Business

Business Insurance

We know that no two businesses are alike. Whether you need property insurance for your restaurant, banks, hotels, law firms, corporations, gas stations, food stores, hospitals, or dealer’s blanket coverage to protect the cars at your dealership, we can help meet your specific insurance needs.

Contractors All Risk

For Contractors, risks are unavoidable.

Accidents happen, equipment breaks, projects change, and deadlines slip. Lawsuits can significantly delay your project and potentially bankrupt your business. Having proper insurance coverage is crucial for reducing risk these risks for contractors.

No Contractor is too BIG or too SMALL for our team at Harvest Insurance.

All Risk Insurance is necessary for anyone performing residential and commercial construction. Some examples include general Contractors, handypersons, Carpenters, electricians, plumbers and more.

Commercial Coverage

What is Commercial Business Insurance?

This type of insurance is a transfer of risk. A Commercial Insurance company assumes the risks your business faces in exchange for a premium. It protects you as the business owner, property, employees, and customers.

Because you and your business are unique, your Commercial Insurance needs may differ from those of other businesses in the same industry.

How does Commercial Business Insurance work?

Commercial Insurance will help you recoup financial losses for your business, just as home insurance protects your home and car insurance protects your car. Let’s look at a simplified example:

What if a category five hurricane swoops in and damages your business; the roof is caved in and all of your inventory has either been destroyed or suffered water damage?

But because you have a business owner’s policy, you can submit a claim to your insurer for your losses. Your insurance company will have someone investigate the claim. As long as the policy covers the loss, they’ll help cover the cost to repair your building and replace your inventory.

Indemnity Coverage

Professional Indemnity Insurance, sometimes called Professional Liability Insurance, protects your business if you are faced with a lawsuit due to advice, products, or services you provided that resulted in your clients experiencing loss. While Professional Indemnity coverage is not mandatory in our jurisdiction, it could be the feature that helps protect your business and make you stand out as a leader in your industry.

Liability Coverage

What Is Liability Insurance?

Liability Insurance protects against claims resulting from injuries and/or damage to other people’s property. Liability Insurance policies may cover the legal costs and payouts the policyholder is responsible for if they are found liable. Intentional damage and contractual Liabilities are not generally covered in Liability Insurance policies.

Liability Insurance policies do not pay the policyholder; they pay the third party.

How Liability Insurance Works

Liability Insurance (also referred to as third-party insurance) is important for persons who are liable and at fault for injuries sustained by other people or if the insured party damages someone else’s property. Liability Insurance does not cover intentional or criminal acts, even if the insured party is found legally responsible. Policies are taken out by anyone who owns a business, practices medicine or law, or provides a service. If your business is at risk of being sued for damages and/or injuries, you can benefit from Liability Insurance protection.

Keyman or Key Person Insurance

Keyman Insurance is a type of coverage that covers a business owner or a high-ranking executive such as a CEO. The covered person is vital to the company’s operations and revenue generation. Should this key person pass away or become disabled, this insurance ensures the organization is compensated. They are ensuring the business has the financial means to stay alive. Most companies prefer to buy Term Life insurance, as it would want to cover only a specified amount of time.

How Does Keyman Insurance Work

When a company buys a Life Insurance Policy to cover the key person, that company is the exclusive beneficiary of the policy. That means the company would receive the death benefits of the insured person. Assuming the insured individual agrees to the policy, the company would pay the insurance premiums. The death benefit received by the company can pave the way for the business. This can include hiring and training a new business leader to replace the deceased key person. Business loan payments can also be payable through the death benefit. If the company chooses to close, the death benefit can aid with paying the employee’s severance packages.

Why Do You Need Keyman Insurance?

Key Employees bring two assets:

These two assets will depreciate due to the loss of the key person.