business insurance
Cover All that Entails Your Business
Let the experts at Broad Range Benefits Group work on your behalf to get you the best coverage for your business needs. We’ve been working with businesses of all sizes, from a single person behind a computer screen burning the midnight oil, to warehouses with hundreds of employees to protect. Let us work with you to see what you really need, what you don’t and what you can do to keep your investment of time and money safe.
Business Owner Policy
If your business has few vulnerabilities and just needs a simple coverage, we may recommend a custom-built Business Owner Policy. A Business Owner Policy, or BOP, is a single policy of bundled coverage, often including general liability and property insurance. This will protect your business from the basic business risks, while remaining low-cost because of the cost-effective bundling of insurance policies.
Key Points of Business Owner Policy:
- Property coverage is often “as named-peril coverage” meaning that coverage only pertains to specifically defined risk factors (ex: fire, explosion, wind, vandalism, etc.)
- Covered personal property must be kept or stored at a specific location (ex: within 100 feet of the premise)
- Business interruption insurance policy will cover up to 12 months’ business income if forced to shut down because of a covered property-related event
- Liability coverage applies to third party individuals who suffer bodily injury or property damage on the business premises or as a result of contact with the business’s owner or employee, covering medical expenses and legal fees
- Businesses must meet eligibility criteria to qualify
Commercial Auto Insurance
Simply put, Commercial Auto Insurance acts as a personal auto policy would, but covers a business’ automobiles and employee-drivers. Unlike personal auto policies, injured drivers receive coverage for medical injuries, regardless of fault. This protects your business from auto-related risks, even when the employees are the risk themselves.
Key Points of Commercial Auto Insurance:
- Coverage extends regardless of accident fault
- Auto insurance options can include liability coverage, collision, uninsured, gap and personal protection
- Policy pricing usually relates to type of vehicle driven, on-vehicle safety devices (air bags, etc.), anti-theft devices, parking locations and previous insurance claims
Errors and Omissions
Much like the name implies, an Errors and Omissions policy protects business against claims by clients for inadequate work or negligent actions. These policies can act as protection against legitimate and frivolous lawsuits, whether the business was at fault or a client who was informed of a risk was unhappy with the final result of a project.
Key Points of Errors & Omissions:
- Often covers court costs and settlement amounts
- Essential for financial advisers, investment groups, marketing firms, automotive sales groups, law firms and tech firms
- Protects businesses against even frivolous lawsuits, which may rack up high legal and arbitration fees, regardless of who was in the legal-righ
Commercial Property Insurance
Commercial Property Insurance protects real estate and business property/equipment from pre-defined risks, such as fire, theft, terrorism or natural disaster. It is not unheard-of for an uninsured business to go under because of the loss of a key machine or having to permanently shut their doors when their building was devastated by a tornado. With Commercial Property Insurance, equipment, property and merchandise can be covered from risk.
Key Points of Commercial Property Insurance:
- Policies are designed to cover the replacement cost of items, often resulting in new products/buildings in exchange for older, damaged ones
- Essential for retailers, manufacturers, restaurants, tech service providers and automotive groups
- Businesses can often deduct the cost of Commercial Property Insurance premiums as expenses, helping offset the costs
Workers Compensation
If an employee is injured during the course of employment, you used to have to worry about legal fees from lawsuits in addition to damages and medical expenses. With Workers’ Compensation, employees are compensated, but in exchange they are required to relinquish their rights to sue their employer for negligence. This system has saved business hundreds of thousands of dollars by creating a system to handle both small injuries, such as wounds requiring simple out-patient stitches, to more complex issues such as equipment falls resulting in life-changing injuries.
Key Points of Workers’ Compensation:
- Policies can act as disability insurance, compensation for lost wages, payment of medical expenses and as death-benefits to the dependents of workers killed during employment
- Coverage does not usually include general damages for pain and suffering
- This policy type is legally required for all employees, regardless of industry
Liability Insurance
Liability Insurance may as well be called “lawsuit insurance” because it protects the policy-owner in the event of lawsuits of a specifically pre-defined nature. These pre-defined situations include items that would not be covered under an alternative policy. These can include additional coverage for bodily injury, property damage and personal injury.
Key Points of Liability Insurance
- Legal costs of a defense often do not affect policy limits
- Policy can cover advertising-risks including libel and slander
- This policy type can be catered to cover your business’s individual needs
Buy-Sell Agreement & Life Insurance
The death or long-term disability of a key employee can be devastating to a company on a personal and professional level. Thankfully, you can protect your business financially from the risk of loss with a Buy-Sell Agreement, by covering this key individual with a business-funded life insurance-style policy which will pay the business in the case of loss to cover expenses associated with recruiting a replacement and business lost during this time period. Additionally, if the key individual is part-owner, a Buy-Sell Agreement can be drawn up to pre-define what happens to the individual’s ownership percentage at the time of their death.
Key Points of Buy-Sell Agreements
- Acts like a “will” for your business
- Funded by the business and the business receives any payouts to offset losses
- Buy-Sell Agreements can prevent unqualified individuals from inheriting decision-making positions, putting the company at risk
- The agreement can offer additional tax benefits to the company
Employee Benefits Available
- Health/ACA Certified
- Life
- Dental
- Vision
- Short & Long Term Disability
- 401k
Come on In!
Weekdays
8AM -6PM
Address
4 Armstrong Road
Shelton, CT 06484