For many businesses today, insurance costs and uninsured losses can be a serious challenge to the bottom line.
At Welch Insurance we have a reputation as an innovative provider of property and casualty insurance programs. Our clients include municipalities, professional and medical firms, main-street business, recreational campgrounds, fairgrounds and more. We are their business insurance professionals of choice, dedicated to developing insurance programs that protect their investment and their employees. We can do the same for you.
As an Independent insurance agent, Welch Insurance has partnered with America’s leading insurance companies. Let us show you what we can do for you and your business.
Our portfolio of insurance products include:
The Commercial Automobile Liability policy agrees to pay damages for bodily injury or property damage for which you are responsible because of an automobile accident.
The Automobile insuring agreement extends coverage for Medical Expenses incurred by you, Uninsured and Underinsured Motorist coverage (your policy will respond if you are injured by another vehicle or a hit-and-run driver not adequately insured or uninsured). Coverage can also include Physical Damage for your auto, including theft. Various other coverages can be endorsed to the policy including broadened Personal Injury Protection, Rental Reimbursement, Towing, Hired Physical Damage and Motor Truck Cargo.
Property Insurance protects you when you suffer a financial loss because your property has been damaged or destroyed. Coverage for a Building, also known as Real Property, includes the building and structures, completed additions to covered buildings, outdoor fixtures, permanently installed fixtures, machinery and equipment. Business Personal Property includes all other property not permanently attached to the building, including furniture, tools, and inventory.
Property can be valued in several different ways. Insurance companies commonly use two approaches to determine value, the Replacement Cost Method and the Actual Cash Value Method. Replacement cost of an item is the cost to replace it with new property of like kind. Actual cash value is replacement cost, less the accumulated depreciation for age and condition.
Equipment Breakdown covers the physical damage and financial loss resulting from breakdown, short circuits, power surges, motor burnout and operator error. Whether its production machinery, environmental controls, refrigeration, electrical distribution, telephones or computers, businesses are relying on costly equipment & new technologies. EB coverage protects your investment from costly interruptions.
Business Interruption coverage pays the loss of Business Income resulting from the suspension of your operations during the period of restoration following an insured loss. The suspension must be a result of direct physical loss or damage to real or personal property. Extra Expense coverage pays for those expenses incurred to avoid or minimize the suspension of operations such as costs to expedite repairs, including overtime pay and rental costs for another location.
Builders Risk insurance covers a building during the course of new construction or renovation, temporary structures at the building site, and building materials that have not yet become part of the building. Building materials are covered while on the insured location, in transit, or in storage at another location. Installation coverage insures a contractor’s interest in property installed at a work site and applies during installation and testing, while in transit or in temporary storage.
Electronic Data Processing (EDP) insurance is used to insure computer equipment, software and media. Although this can be insured under your Business Property form, the EDP form has added benefits such as mechanical or electrical breakdown, short circuit and other electrical or magnetic disturbances within the equipment.
The Commercial General Liability policy responds to bodily injury, personal injury, advertising injury and property damages for which you are legally responsible. Coverage is provided for injury or damages arising out of goods or products made or sold by you and covers accidents occurring on or away from your premises.
Two coverage forms are available, the Occurrence form and the Claims-made form. The primary difference in the two forms are in how claims are handled. The Occurrence form covers claims that occur during the policy term, regardless of when the claim is reported. The Claims-made form only covers claims made during the policy term.
Umbrella Liability insurance provides excess liability coverage over several primary liability policies such as Automobile, General, and Employer Liability policies. Umbrella policies serve three functions: To provide additional limits above each occurrence limit of your primary policies; to take the place of primary insurance when primary aggregate limits are reduced or exhausted; and provide broader coverage for claims that would not be covered by your primary insurance policies.
Professionals are bound by law to perform the services for which they are hired and perform those services with the appropriate standards of conduct. Professional Liability policies cover the errors and omissions in the rendering of professional services. Typical professions requiring Professional Liability coverage include accountants, ambulance services, architects, engineers, health care facilities, insurance agents, lawyers, physicians, tanning salons and veterinary hospitals, to name a few. As the liability exposures differ considerably from one profession to another, particular insurers specialize in each industry, and we work with all of them.
D&O insurance protects Directors and Officers of a corporation against claims or suits alleging wrongful acts and omissions in their managerial responsibilities, as they can be held personally liable. In addition to covering the personal assets of a company’s directors and officers, it also protects the company’s assets and provides defense costs associated with responding to lawsuits and investigations. Sources of D&O claims include shareholders, investors, members, customers and competitors.
EPL insurance is written to protect employers from lawsuits filed by their employees for employment related acts such as wrongful termination, breach of employment agreement, harassment, discrimination, retaliation, and unfair hiring/firing practices. EPL coverage also provides defense costs associated with responding to employment related lawsuits and can be extended to include coverage for third parties (customers, vendors).
Fiduciary Liability Insurance protects the plan fiduciary in the event that they breach their duties under ERISA. Sources of fiduciary claims include conflict of interest in investment of plan assets, imprudent investment decisions, inappropriate loans using plan assets, improperly advising plan participants, mishandling of funds, inaccurate year-end reporting, and delinquent employer contributions. Fiduciary coverage can include coverage for both administrative and discretionary acts, extending coverage for errors and omissions in the administering of Employee Benefit plans.
Workers Compensation insurance provides coverage when an employee sustains an employment related injury or disease. Workers Compensation coverage pays compensation, medical, and other benefits required of the insured by the workers compensation law or occupational disease law of any state listed in the policy. Not only does the coverage form insure obligations imposed by workers compensation statutes, Employers Liability coverage is also provided for damages an employer becomes legally obligated to pay because of bodily injury by accident or disease to an employee.
Cyber Liabililty/Data Breach coverage provides protection for you in this data-driven world, where sensitive information is processed electronically every day. These cyber exposures are not covered under typical Property and General Liability policies, yet there are substantial costs involved in working through a breach. Coverage options include Network and Information Security Liability; Restoration, Notification, Regulatory Defense and Crisis Management Expenses; Computer and Funds Transfer Fraud, and E-commerce Extortion.
Are you selling your products internationally or are you, or your employees, traveling abroad for your business? International Liability coverage provides Foreign General Liability, Auto Liability, Voluntary Compensation and Employers Liability, Travel Accident & Sickness, and Kidnap & Ransom coverages that won’t be covered under your domestic policies. International coverage also protects you in an unfamiliar place with executive assistance services.
Crime Insurance covers the loss of money, securities and other property against criminal acts, including employee theft, robbery, forgery & alteration, extortion and computer & funds transfer fraud.
A Surety Bond is a contract where one party guarantees the performance of an obligation or compliance with a statute of another party. At some point, most businesses will have a need for a surety bond. Surety Bonding is a specialized industry offering a wide array of bonds for businesses of all sizes. Common Bond types include Contracting (Bid and Performance & Payment), ERISA, Judicial, Probate, License & Permit, and Public Official.
