Your Business

You've invested a lot of time, money, and yourself in order to build your business. While the ability of a business to thrive and create value for its owners is dependent on the skill of its management, it is also dependent on its ability to manage risk. Today, businesses face a variety of exposures that may impose legal liability, result in property loss, and/or adversely impact cash flow. Singularly or in combination, these risk exposures may even jeopardize the solvency of a business.

 

The coverages that Solomon & Solomon is able to place includes, but is not limited to, the following:

 

General Liability Insurance
This line of insurance provides coverage for injuries or property loss that is caused by a business' products, completed jobs, premises and operations. The scope of liability protection is generally limited by specific exclusions or by endorsement.

Professional Liability Insurance
In today's economy, many occupations are being elevated to professional status in addition to the traditional professions of medicine, accounting, and law. Professional liability insurance provides coverage for the improper actions or failure to exercise proper skill. Professional liability is typically excluded from general liability insurance policies.

 

Directors & Officers Liability Insurance

Protects officers and directors of a corporation against damages from claims resulting from negligent or wrongful acts in the course of their duties. Also covers the corporation (and even the officers and directors in some cases) for expenses incurred in defending lawsuits arising from alleged wrongful acts of officers or directors.

Employment Practices Liability Insurance
Changes in federal and state laws, such as the Americans with Disabilities Act and the Civil Rights Act of 1991, resulted in increased consumer awareness of sexual harassment and discrimination in the workplace. Coverage is available for legal costs to defend claims involving sexual harassment, wrongful termination and discrimination including legal liability for such acts. Policies may cover employees as additional insureds.

Solomon & Solomon's Notes on EPL Insurance

Workers’ Compensation Insurance
Provides benefits to employees for any injury or contracted disease arising out of and in the course of employment as mandated by state law. Also provides coverage against the common law liability of an employer for injuries sustained by employees.

Commercial Automobile Insurance
Protects businesses against property damage and legal liability associated with the operation of the vehicles a company owns. In addition, businesses may also buy insurance covering their liability for their employees’ use of automobiles not owned by the business, including personally owned cars as well as rented, leased or borrowed vehicles.

Commercial Property Insurance

Protects businesses against damage to its buildings and contents. If your business suffers damage from a fire or storm, your commercial property policy can help repair or replace the buildings, equipment, inventory and other business property. If you lease your space from the owner of the building you will have your own tenant policy, as the owner will not cover your contents. The owner's commercial property policy will typically cover the building, depending on your lease agreement.

Boiler & Machinery Insurance
Boiler and machinery insurance is also known as mechanical breakdown, equipment breakdown or systems breakdown coverage. Among the types of equipment covered by this insurance are heating, cooling, electrical, telephone/communications and computer equipment.

Inland & Ocean Marine Insurance
Inland marine insurance covers bridges and tunnels, goods in transit, movable equipment, unusual property, and communications-related structures as well as expensive personal property.

Ocean marine insurance provides coverage on all types of vessels, for property damage to the vessels and cargo, as well as associated liabilities.

Crime Insurance
Protects against loss of money, securities and property stemming from employee dishonesty, forgery, theft, burglary, robbery, kidnap, extortion and fraud.

Fidelity & Surety Bonds
Fidelity bonds reimburse an employer for losses resulting from dishonest acts of employees. These bonds may be written to cover specific employees or all employees, using either a schedule or blanket basis, or by scheduling positions versus named persons

A surety bond is a written agreement wherein one party (the surety) obligates itself to a second party (the obligee or beneficiary) to answer for the default of a third party (the principal) in failing to perform specified acts within a stated time. Such obligations include payment of debts and responsibility for defaults.

Key Person Insurance
Some businesses employ individuals who, as a result of their special skills, training and managerial responsibilities, have become an indispensable part of the organization. A key person insurance program protects a company from the financial impact that could result should a key employee become ill, disabled, or die. This insurance may be life, health, and/or disability.

Business Interruption Insurance
Reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril, such as a fire. 

Group Benefits
Group benefit programs are increasingly becoming an important component of a company's compensation package, especially in today's competitive labor market. Such plans typically include medical, dental, disability and life insurance, which is covered in whole or part by the employer. However, a substantial amount of flexibility exists to tailor a group benefit program to meet the employer's objectives and budget.

Group Benefits Proposal Request Form

Executive Compensation
The market for managerial talent is equally, if not more, competitive. A deferred compensation plan, funded by life insurance, can be an important part of the executive's compensation package.
 

Buy-Sell Agreements
Buy-sell agreements can effectively prevent many potential problems regarding the disposition of a stock or partnership interest of a departing or deceased shareholder or partner. Such agreements can be funded a number of ways; however, disability or life insurance is typically employed given the degree of leverage that these contracts can provide.