
- Direct losses may be covered when property is lost, stolen, damaged, or destroyed.
- Indirect or consequential losses related to direct losses may also be covered.
At Stafford Insurance we have placed insurance on over $1 billion worth of property for our clients.
Commercial General Liability Insurance
Policies can provide coverage for liability arising out of:
- Premises and Operations
- Damage Legal Liability (damage to premises rented to insured)
- Personal and Advertising Injury
- Medical Payments
- Products and Completed Operations
You may want to consider a Business Owners Policy, which combines your Liability, Property, and other types of coverage into one comprehensive policy. This can help you save time and money. You should also consider adding extra liability protection in the form of a Commercial Umbrella Policy. We can tell you more about these plans and if they make sense for you.
Business Auto Insurance
Business Auto coverage insures vehicles that are owned, leased, hired or borrowed by businesses, whether they are associations, corporations, partnerships or sole proprietorships. Business Auto coverage may be used to insure private passenger autos and all types of trucks, trailers, semi-trailers and commercial vehicles designed for use on public roads. We will provide you with more details about specific coverages and deductibles and assist you in tailoring a Business Auto plan that’s right for you and your business.
Workers’ Compensation coverage applies to bodily injury and diseases arising out of and in the course of employment. Coverage is statutory for each state and also covers death resulting from the accident.
Workers’ Compensation provides for the payment of four types of benefits:
- Medical benefits
- Income benefits
- Death benefits
- Rehabilitation benefits
Stafford Insurance will provide you with complete details on Workers’ Compensation Insurance and recommend cost-effective ways to control expenses through safety engineering and claim services.
A: Fire legal coverage provides coverage to for you if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.
A: Replacement Cost is the current cost to replace property. Actual Cash Value is the replacement cost less depreciation.
A: Insurance carriers require that an insured party insure at least 80% of the property’s value in order to collect a partial loss in full. This is the way the insurance company encourages all insureds to adequately insure their property in relation to other insureds.
A: This damage will be covered only if that type of coverage is purchased.
A: Other people may drive your vehicle with your permission. It is important that they are listed on your policy if they are regular drivers of the vehicle.
A: At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based on an audit of estimated figures. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail or telephone. A premium is charged for audit estimations.
A: An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors’ certificates of insurance will prevent you from being charged for their exposure.
A: General Liability provides coverage if you are liable for damages to other individuals arising from your premises, general operations (ongoing and after completion) and products manufactured or sold.
A: Products/Completed Operations refers to the liability coverage for damages caused by your operation or products after the point at which you no longer have control of them.
A: Business Interruption/Extra Expense coverage provides coverage for income loss and the expense of establishing a temporary site during repairs due to damages related to a fire or compensable loss.
Named Insureds are those listed by name in the relevant block of the policy’s declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included.
First Named Insured is the first “named insured” listed on the policy declarations (front page of the policy). This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums.
Additional Insured is an entity to which a policy’s coverage is extended. An additional insured must be added to the policy prior to a claim being paid. There must be a tied to the relationship between the additional insured and named insured. Being an additional insured on another’s policy does not eliminate the need for someone to have his/her own Commercial General Liability policy.