General Liability
While commercial property insurance covers physical damage to your business, it’s crucial to protect yourself from potential lawsuits stemming from accidents or negligence. General liability insurance helps mitigate these risks by covering legal claims related to things such as:
- Bodily injuries that occur to customers, employees, vendors, or visitors on your premises
- Personal injuries sustained as a result of the actions or negligence of one of your employees
- Property damage caused by your employees
- Advertising injury (damage from slander or false advertising)
The coverage amount will vary depending on your business type and location. Without proper liability coverage, your company could face significant financial losses due to unforeseen legal challenges that might arise from day-to-day operations.
Workers’ Compensation
Workers’ compensation insurance offers essential protection for both employees and employers in the event of workplace injuries or fatalities. This insurance provides medical care, disability benefits, rehabilitation, and survivor support to those affected by work-related accidents.
We help businesses understand state regulations, identify coverage options, and minimize liability risks while staying compliant. Coverage requirements vary, as most states mandate workers’ compensation once you hire employees, with exceptions such as Texas. Costs and coverage limits are influenced by factors like location, industry, workforce size, risk profile, and claims history.
Commercial Auto
Every time your employees get behind the wheel, it poses risks for your business, whether you operate a trucking company or a hotel shuttle service. Factors such as unexpected weather, distracted driving, or poor employee training (not to mention other drivers), are all challenges fleet managers face. From delivery vans to school buses, maintaining safety while ensuring operations run smoothly is essential.
HUB advisors specialize in commercial auto and trucking insurance, offering coverage for various needs, including long and short-haul transportation, hired and non-owned exposures, uninsured/underinsured motorists, medical payments, towing coverage, lease gap coverage, and more.
We work with you to tailor policies that cover bodily injury, property damage, and physical damage caused by fire, hail, and other risks. We also provide innovative risk management solutions such as our HUB Drive Online platform which helps you onboard drivers, enhance safety, and manage risks in real-time by integrating data and risk management programs.
Finally, our HUB Contract Review platform helps better identify and understand the risks you assume under your customer contracts with respect to auto liability and hired and non-owned vehicles for any industry segment.
Commercial Property
Commercial property insurance is specifically crafted to safeguard businesses against losses stemming from the damage or destruction of tangible assets, including buildings, equipment, and inventory.
This insurance offers protection against various risks, such as fire, theft, vandalism, and natural disasters, aiding businesses in financial recovery after events that may disrupt operations. Policies may also provide additional coverage options, like business interruption and liability protection.
HUB’s Property Practice features extensive expertise in commercial property insurance and risk management. Our method includes comprehensive risk assessments to formulate effective strategies tailored to the dynamic market landscape.
We collaborate closely with clients to identify the optimal solutions for their organizations, including traditional and alternative risk options such as:
- Single carrier programs
- Shared and layered programs
- Single peril programs
- Reinsurance solutions
- Alternative risk strategies, like parametric, captives, and structured capacity solutions
At HUB, our commitment goes beyond compliance; we deliver customized insights to address specific industry challenges and trends. Our dedicated team manages client programs with a focus on service excellence to fulfill your risk management objectives.
Our flexible strategy enables us to design solutions that fit your distinct goals. By leveraging strategic partnerships, we extend our offerings globally, ensuring that your property insurance and risk management needs are met no matter where your business operates.
While we possess broad commercial property insurance expertise across all sectors, we particularly excel in industries such as agribusiness, construction, education, energy, financial services, healthcare, hospitality, manufacturing, real estate, and technology.
Cyber Liability
Cyber insurance, or cybersecurity insurance, is a specialized form of business liability insurance designed to shield organizations from cyber risks and data breaches. This insurance aids in restoring employee and customer identities, recovering lost data, and repairing damaged systems following incidents such as data breaches, ransomware attacks, or phishing scams.
All businesses that store data online face cyber risks. In the U.S., a data privacy attack happens approximately every 40 seconds. Without cyber insurance, your organization could face hefty state and federal fines, costs associated with forensic investigations, breach notifications, and potential lawsuits.
Cyber insurance typically covers a range of first-party and post-breach expenses, including:
- Legal fees for privacy attorneys
- IT forensic investigations
- Compliance with state notification requirements
- Credit monitoring services for affected individuals
- Public relations support for crisis management
- Regulatory fines
- Defense against class action lawsuits
- Because cyber insurance policies can vary significantly, working with an experienced broker is crucial to ensure your business is adequately protected.
Human Services
Human services insurance is tailored to safeguard organizations that deliver social, healthcare, and support services to individuals and communities. This insurance typically covers liabilities associated with client interactions, such as professional liability, abuse and molestation claims, and general liability.
It helps organizations manage operational risks, enabling them to provide vital services while mitigating the threat of lawsuits. Given the complexities of today’s risk environment, comprehensive protections are crucial.
HUB brokers specialize in addressing specific exposures for human services providers, including:
- Safety and Supervision: Coverage for organizations like homeless shelters and group homes, ensuring the safety of staff and residents.
- Client Transportation: Liability protection for transporting clients to appointments and events, crucial for mitigating risks from vehicle usage.
- Professional Services: Coverage for counselors and social workers, protecting against risks from providing specialized services.
- Sexual Misconduct Liability: Protection against allegations of abuse, with strategies to enhance recruitment and supervision practices to reduce risks.
This coverage is vital for protecting both employees and those they serve.
