Writtten by Brenna Lemieux - check her out at Google+ or Twitter
Business Insurance Now has exciting news for folks who own manufacturing, accounting, or nonprofit businesses: our newest insurance products offer entrepreneurs in these industries crucial coverage to keep their business assets safe. Here’s an overview of the newest ways we can help protect you.
Directors & Officers Insurance for Nonprofits
By their nature (and tax structure), nonprofits do not maintain much in the way of cash reserves. Unlike in other businesses, the greatest wealth concentration is often in the personal assets of an organization’s directors and officers. Because of this, people who bring lawsuits against nonprofit firms often target directors and officers rather than the nonprofit itself.
Directors and Officers (aka D&O) Insurance allows nonprofits to protect their assets in the event of such a lawsuit. Specifically, D&O Insurance provides coverage in the event that…
- An employee claims he or she was improperly let go from the nonprofit organization.
- Someone alleges that the directors and officers handled nonprofit assets improperly.
- Someone asserts that directors or officers neglected their duties.
Business Insurance Now’s Directors & Officers (D&O) insurance coverage prevents leaders of nonprofits from having to dip into their personal wealth in the event that they face charges related to the work they do for their organization.
Errors & Omissions Insurance for Accountants
The primary service accountants provide is their advice. In the event that that advice leads to a financial loss for one of their clients (or in the event that one of their clients perceives that the advice led to such a loss), they could face a lawsuit seeking damages.
Such a lawsuit would not be covered by a standard General Liability policy; instead, accountants would need Errors & Omissions Insurance (also called Professional Liability). If you’re an accountant, you can now secure E&O Insurance when you visit Business Insurance Now in addition to the other kinds of coverage you need to protect the practice you’ve worked to build.
Commercial General Liability Coverage for Manufacturers
Because of the many risks they face in their day-to-day operations, small manufacturers often have difficulty securing Commercial General Liability Insurance – but this type of coverage is essential to protecting manufacturers from the many things that can cause them losses.
Business Insurance Now’s new CGL coverage protects manufacturers from a variety of perils, including…
- Completed products claims. When a product leaves your premises, its life in the world is only beginning. If a completed product your firm made causes problems for a consumer, your CGL coverage would protect you from any associated lawsuits.
- Contract liability. As you enter new contracts (including leases), you may assume new liabilities. Business Insurance Now’s CGL Insurance for manufacturers protects you in the event of a lawsuit related to any of those new sources of liability.
- Claims of personal injury or property damage. If people or property suffer damage, injury, theft, or loss on your premises, your CGL will cover you for the costs associated with any resulting lawsuit.
- Personal and advertising injury claims. In the event that your advertising or marketing materials prompted a lawsuit claiming that you caused personal injury to a third party, your CGL insurance would fund your legal defense against those claims.
Our new Commercial General Liability Insurance also offers certain other protections to manufacturers. Your insureon agent can provide you with details.
Manufacturers, Nonprofits, & Accountants: Secure Coverage Today!
If you’re a manufacturer, nonprofit owner, or accountant seeking business insurance, feel free to contact a Business Insurance Now agent for details about how our newest products can improve protection for your business.