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RCU Insurance Services: BUSINESS
Insurance for Your Business
You have invested a lot of time, money and energy to get your business where it is. Our goal is to give you peace of mind today so you can concentrate on your business goals and successes of tomorrow.
Business insurance is all about protection - protection for your business income, your business location and your employees. An RCU Insurance Services (RCUIS) Specialist will make the process of buying business insurance simple and easy by uncovering your needs and recommending the right combination or levels of coverage. RCUIS offers a variety of business products and coverages:
Builder's Risk
Builder's Risk Insurance covers buildings and structures under construction, remodeling, or repair. It usually covers the same types of things as regular property insurance, such as damage from theft, fire, vandalism, wind and other accidental loss or damage to the property. Coverage usually extends until the building or structure is completed and/or accepted by the owner.
Boiler and Machinery
Coverage for loss arising out of the operation of pressure, mechanical, and electrical equipment. It covers loss of the boiler and machinery itself, damage to other property, and business interruption losses.
Business Income Insurance
Also known as Business Interruption Insurance. Commercial coverage that 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. Business interruption insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities coverage may start after a waiting period and last for two or more weeks.
Business Owners Policy
A policy which provides property and liability coverage for small to medium sized businesses. It is a package policy that includes many coverages such as money and securities, signs, business interruption, and loss of refrigeration.
Business Property and Income Insurance
Business property insurance covers your building, equipment, furnishings, fixtures, inventory, computers, records and other valuable items. This coverage helps repair or replace the business location and its contents, and may also help to provide income if your business can't operate for a period after a covered loss.
Commercial Auto Insurance
Just like the insurance on your car, commercial car insurance is there to protect you and your assets. An RUC Insurance Services Specialist can help you select from a variety of auto liability, medical, uninsured motorist, collision and comprehensive coverages and deductibles to create a policy that meets your company's needs.
Directors' and Officers' Liability
Covers the exposure of associations and corporate officers, managers, and directors of claims from shareholders, government agencies, employees, and others alleging ms-management.
Employee Benefit Liability
Coverage designed to protect the employer against claims by employees or former employees resulting from negligent acts or omissions in the administration of the insured's employee benefit programs. Coverage is intended to extend to the administration of these plans, including counseling employees, interpreting employee benefit programs, handling records, enrolling, terminating or canceling employees in specified plans on a timely basis, etc.
Employment Practices Liability
Coverage designed to protect the business owners, managers, supervisors, directors, officers and employees from claims resulting from wrongful termination, discrimination, sexual harassment, wrongful discipline and failure to employ or promote.
Errors & Omissions/ Professional Liability Insurance
Coverage designed to protect an insured against loss due to a claim of some negligent act, error, or omission by the insured.
Fidelity Bonds
Coverage designed to protect an employer from financial loss due to the fraudulent activities of one or more employees. The coverage includes protection for loss of money, securities, and other property of the insured. Some scheduled policies are still available, but the majority are written on a blanket basis. This provides coverage for all employees, subject to the policy definitions. The limit of liability is “per loss” and is applied on an occurrence basis. All acts involving the same employee or group of employees are considered one occurrence.
Fiduciary Liability
Also known as Pension Trust Liability Insurance. Coverage designed to protect against loss for any alleged wrongful act by an insured or by any other person for whom the insured is legally responsible. It also covers the defense costs in connection with a covered claim. The policy is written on a claims made form. A wrongful act includes any violation of the responsibilities, obligations, or duties imposed on fiduciaries by the Employee Retirement Income Security Act, as well as acts, errors, or omissions in the performance of the duties of the plan administrator.
Garage Liability
A special policy written to cover auto salesrooms, used car lots, service stations, or repair garages for bodily injury and property damage with premiums based on payroll of the business.
General Liability
Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or property damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery.
Inland/Ocean Marine
A form of insurance designed to cover articles in transit as well as bridges, tunnels and other means of transportation and communication. Besides goods in transit (generally excepting ocean cargo), it includes numerous floater policies, such as those covering personal effects, personal property, jewelry, furs, fine arts, and other items. Ocean Marine: Coverage on all types of vessels, including liabilities connected with them, and on their cargos.
Pollution
Coverage designed to protect for (1) all sums the insured is legally obligated to pay as a result of emission, discharge, release, or escape of any contaminants, irritants, or pollutants into or on land, the atmosphere, or any water course or body of water, provided this results in environmental damage; (2) to reimburse reasonable and necessary cleanup costs incurred in the discharge of a legal obligation validly imposed through governmental action, provided such expense is incurred because of environmental damage, and (3) for defense of any claim or suit that is the subject of this insurance.
Products & Completed Operations Liability
Coverage designed to provide protection against financial loss arising out of the legal liability incurred by a manufacturer, merchant, contractor, or distributor because of injury or damage resulting from the use of a covered product or operation performed.
Surety Bonds
An agreement providing for monetary compensation in the event of a failure to perform specified acts within a stated period. The surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults.
Worker's Compensation Insurance
Whether you have one employee or several, Worker's Compensation insurance is a requirement in most states. This insurance protects employees by providing benefits for job-related injuries or illnesses. It protects you and your company by eliminating lawsuits from employees related to these injuries or illnesses. Every state has different requirements, so it's important to talk to an agent with the right experience to help you put together a Worker's Compensation policy that helps protect you and your employees.
Free Quote
There is no cost and no obligation to receive your quote. Selecting your coverage is easy. We'll recommend the right amount of coverage in every area.
Regardless of the type of business insurance you need, RCUIS has the resources and services to provide you with complete protection.
For more information or to receive a no-cost, no-obligation insurance quote please get an online quote here or call us today: toll free (866) 477-4225 or local (707) 576-5120.
RCU Insurance Services is a wholly-owned subsidiary of Redwood Credit Union. Read more
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