Product Liability
Product liability insurance serves as a critical safety net for businesses, shielding them from claims arising when the products they produce or sell unintentionally cause harm to consumers.
If a consumer sustains injuries or suffers damages due to a defective or poorly designed product, they have the right to file a lawsuit against the manufacturer or seller seeking compensation. These legal actions can lead to substantial financial repercussions, including large settlements and costly legal fees, which can significantly impact a company’s financial stability.
This specialized insurance plays a vital role in mitigating these risks by covering legal expenses and claims, allowing businesses to pay a manageable monthly premium instead of risking potentially crippling payouts. This is especially important for companies that rely on third-party suppliers for materials or those that create innovative products, as these entities can encounter unexpected defects or misuses that lead to liability claims.
When exploring product liability insurance, it’s essential to understand several key points:
- The coverage is specifically designed for consumer injuries resulting from product usage, not for accidents or injuries that occur to employees during manufacturing processes.
- It addresses legal costs associated with lawsuits but does not cover the financial implications of product recalls, which can also be significant.
- The insurance is versatile and can encompass various scenarios, including allergic reactions, inadequate warning labels, suffocation hazards, and design flaws that may lead to consumer harm.
- Product liability insurance can often be bundled with a commercial general liability policy for comprehensive coverage or purchased as a standalone policy, depending on your business needs.
- Gaining a thorough understanding of product liability insurance is vital for any business involved in manufacturing or selling goods, as it provides essential protection against the unpredictable nature of consumer claims and helps ensure long-term business sustainability.
Property Management
Managing a property management business entails various tasks, including lease negotiations, rent collection, property maintenance, and tenant safety. Each of these responsibilities comes with specific risks and potential liabilities, and even the most diligent efforts can lead to errors.
Errors and omissions (E&O) insurance is vital for property managers, providing protection against claims of negligence or subpar service. General liability insurance does not cover these specific errors, making E&O coverage essential. This insurance safeguards against lawsuits from business owners, tenants, or prospective tenants, including claims such as wrongful eviction, tenant discrimination, and failure to fulfill contractual obligations.
In property management, misunderstandings can lead to costly legal battles, even if you have acted correctly. Thus, having E&O insurance can help shield your resources from the financial strain of defending against these claims.
Business Owner’s Policy – BOP Insurance
A Business Owner’s Policy (BOP) is an insurance package designed specifically for small to medium-sized businesses, combining both property and liability coverage. This policy covers essential aspects like building and business property insurance, which protects physical assets such as buildings, equipment, and inventory in the event of damage or loss. It also includes business liability insurance to guard against legal claims stemming from injury to others or property damage caused by the business or its employees.
A BOP is customizable to suit the unique needs of a business, ensuring comprehensive protection while reducing the costs of separate policies. For example, businesses can add coverage for business interruption, which helps replace lost income during periods when operations are suspended due to covered property damage. Additionally, other endorsements can be included, such as protection against cyber-attacks or professional liability, depending on the business type and industry.
By consolidating multiple types of coverage into a single policy, a BOP simplifies insurance management and helps eliminate gaps in protection that might occur if separate policies were purchased individually. This makes it an ideal solution for business owners looking for convenience, cost savings, and broad coverage in one package.
Business Interruption Insurance
While property, auto, and various commercial insurance policies can help cover the costs of repairing or replacing damaged assets, they do not address the financial losses that arise during business interruptions. Business interruption insurance fills this gap by compensating for lost profits, ongoing expenses, and extraordinary costs that may occur due to events like natural disasters, acts of terrorism, employee fatalities, or even executive kidnappings.
This type of insurance is often overlooked until a crisis occurs. Disruptions can stem from numerous factors, including natural disasters, equipment failures, civil unrest, vandalism, loss of key personnel, or cyber incidents. A robust policy can help replace lost income or profits while a business gets back on its feet.
Business interruption insurance is particularly crucial for companies with multiple locations and those situated in areas prone to hurricanes, earthquakes, or tornadoes.
Employment Practices Liability Insurance – EPLI
Employment Practices Liability Insurance (EPLI) is a type of coverage that protects businesses against claims made by employees regarding violations of their legal rights in the workplace.
These claims can include allegations of discrimination (based on race, gender, age, or disability), wrongful termination, harassment, retaliation, and other employment-related issues. EPLI helps cover legal defense costs, settlements, and judgments resulting from these claims, whether they are groundless or not.
This insurance is critical for businesses of all sizes, as employment-related lawsuits can be financially devastating and impact a company’s reputation.
Professional Liability
Many factors outside your control can impact your business, leaving you vulnerable to claims like misrepresentation, breach of contract, or unethical practices.
These claims can arise unexpectedly, but professional liability insurance helps safeguard your organization. Also known as errors and omissions (E&O) insurance, it protects against claims of negligence or harm based on services or advice provided.
The coverage includes legal defense costs, settlements, judgments, and penalties related to claims of misrepresentation, wrongful practices, misleading advice, or conflicts of interest.
Directors and Officers Insurance
Directors and Officers (D&O) Insurance offers protection for company leaders against legal defense costs and damages that may arise from lawsuits tied to their decisions.
Whether your business is private, public, or non-profit, D&O insurance shields leadership from risks, allowing them to make decisions with greater confidence.
Public companies may face shareholder lawsuits, while non-profit leadership and advisory boards, as well as private firms are vulnerable to legal actions from customers or third-party partners. D&O insurance provides leaders with peace of mind and financial security to act with confidence across all these sectors.
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