Business Insurance Solutions
Business Insurance That Exceeds Expectations
Whether you are a 4 person bakery or a 400 employee contractor, whether you operate in Massachusetts, Rhode Island, throughout New England, or any other state, your business needs protection, in the form of commercial insurance. FBinsure employs a unique process to provide you with the customized business insurance solutions your organization needs. We work with you to develop insurance programs that meet and exceed your company’s expectations, providing you with a secure foundation for growth. With your team, we develop unique risk reduction plans; go to market strategies, and alternative risk financing to achieve your strategic goals.
Industries we specialize in
Insurance Coverages for Business
Commercial General Liability
The baseline for commercial insurance programs, a General Liability policy is issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and also offers protection for advertising and personal injury liability that businesses are exposed to in the normal course of their daily operations.
Our in-house bonding team has the experience and expertise in surety bonding to serve a wide variety of industries. They will construct a bonding program that will meet the specific business requirements of your organization providing surety bonds that include contract, license & permit, and fidelity bonds to name a few.
Surety Bonds are a three-party contract under which the insurer agrees to pay losses caused by criminal acts such as fidelity bonds or the failure to perform a specific act such as performance and/or payment bonds. The principal or the obligor (the party with the obligation to perform) agrees if there is a default, the surety (or the insurer), pays the loss of the third party or the obligee. The obligor must then reimburse the surety for the amount of loss paid.
A Builders Risk is a property insurance policy that is designed to cover property in the course of construction. Builders Risk coverage is almost always written on an “all risks” basis and typically applies not only to property at the construction site, but also to property at an off-site storage location and while in it is in transit. Builders risk insurance can be written on either a completed value or a reporting form basis, in either case, the estimated completed value of the project is used as the limit of insurance.
Equipment Breakdown (or Boiler & Machinery insurance), covers loss due to mechanical or electrical breakdown of nearly any type of equipment, including, and not limited to, photocopiers and/or computers. Equipment Breakdown coverage applies to the cost to repair or replace the damaged equipment and any other property damaged by the breakdown. Also, resulting business income and extra expense losses are often covered as well.
Business Auto Policy
A Business Automobile policy ensures protection for any vehicle utilized by your organization. Whether a single vehicle or an entire fleet, this coverage protects the vehicles, your company and your employees in the event of an accident. Coverage includes liability and physical damage, however, other coverages are available via endorsement, including and not limited Hired & Non-owned automobile liability. Except for auto-related businesses and motor carrier or trucking firms, a Business Automobile policy addresses the needs of most commercial entities as respects to automobile insurance.
Inland Marine coverage is property insurance for property in transit over land, certain types of moveable property, instrumentalities of transportation (such as bridges, roads, and piers), instrumentalities of communication (such as television and radio towers), and legal liability exposures of bailees. Many Inland Marine coverage forms provide coverage without regard to the location of the covered property, these are sometimes called “floater” policies. As a group, inland marine coverage forms are generally broader than property coverage forms. There are various types of Inland Marine coverage such as Builders Risk, Motor Cargo, Equipment Floaters, Fine Arts, Installation Floater, Jewelers Block, Transit Coverage, Ocean Marine coverage, etc.
Cyber & Data Breach Liability
Cyber & Data Breach Liability is designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network (via credit or debit card for example). Cyber and Privacy policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as social security or credit card numbers, are exposed or stolen by another party who has gained access to the firm’s electronic network. The policies cover a variety of expenses associated with data breach, including notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft. Find out more about our specialized Cyber Liability program.
Directors & Officers Liability
Directors & Officers Liability Insurance (D&O), is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations & trials as well. Intentional illegal acts, however, are typically not covered under D&O policies.
Employment Practices Liability
Employment Practices Liability deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress, and wage and hour law violations in the workplace. The Equal Employment Opportunity Commission (EEOC) recognizes eleven types of employment practices discrimination: age, disability, equal pay/compensation, genetic information, national origin, pregnancy, race/color, religion, retaliation, sex, and sexual harassment. EPLI coverage has become a main focal point within the insurance industry and has become a common line of insurance for organizations.
A crime insurance policy is designed to meet the needs of organizations such as financial institutions (including banks). A commercial crime policy typically provides several different types of crime coverage, such as: employee dishonesty coverage; forgery or alteration coverage; computer fraud coverage; funds transfer fraud coverage; kidnap, ransom, or extortion coverage; money and securities coverage; and money orders and counterfeit money coverage. Crime insurance was developed to deal with the limitations of other policies and extend protection to include the fraudulent activities of employees.
Pollution Liability insurance covers costs related to various types of environmental pollution. This can include the costs of brownfield restoration and cleanup, liability for injuries and deaths caused by pollution. Pollution insurance usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources. Coverage is also afforded for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site.
Professional Liability coverage is designed to protect professionals such as accountants, attorneys, real estate brokers, consultants, etc. from liability incurred as a result of errors and/or omissions in performing their professional services. Although there are a few exceptions such as physicians, architects, and engineers, most professional liability policies only cover economic or financial losses suffered by third parties, as opposed to bodily injury and property damage claims.
Umbrella Liability is designed to provide liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
When an insured is liable to someone, the insured’s primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the limit of the umbrella policy). An Umbrella Liability policy is written over the top of other primary liability policies such as Business Automobile, General Liability, and Employers’ Liability. The Umbrella policy will pay after an underlying primary policy is exhausted. Umbrella policies tend to provide broader coverage over one or more primary policies, and they sometimes lack exclusions used in underlying primary policies. For those risks that are left uncovered by primary policies but are covered under the umbrella policy, the latter is said to “drop down” to cover them as primary insurance and fill in the gaps in the underlying policies.
age; money and securities coverage; and money orders and counterfeit money coverage. Crime insurance was developed to deal with the limitations of other policies and extend protection to include the fraudulent activities of employees.
Workers’ Compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of their employment. While plans differ among states, provisions can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance).