Directors & Officers Coverage

D & O coverage is liability insurance payable to the director and officer of a company, or to the organization itself, as indemnification or 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 director and officer. Intentional illegal acts are not covered under a D & O policy.

The types of claims are dependent upon the nature of the corporation. For public companies, claims are primarily due to lawsuits by shareholders after financial difficulties, 69% of public traded companies had claimed for a shareholder lawsuit in the past 10 years.

Workers’ Compensation

Workers’ Compensation law is governed by statutes in every state. Specific laws vary with each jurisdiction, but key features are consistent. An employee is automatically entitled to receive benefits when he or she suffers an occupational disease or accidental personal injury arising out of and in the course of employment.

Such benefits may include cash or wage-loss benefits, medical and career rehabilitation benefits, and in the case of accidental death of an employee, benefits to the dependents.

So if you have an employee, by California law you must have Workers’ Compensation coverage for them. Workers’ Compensation is very complex so give us a call, we are experts at it!

Commercial Property

Commercial property insurance helps protect the building your business owns or leases as well as your business’s personal property, including tools and equipment, inventory, and furniture.

A Commercial property policy includes overages for assets like accounts receivable, computers, and loss of income for when business operations are suspended due to a covered loss.

Business can tailor their coverage to include additional protection like valuable papers and records coverage that can help pay for important documents. Commercial property coverage always comes in a deductible, ranging from $500 to $25,000. A higher deductible is not always the smart financial move, the higher the deductible the lower the credit.

Give us a call we can help you with all your property coverage.

Cyber Liability

It’s an insurance product used to protect businesses and individual users from internet-based risks, and more generally from risks relating to information technology infrastructure and activities.

Wow, that was confusing, in other words, if you keep personal data like social security numbers, credit cards numbers, or even medical records, you need this coverage. If your system is hacked into, and this type of information is taken, you are looking at tens of thousands of dollars in fines and mandatory credit checks for your clients.

This type of loss would be catastrophic to a small or medium-sized business. Give us a call so we can review this coverage with you. You will be glad you did.

Commercial Auto

It’s a policy provided to business owners for their company cars, trucks, vans, trailers, or other vehicles.

The commercial auto policy has five sections that define the coverage, including the type of vehicles, cause of damage, and type of damage covered, in addition to both the company and the businesses’ obligations in the event that the damage occurs.

The commercial auto policy is much more complex than a personal auto policy, give us a call for a free review of coverage. You may be glad you did.

Commercial Umbrella Policy

A Commercial Umbrella provides businesses with additional liability coverage to help protect them against the potentially ruinous cost of claims.

This additional liability limit is on top of the primary general liability limit. For example, Let’s say your primary policy has a liability limit of $1,000,000, and you purchased an umbrella with a limit of $2,000,000.

Your primary policy will pay first, and once that limit has been exhausted the umbrella limit will come into play. The most important question when it comes to an umbrella policy is, how much is enough? You should always be insured up to your total assets, but again that is enough. Give us a call and we will help insure you correctly.

Loss of Income Coverage

If you have a covered property loss, and your business is forced to close temporarily, business income coverage can help you. It will replace lost net income, pay for continuing expenses, such as mortgage, advertising, payroll, also relocating expenses and advertising fees if you have to set up shop at a temporary location.

Business income insurance works in conjunction with your property policy and provides coverage for events beyond your control such as fire, wind, vandalism, and water damage. There are other endorsements that broaden the loss of income coverage, give us a call and we will tell you about it.

Inland Marine Coverage

This is a very old coverage with a very odd name, no it’s not the coverage you would purchase for your boat. It’s actually a property coverage, let me explain.

Inland Marine Insurance pays for losses to movable or specialized types of property on land, not water, hence the name Inland Marine.

Types of property include construction equipment, medical diagnostic equipment, fine arts, solar panels, cameras, movie equipment, musical instruments, and a wide variety of other types of property.

Almost any type of property can be covered by an Inland Marine policy, so if you have equipment that leaves your place of business, you need Inland Marine Coverage. Give us a Call for A Quote

Kern Insurance Associates
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