To bind coverage for most insurance companies, you need to provide a loss history from your previous carrier. Loss histories allow a carrier to see problems in the past and trends to improve claims activities. They are also used to support credits applied to lower premiums. Download a Sample Loss Request for your use.
Many carriers now package policies together and provide discounts for doing so. Property, liability, auto, crime, workers compensation and umbrellas are just a few policies that can be combined to save money for you. While it may not always be possible, packaging is one way we work to save you time and money.
Business Owners Policies
Most carriers offer some form of small business package policies. These policies roll many standard and non-standard coverages into a nice simple policy for small businesses. No two policies are alike. BHIA’s job is to review these policy differences and advise which policies best fit your need of coverage to premium.
Umbrella policies offer higher limits to your standard liability, auto and employers liability policies. Umbrella policies are one of the most misunderstood policies for business. A personal review of your needs is the only way to determine what is best for you. Remember that few umbrellas add coverage, they just provide higher limits of insurance.
Obtaining policy discounts is one way BHIA can help you control your insurance costs. Alarm, sprinkler, management practice, workplace safety, drug testing, and employee manuals are just a few examples that may be used to lower premiums. Working together to review and set up good risk management operations can take a bad loss history and turn it into a positive position with a carrier, in as little as 6 months. If you have not reviewed these areas, we can help.
One of the major costs of insurance is workers compensation. All operations in Michigan should carry workers compensation. The fines for failure to carry workers compensation are $1,000 per day and 30 days of jail time. Controlling this cost is one of the areas in which BHIA works with you. Proper documentation, pre-audit reviews and experience modification checking are just some of the simple ways to control costs. Download an Independent Contractors Statement and State Modification Sheet for your use.
Employment Practices Liability Insurance
Employment Practices Liability Insurance policy that features complete third party coverage should be reviewed by all business. Simplified underwriting for qualifying employers allows a streamlined application process that simplifies quoting and binding. Some of the coverage highlights:
- Coverage limits quoted of $500,000 with a $2,500 SIR. Higher limits are available upon request.
- Broad coverage language for employment related claims such as discrimination, harassment, wrongful termination, hostile work environment, failure to hire or promote, wrongful demotion, negligent evaluation, deprivation of career opportunity, retaliation, wrongful discipline, etc.
- Insures the entity as well as all employees, including part-time, temporary, leased, seasonal and independent contractors who work exclusively for the insured
- Third Party coverage can be included in this policy. (This includes coverage for tenant or client Discrimination / Sexual Harassment).
- Full prior acts coverage can be included; excluding prior knowledge and any pending and/or prior litigation
- No intentional acts, downsizing, dishonesty, fraud or violation of law exclusions
- Punitive damages coverage where insurable by law
- Defense cost for breach of contract
- Mental anguish or emotional distress exclusions do not apply
- Retaliation defined and carved-back on exclusions
- Free Hotline / Help line Free Employers Risk Management Manual
Privacy/Data Breach Coverage
The Privacy / Data breach Coverage section broadly addresses the many different and evolving exposures of privacy, technology security and web-media services liability. Coverage forms very extensively from different carriers. Working together we can customized a policy to meet your needs.
Some of the highlights of this coverage include:
- Coverage for expenses you incurs for notification, crisis management and other direct costs due to a loss of private information
- Coverage for claims and litigations from outside parties due related to privacy issue, including regulatory actions
- Coverage for claims and litigation from errors or omission related to technology security and website services
- Technology extortion and data restoration coverage provided
- Simplified application and underwriting process
- Punitive Damages covered (where allowed by law)
- Duty to defend
- Worldwide Coverage
- Automatic subsidiary coverage
- Minimum Premiums = $1,000 for a $1,000,000 limit of liability, $750 for a $500,000 limit of liability and $650 for a $250,000 limit of liability.
- Minimum Retentions = $2,500