What is General Liability Insurance?

A type of insurance coverage that provides protection to the insured in case he/she is sued for claims that arise within the coverage of the policy. This type of insurance policy is common for businesses and companies, as it provides protection when negligent acts resulted in bodily injury or property damage on the business premises, or when someone is injured as a result of using the distributed or manufactured product of the company.

 What is Property Insurance?

It provides protection to any types of property against the risk that most likely arise, including fire, theft, vandalism, etc. This kind of insurance coverage has various specialized forms such as home insurance, flood insurance, fire insurance, boiler insurance or earthquake insurance. The property is also insure in two main ways — the named perils and open perils.

• Named perils – this type of policy that provides insurance coverage for damage-causing events that are only specified in the policy documents.

• Open perils – this type of policy covers all forms of losses and damages caused to the insured property.

What is Business owner’s policy (BOP)?

BOP is an insurance policy that combines protection against major property and liability risks in one package. It is commonly comprised of property insurance, liability insurance, auto insurance, crime insurance and business interruption insurance. Business owner and the insurance company can make arrangement on what to include in the insurance policies, depending on the company’s needs.

What is Commercial Auto Insurance:

An insurance premium purchased to protect a company’s vehicles such as cars, motorcycles, trucks and other road vehicles. Its primary use is to provide protection against physical damages and bodily injury resulting from accident specially traffic collision, as well as against liability that could arise after.

What is Worker’s Compensation Insurance?

Worker’s compensation is a type of insurance that provides medical benefits and wage replacement to employees who suffered from injuries or accident during the course of his/her job. This type of benefits is claimed by employees as a matter of rights and the employer cannot resort to any legal actions made by affected employee. Thus, the benefit is given to the employees in exchange for waiving their legal rights to sue their employers for the incident.

What is Professional Liability Insurance?

Also known as Errors and Omissions Insurance, Professional Liability Insurance is a type of insurance policy that gives protection to professionals such as lawyers, accountant, property agents, etc. against negligence or other claims imposed by their customers. Each professional who have expertise in a specified field are required to obtain this type of insurance coverage because general liability insurance policies do not offer insurance coverage against claims arising out of professional or business practices like misrepresentation, negligence or malpractice.

What is Directors and Officers Insurance?

Directors and Officers Insurance is risk-reduction insurance coverage for directors and other senior officials of an organization. This type of insurance policy protects senior executives of the company against their direct actions that could affect the financial status and operation of the company. Insurance claims under this policy includes reimburses, either in partial or in full, the costs resulting from lawsuits faced by senior executives arising out of their poor management decision, shareholder grievances, employee dismissals and among others.

What is Data Breach Insurance

A data breach is a security incident wherein sensitive, confidential and protected data stored in a computer system has been hacked, stolen, used or viewed by unauthorized person. Data breaches may involve personally identifiable information (PII), personal health information (PHI), intellectual property or company’s confidential information.

To protect the company against such risk, data breach policy is offered and covers variety of losses including the cost of restoring or recovering lost data; responding to a data breach like payment of credit monitoring and cost of notifying customers; lawsuits filed by those customers whose data was disclosed; interruption of business operations caused by data breach; and defending regulatory measures like regulatory fines.

What is Homeowner’s Insurance?

Homeowner’s insurance is the most common type of insurance policy and offers broad protection packages that typically covers the policyholders, his/her spouse and children living in the same household. Its primary coverage includes protection against damages to the home as well as the items inside the home caused by fire, personal liability exposure and other similar perils. Although common homeowner’s insurance does not cover some events such as floods, earthquakes or other ‘act of God’, policy holder can acquire additional supplementary policies that cover such eventualities.

What is Renter’s Insurance?

Renter’s insurance is similar to homeowner’s insurance but the insurance coverage only applies to the tenant of the home. It provides insurance coverage for the policy holder’s belongings and liability against theft, fire, vandalism or other means of damage to the tenant’s personal property within the rented property. This kind of insurance coverage applies to any individual renting or subletting a single-family home, duplex, condo, apartment, townhouse or loft.

What is Life Insurance?

Life insurance is intended to protect a family against the financial hardship that accompany the premature death of the policy holder. This kind of insurance has two options:

• Term Insurance – provides insurance coverage at a fixed rate of payment and limited period of time. This means that if the period expires, the coverage of the premiums you have paid is no longer valid. This option is a pure death benefit and its primary purpose is to provide financial benefits and assistance upon the death of the policy holder.

Permanent Insurance – provides insurance coverage to the policy holder as long as he/she pays for the premium. It can never be cancelled and it is designed to pay out a benefit in all cases, thus this type of premium is much expensive compared to term insurance.