Life insurance (or commonly final expense insurance or life assurance, especially in the Commonwealth) is a contract between an insured (insurance policy holder) and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) in exchange for a premium, upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses (such as funeral expenses) can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Life-based contracts tend to fall into two major categories:
- Protection policies – designed to provide a benefit, typically a lump sum payment, in the event of specified event. A common form of a protection policy design is term insurance.
- Investment policies – where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life,universal life, and variable life policies.
General LiabilityThe Commercial General Liability Policy typically extends coverage for property damage, bodily injury, personal and advertising injury and medical payments as long as it is not excluded in the liability section of the general liability insurance policy that you purchase.
Choosing the correct amount of coverage is important to protect yourself or your company financially.Call us at 800-998-0662 to discuss your business insurance needs.
Commercial AutoIn addition to general liability insurance you may also need to purchase commercial auto insurance for your work vehicles.
Property damage or injuries caused with vehicles used in your business and insured under a personal auto insurance policy could be denied by your personal car insurance company.
Call us at 800-998-0662 to see if you might be eligible for an artisan insurance policy.
Tool CoverageDid you know that your tools, equipment, and supplies are not covered by your general liability or commercial auto policy?
Example: $2,000 of tools are taken from your truck and a claim is submitted to both policies...your company will not cover the claim!
You need to add coverage for tools, equipment, and supplies to your policy for coverage to extend.
Call us at 800-998-0662 to learn how your tools and equipment may be covered.
Workers’ Comp.Workers compensation insurance is likely the law for the state in which you do business.
In some cases we can obtain Workers compensation insurance for roofers.
Call us at 800-998-0662 to learn if workers compensation for roofers is available in your state with our company. Workers comp is not available in the state of Ohio.