Esposito Insurance Group was founded by Josephine Esposito in 1979. She has put years of hard work into our business. So, we know firsthand how much time and effort it takes for a business to succeed. Why risk all that hard work with insufficient business insurance?
Business insurance includes:
- General liability, office protection, and commercial building policies
- Workers compensation
- Umbrella policies to protect from lawsuits
- Cyber and information protection insurance
- Commercial auto insurance
- E&O (Errors and Omissions) and D&O (Directors and Officers) policies
- Fidelity and performance bonds
- Exceptional customer service
- Free policy review and analysis
Business insurance can be tricky, because what may be right for a batting cage may be insufficient for a dentist’s office. Has anything changed recently – are you entering new markets, selling new products, have you hired new people? Let us take the guesswork out of your insurance – contact us today for a free review of your policies!
Errors and Omissions insurance is a type of professional liability insurance that protects companies and their workers against claims made by clients for inadequate work or negligent actions.
Often a claim is filed if someone has lost money as a result of your actions. For example, if a computer programmer writes code that deletes data and costs a client money, or a doctor accidentally operates on the wrong leg, E & O insurance would protect them and the business they work for. For these types of risks we offer an extensive errors and omissions program with coverage from USLI, Philadelphia, RLI, HCC, and many others.
Cyber and privacy policies cover your business’ liability for loss of customer data and other information. Often it will cover a breach in which there is a loss of customer information, such as Social Security or credit card numbers that are exposed or stolen by a hacker or even a disgruntled employee.
These days everything is stored electronically, so it is important to protect yourself against thieves trying to access your firm's electronic network and computers.
It pays both to advise customers that their data has been compromised as well as indemnify you for any costs associated with the breach. If your business is storing any sort of customer information, you should strongly consider Cyber protection.
General Business Insurance has three key components:
A) Commercial general liability: provides coverage to a business for bodily injury, personal injury, and property damage caused by the business' operations, products, or injury that occurs on the business' premises.
B) Commercial property: this coverage would protect a business against loss from damage to their buildings and contents due to a covered cause of loss, such as a fire. This coverage may also include loss of income or increase in expenses that results from the property damage.
C) Loss of business income: Helps pay bills and cover payroll if your business is interrupted due to a covered loss. If you have a covered property loss and your business is forced to close temporarily, business income coverage can help you replace lost net income to pay for continuing expenses such as rent/mortgage, advertising, taxes and payroll. This coverage can also pay relocation expenses and advertising fees if you set up shop at a temporary site.
For many small to medium-sized businesses, a Business Owner Policy, or “BOP”, can be obtained. This is a package of many of the essential coverages a business needs to protect itself. In many circumstances a bop can be an excellent value for a small business.
Employment Practices Liability Insurance provides coverage to employers against claims made by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues, such as the accusation of having a hostile work environment.
EPLI can also be used to protect you against similar lawsuits brought by customers. It is most commonly used in cases regarding gender and racial discrimination.
Workers compensation is a form of insurance that provides disability and medical benefits to employees who become ill or are injured during the course of employment. This coverage is required by law for all corporations, and is required of all sole a proprietorship, partnerships, and LLC’s who have employees.
If one of your employees falls in the workplace and breaks their arm, their medical expenses are subject to a Workers Compensation claim, not standard health insurance. In these cases, if you fail to carry Workers Compensation insurance you are subject to penalties and fines by the state.
Also known as a “Business Auto Policy”, or BAP, is an insurance policy that covers a company's use of cars, trucks, vans and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.
Commercial Auto insurance protects your company from lawsuits incurred by someone driving a company vehicle. For example, if you or your employee are driving a construction vehicle, such as an excavator, and it drops into a ditch, your insurance will cover the damage.
A policy designed to provide protection against catastrophic liability losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, Business Owners Policy (BOP), and employer’s liability coverage.
If someone were gravely injured on your premises, and they were awarded a large sum in excess of your underlying BOP policy, an umbrella policy would continue to provide legal protection and pay out addition money if you are found negligent
There are TWO TYPES of bonds:
A fidelity bond is a form of insurance protection that covers policy holders for losses that they incur because of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
A surety bond is a legally binding contract that ensures obligations will be met between a principal (whoever needs the bond), an obligee (the one requiring the bond) and a surety (the insurance company guaranteeing the principal can fulfill the obligations).