Your Insurance Questions Answered

Tail coverage extends your professional liability insurance after the policy ends, covering claims made for incidents that occurred during the policy period.

Yes, policies can be tailored with endorsements to meet specific industry risks and business needs.

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.

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

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

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

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

Exclusions are specific conditions or circumstances not covered by the policy, outlined in the policy terms.

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

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.

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

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

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

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.

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

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

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

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

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

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