SHW INSURANCE SERVICES, INC. - INSURANCE SERVICES FOR BUSINESSES
Whether you are starting a new business, are a new business owner,
or have owned a business for many years, commercial insurance can be one of the
most important ongoing financial investments you can make. Operating a business is extremely challenging without having to worry
about suffering significant financial losses due to unforeseen circumstances...
rest easy knowing you are covered!
We offer coverages that protect you from common losses such as property
loss, theft, business interruption, liability, and worker injury.
Purchasing the appropriate commercial insurance coverage can make the difference
between going out of business after a severe loss or recovering with minimal
business interruption and financial impairment to your company’s operations.
Our agents are knowledgeable
regarding insurance products for your business needs. We are available
to discuss the risks that are specific to your business and will work to provide
solutions for those exposures.
Please click on a link below for more information on that specific type of
business insurance:
Commercial General Liability
(CGL) -
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General Liability insurance covers third-party hazards that result in damage or
injury. There are hundreds of programs out there to meet your needs. Programs
can range from Premise Only Coverage to Full Occurrence Products and Completed
Operations. Insurance carriers can be A+ rated or specific to builder
risk-retention groups. We can find the right program for you depending on your
scope of operations, your needs for certificates, the needs of your business
partners, and your budget.
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Business Operating Policy
(BOP) -
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BOP’s are a very general form of liability insurance for certain businesses.
These are generally package policies that may include coverage for
manufacturing, distribution, and installation. BOP’s can vary in price depending
on operations and gross receipts.
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Workers' Compensation -
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In most states, Workers Compensation is a mandated requirement for
businesses who have employees. It is a form of insurance that provides
compensation and medical care for employees who are injured on the job. Although
it is not required for owner-only businesses, it is important for the owners to
make sure that their individual health care plan will provide coverage if they
are injured on the job. Our agents will research many markets to make
sure that you are provided with the lowest premiums for your business.
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Commercial Auto -
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Commercial Vehicle Insurance is needed to cover the cars, trucks, and vans used
in conducting your business. Large fleets as well as small businesses should be
properly covered by a commercial auto policy. In general, if a vehicle is used
in tasks related to the operator’s occupation, profession, or business—other
than commuting—a commercial policy is necessary.
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Garage Liability
Coverage -
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Businesses that sell, service, repair, park, or store automobiles will need Garage Liability Coverage to cover risks that would not be covered under a
business auto policy alone. Auto, truck, motorcycle, and mobile-home dealers,
repair facilities, service stations, car washes, and parking facilities need to
have garage liability coverage. This insurance policy provides coverage for loss
or damage to customer's automobiles. Dealer’s physical damage can insure
vehicles in stock for the perils of collision, fire, and theft.
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Errors and
Omissions -
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Liability insurance for professionals is different than
that needed for contractors. A professional such as an engineer, architect,
insurance agent, real estate agent, etc. will need to have coverage to protect
any error or omissions they may make. This mistake can cause financial harm to
another and can occur on almost any transaction in any profession. An E&O policy
will help protect a professional individual or a company from bearing the full
cost of defense for lawsuits relating to an error or omission.
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Inland / Marine
Equipment Coverage -
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Inland Marine Equipment Coverage is a broad form of insurance that would include
coverage for construction equipment & machinery such as backhoes, cranes,
scaffolding, etc.
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Bonds -
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Surety bonds guarantee that specific obligations will be fulfilled, such as
meeting a contractual commitment, paying a debt, or performing certain duties.
Usually, a bond is written for a definite amount, which is known as the bond
penalty.
Each bond is a written contract between three parties. Two of the parties
obligate themselves to meet a commitment to the third party. If the commitment
is not met, a sum of money, up to but not exceeding the full penalty, becomes
payable as damages. On every bond, the parties are the principal, an obligee, and
a guarantor or surety. The "Principal" is the party who has agreed to fulfill
the obligation, which is the subject of the bond. The "Obligee" is the party for
whose benefit the bond is written. If the Principal defaults on the obligation,
damages are payable to the Obligee. The "Guarantor or surety" is the company
providing the bond for a fee. The surety joins with the principal in
guaranteeing fulfillment of the obligation, and agrees to pay damages if the
principal defaults.
There are many different types of bonds, as follows:
License and Permit Bonds
Many local, state, and federal laws require that a bond be furnished before
someone can obtain a license or permit to engage in a particular activity. The
bonds are designed to guarantee that laws and regulations of a particular
business or activity are followed.
Contract Bonds
Contract bonds are issued to guarantee performance of the terms and provisions
of written contracts. The principals on these are usually construction
contractors.
Performance Bonds
A performance bond guarantees the owner (obligee) that the contractor
(principal) will complete the original contract as drawn. If the contractor
fails to complete the work, the surety may at its own expense engage another
contractor to complete the work.
Financial Guarantee Bonds
These guarantee payment of money. A strong financial statement in relation to
the penalty of the bond is required.
Payment Bonds
Payment bonds, which are also known as "Labor and Material Bonds," guarantee
that a principal will complete and deliver the work free and clear of liens or
encumbrances.
Supply bonds
A supply bond will guarantee that a supplier will faithfully furnish supplies,
materials, finished products, or equipment according to the terms of a supply
contract.
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