Your Insurance Questions Answered

It covers claims arising from incidents that occurred before the policy start date, subject to policy terms.

Costs vary based on factors like industry, business size, claims history, and coverage limits, but can range from a few hundred to several thousand dollars annually.

Yes, many businesses carry both to ensure comprehensive protection against various risks.

Assess potential risks, consider the size of your contracts, and evaluate the potential financial impact of a claim when selecting limits.

Notify your insurer immediately upon learning of a potential claim, provide necessary documentation, and cooperate with any investigations.

It can, depending on the policy terms, especially if the breach is due to negligence or errors in professional services.

Yes, it generally covers claims arising from errors made by you or your employees in the course of providing professional services.

Typically, yes. Insurance premiums are considered a business expense and can be deducted for tax purposes.

Property insurance covers items at a fixed location, while inland marine covers movable property and goods in transit.

Inland marine insurance covers movable or specialized types of property, protecting goods, equipment, and materials while in transit over land or stored off-site.

Historically, it evolved from ocean marine insurance, extending coverage to goods transported over land ("inland") rather than by sea.

Clients may want assurance that you have financial protection in place to cover potential losses from errors or negligence.

Businesses that frequently transport goods, equipment, or tools, such as contractors, transportation companies, and vendors, should consider this coverage.

It covers property in transit, mobile equipment, fine art, builder's risk, and instruments of communication and transportation.

Yes, it typically covers theft, as well as damages from accidents and other perils during transit or off-site storage.

Yes, they can be held personally liable for professional errors and should consider obtaining coverage.

A floater is a policy extension that covers property with high mobility, like tools or equipment frequently moved between locations.

Premiums are based on the value of the property, type of goods, distance and method of transportation, and loss history.

A BOP may not cover property off-premises or in transit, so inland marine insurance provides additional protection for those exposures.

It's a type of inland marine insurance that covers heavy machinery and equipment used by contractors, such as bulldozers and excavators.

It protects businesses that temporarily hold customers' property, like dry cleaners or repair shops, covering losses to those items.

Yes, installation floaters cover materials and equipment from the time they leave your premises until installation is complete.

It's a type of inland marine insurance that covers loss or damage to goods while being transported by a for-hire trucker.

Yes, it can cover computers, servers, and data processing equipment, especially when transported or used off-site.