Helping you Manage Risks for Your business, organization or non-profit
Large or small, you can trust our team of experts to guide you through complex insurance decisions while keeping your unique situation in mind.
We get it. You’re busy keeping up with the daily demands of running your business, and the last thing you want to think about is insurance. Often, business owners cannot remember the last time they took the time to review their insurance coverage. After all, insurance seems complicated or feels overwhelming, right?
It shouldn’t be that way. At Peel & Holland, we work very hard to make sure the unique needs of your business are thoughtfully evaluated. Then, we match the perfect insurance solution to your specific situation. And if new carriers are chosen to best protect your company, our team makes the transition seamless so you can get back to what matters most — growing your business.
THE RIGHT COVERAGE FOR EVERY ASPECT OF YOUR BUSINESS
Commercial Property Insurance can pay for business property that is stolen, damaged or destroyed. That property typically includes:
- Your Building –usually means the structure, but it can include permanently installed fixtures, machinery, and equipment
- Contents of Your Building –includes items that can be easily taken out, such as inventory, office equipment and supplies
- Other People’s Property – includes items that are left in your care, custody or control
Most Property Insurance pays when your stuff is damaged by common problems like fire, theft, or windstorms. However, some things that cause property damage such as floods and earthquakes are often excluded. You’ll also want to consider coverage for business income loss. We will make sure you’re properly covered, or at the very least, that you understand your risk.
If a vehicle your business owns is involved in an accident, your Commercial Auto policy can pay for the other person’s injuries and property damage. It can also pay to repair a vehicle damaged by theft, weather events, and vandalism. Types of Commercial Auto coverages include:
- Liability – covers the physical damage (the other person’s car) and also bodily injury and most states (including Kentucky) require by law that you have this
- Uninsured Motorist – coverage if your employee is involved in an accident where the at-fault party does not have auto
- Medical – where liability coverage would pay for any injury (or for the other party involved if you are at fault), medical coverage does the same for your employee
- Physical Damage – protects you against theft, vandalism, certain weather-related damage (e.g. hail) and accidents and pays to repair damage to your vehicle
What does it not cover? That’s where we come in as your advisor to make sure you know your risks and what Commercial Auto Insurance does and more importantly, does not cover.
Workers’ Compensation laws protect people who become injured or disabled while working at their jobs. In most states (Kentucky included), having Workers’ Compensation insurance is required by law. It’s a liability insurance policy that helps your business do three things:
- Pay for medical expenses and replacement wages when employees are injured at work
- Comply with your state’s Workers’ Compensation laws
- Pay for legal expenses if an employee sues over a work injury the policy doesn’t cover
While required by law, this policy actually spreads the actual cost of employee injury out over time. Because you may pay $2-3 to the insurance company for every dollar it pays out for employee injuries, it’s one of the highest costs your business has to manage. So, it’s imperative you have an advisor who can help you control this expense by implementing strategies to prevent and manage claims.
By definition, liability is the state of being responsible for something by law. For business owners, your responsibilities can be wide-ranging, and the risk of being sued is always looming. Each business’ situation is unique, however common liability coverages needed (or in some cases, required) are the following:
- Commercial General Liability – coverage for customer injuries, customer property damage, and lawsuits relating to both of these. It can help pay for immediate medical expenses as well as legal costs if an incident leads to a lawsuit.
- Professional Liability (Errors & Omissions) – financially protects your company from lawsuits over your job performance. Any business that involves technical training or specialized services can get sued when someone alleges your services are to blame for their financial losses.
- Employment Practices Liability Insurance (EPLI) – covers defense costs and damages related to employment-related claims including allegations of wrongful termination, discrimination, workplace harassment and retaliation
As with all insurance, your liability risks are unique to your business and industry, thus it’s important to have an advisor who can help you understand areas of vulnerability and recommend what coverage your business needs.
Different than insurance, surety bonds are designed to guarantee your integrity, honesty, performance and financial responsibility, as well as compliance with a law or contract. Various bonds are applicable, based on your industry, such as:
- Contract Bond – guarantees that a contractor will abide by the specifications of a construction contract. This includes performing the work properly and paying specified subcontractors, laborers and material suppliers
- Bid Bond – guarantees that a contractor will enter into a contract, if awarded, and furnish contract bonds as required by the contract terms
- Performance Bond – guarantees faithful performance of the terms of a contract for construction or furnishing of supplies
- Payment Bond – guarantees payment for labor and materials used in the work the contractor is obligated to perform
- Maintenance Bond – guarantees against loss because of defective workmanship or materials used on a construction project
Bonds apply to different needs in a variety of situations. When it comes to Bonds, our team has you covered, and we can evaluate your needs to be sure you’re not cutting corners and putting yourself at risk.
Captives are essentially a form of self-insurance, yet there are many variations to consider. Many businesses have not explored captive alternatives to address their risk management needs. Our team can strategically align your objectives with the captive approach to provide “market-based” pricing of insurance benefits. Advantages include:
- A well-thought out approach, properly executed and closely managed can be an ideal solution – and even a source of profit.
- Captives can re-insure traditional lines of insurance.
- You can reduce operating costs and improve cash flow.
- Investment income funds losses.
- Captives can provide coverages not available in the market, such as credit risk.
- You will have greater control over claims.
- Coverage can be customized to meet your needs.
Although the concept of captives may seem mysterious, they’re simply another way to manage risk. We access the risks you are facing, and then determine if a captive solution makes sense. Then, Peel & Holland has the ability to quarterback the entire captive formation and implementation. We bring unexpected value to our clients with this savvy approach.
Your insurance program should be too.
As a smart business owner, you know that every business is faced with risk, and unless you are confident your business is properly insured, you’re going to needlessly lose sleep over those risks. The fact is, if you face an unfortunate loss, you could lose all you’ve worked so hard for. It’s our goal to give you peace of mind knowing your risk is mitigated, allowing you to focus on your products, customers, employees and community.
GET CUSTOMIZED COVERAGE
We ask questions to learn all we can about your business goals, and then develop a custom insurance plan that fits your needs.
PAY A FAIR PRICE
We find the most appropriate insurance options to provide you with the right plan at a cost that is fair and reasonable.
MAKE THE TRANSITION EASY
We do all we can to make the transition to new policies painless, striving to eliminate any business interruption.