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Insurance Coverage for Agricultural  Commercial  Auto  Home  Life / Annuities  Long Term Care

 
Due to the wide range of commercial insurance available, we suggest contacting Michael Yerkes directly.
 
Please feel free to call Michael
at (610) 869-4065 ext. 5.
 
 

 

     
 

Commercial Insurance

 
 
 

Business owners' liability coverage is critical

   

Employment practices liability coverage is critical in protecting your insureds from the potentially catastrophic costs of employment litigation. Most people would never consider dropping fire insurance, but today the chances of being sued by an employee are even greater than the chances of having a fire.

Here are some examples of claim situations:

1.  

 

$2,000,000
A company settled a class action suit brought by job applicants who charged that certain questions asked in a pre-employment psychological exam violated their constitutional right to privacy as well as various state labor laws.

2.

 

$2,440,600
After reporting multiple incidents of repeated sexual harassment by a supervisor, an employee alleged the supervisor began a systematic campaign to force the employee to resign. The court award in this retaliation/wrongful termination complaint was $210,000 for mental anguish, $330,600 in lost income and $1.9 million in attorney fees.

3.

 

$7,100,000
A Midwestern electronics company settled a class action lawsuit alleging a violation of the Age Discrimination Employment Act (ADEA) for $7.1 million. The suit was brought by approximately 800 employees whose jobs were moved to Mexico after a downsizing at the company's U.S. Facilities.

     
 

Changes and developments in your operations

It is important that we be advised of any changes in your operations which may have a bearing on the validity and/or adequacy of your insurance. The types of changes that concern us include, but are not limited to, those listed below:

1.  

 

Changes in any operations such as expansion to another state, new products, or new applications of existing products.

2.

 

Mergers and/or acquisition of new companies.

3.

 

Any newly assumed contractual liability, granting of indemnities or hold harmless agreements.

4.

 

Circumstances which may require an increased liability insurance limit.

5.

 

Any changes in fire or theft protection such as the installation of or disconnection of sprinkler systems, burglar alarms, etc. This includes any alterations to same.

6.

 

Immediate advice of any changes to scheduled equipment such as contractors' equipment, electronic data processing, etc.

7.

 

Property of yours that is in transit, unless we have arranged for the insurance previously.

8.

 

Any changes in existing premises including vacancy, whether temporary or permanent, alterations, demolition, etc. Any new premises either purchased, constructed or occupied,

Your insurance program can only be as good as the communications maintained between you and your insurance agent.

     
 

Insurers obligation at time of loss

   

Property Losses
When filing a claim, your policies require that you follow specific procedures and comply with certain provisions.

1.  

 

Immediate written notice of loss must be given to the insurance company in the event of fire and/or other direct damage to property.

2.

 

Notice of loss should include description of how, when and where the loss or damage occurred.

3.

 

Notify the police if a law may have been broken, as in the case of burglary, theft or vandalism.

4.

 

Your are obligated to take all reasonable steps to protect your property from further damage. Examples are boarding up windows, making temporary repairs to roof if damaged, etc. Keep records of your expenses for consideration in the settlement of your loss.

5.

 

Complete inventories of the damage or destroyed property must be provided, including quantities, costs, values and amount of loss claims.

Liability Claims

1.  

 

You must see that any injury or damage is reported as soon as possible.

2.

 

Full details of the claim should  how, when and where the "occurrence" took place; the names and addresses of any injured persons and/or witnesses; and a description and location of any damaged property.

3.

 

If a claim or suit is filed against you, you are obligated to cooperate with the company.  The policy prohibits you from making any voluntary payments or assuming liability in any way.

4.

 

You are required to report any occurrence that may result in a claim; therefore, you should emphasize to your employees the importance of reporting any incident to management, no matter how insignificant they feel it may be.

Regardless of the type, all losses should be reported to us in writing as soon as possible.

Due to the wide range of commercial insurance available, we suggest contacting Michael Yerkes directly. Please feel free to call Michael at (610) 869-4065 ext. 5.

 

 
 

Call us with your questions at 610-869-4065

   

Outside of the 610 area? Call us toll free at 800-435-4565
Our fax number is 610-869-8565
Or drop us a line at yerkes@yerkesinsurance.com and we'll be in touch within two business days.

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