Commercial Insurance

Owning a business takes on a life of it own, insurance-wise.  Just like personal insurance, one needs to consider property, liability, loss of income, vehicles, and excess liability in order to make sure that the business is well-covered.  There is such a large variety of insurance options that need to be considered that it is impossible to make good, educated choices without the help of a Certified Insurance Counselor!

Business Owners:

The basic form of a business owner’s policy is often referred to as a BOP (Business Owner’s Policy).  This policy groups property and liability insurance into one. Many forms of businesses do not qualify for a BOP, generally because the amount of coverage available is lower than needed; however, it is the first place for consideration when getting business insurance. This product is very similar to a home policy in that one policy covers everything, in this case, real property, contents & inventory, loss of income coverage, and liability.

Buildings:

When you need building insurance with more coverage than is available in a BOP, you need to get a commercial building insurance policy or a commercial package policy. For a business, this type of policy can cover the building, its contents, loss of rental income, inventory, furniture, machinery, supplies and more. For a residence, the policy is designed to cover multi-family housing units, and ordinarily covers the building, building property, liability and loss of rents. In all cases, it is very important to consider flood, earthquake and excess liability policies in addition to the underlying commercial building policy.
These insurance risks would require a building insurance policy:

• Apartment Building Insurance
• Condo Association Insurance
• Hotel/Motel Insurance
• Industrial Building Insurance
• Medical Building Insurance
• Non Residential Building Insurance
• Office Building Insurance
• Residential Building Insurance
• Town House Association Insurance
• Bed & Breakfasts & Inns
• Warehouse Insurance

& Many More!

Bed & Breakfasts/Country Inns:

Neither a commercial building nor a homeowner’s policy is the right way to insure a Bed & Breakfast or Country Inn largely because these policies do not address personal exposures for those owners who live on the premises or cover guest property.  Each Bed & Breakfast has its own unique insurance needs, which range from those businesses that only require general liability and property coverage to the more complex businesses that need additional coverage, such as work comp, commercial auto, and excess liability.  In addition, those establishments that have events such as weddings and family reunions, and guest services, such as spa treatments and bike rentals, need additional coverage or policies.  All types and sizes of inns and bed & breakfasts qualify for our insurance programs

Investment Property:

Wise Insurance covers a wide range of investment property, from homes to buildings to raw land.  We are very experienced and well able to determine exactly what type of coverage you will need to put your mind at ease.

HOA’s:

In general, homeowner associations have very similar concerns as building owners.  The features of homeowners association insurance can range from a simple package to a master package policy.  Policies include any of the following: property insurance that will protect against damage to common areas and personal property owned by the association, general liability which protects against financial loss due to and an event or peril, and auto insurance that covers association owned vehicles used for maintenance and security.  In addition, coverage can be extended to the units themselves and/or cover the association’s directors and officers and property managers.  Separate policies are also available for flood and earthquake coverage.

Professional Lines: 

Directors & Officers (D&O):

We offer D & O policies for companies that are for profit, non-profit companies, and community boards.  This is liability insurance payable to the directors and officers of a company, or to the organization itself, to cover damages or defense costs in the event of losses resulting from a lawsuit for wrongful acts he/she may have committed while acting in their capacity as a director or officer for the organization.

Errors & Omissions (E&O) or Professional Liability:

We write policies for all types of professionals ranging from attorneys to engineers to real estate brokers.  This coverage is essential for anyone who gives advice or opinions for a living.  If your business does not sell a tangible product, it is very likely that you have a professional exposure, and need a policy.

Employment Practice Liability (EPLI):

If you have even one part-time employee, you have this exposure.  These policies cover a wide variety of possible employee problems, such as harassment, termination, salary disputes, non-exempt/ exempt employee disputes, jury duty pay, and third party harassment.