Some of the Specialty Lines of Insurance products offered by our agency include:
- Errors and Malpractice: Designed for legal professionals and medical professionals such as surgeons.
- Directors and Officers: Executives at major corporations can be vulnerable to lawsuits, especially if their commentary appears in the press.
- Fidelity Bonds: As part of a major corporation’s risk management strategy, fidelity bonds are business insurance that protects an employer against losses that are caused by an employee’s dishonest actions, such as fraud. It protects against monetary or physical property losses and is widely used by stock brokerages and investment firms.
- Performance Bonds: this coverage is a financial guarantee, it is an agreement that the other party will meet its contractual obligations. It is also known as a contract bond and is provided by a bank or insurer to make certain a contractor finishes designated projects.
- Bid Bonds: Seen throughout the construction industry, the bid bond guarantees compensation to the bond owner should the bidder fail to begin a project. It provides the owner with the assurance that the bidder has the financial means to accept the project and complete it for the price quoted in their bid.
- Surety Bonds: This is a three-party agreement which legally binds the principal who requires the bond, the obligee, and a surety company that sells the bond. The bond ensures that the principal will perform their duties lawfully. Should this party fail to perform as required, the bond covers any and all resulting damages and/or losses.
- Liquor Liability Bonds: This coverage ensures that businesses that sell alcohol pay all of their liquor taxes. Should this not occur or if the sale records are falsified, then the obligee can make a claim on the alcohol tax bond to collect any unpaid taxes.
- Account Professional Liability: Protects accountants and tax preparers against errors, omissions, and negligence brought about by their actions. Most professionals who offer professional services, such as advice, are protected by such coverages, especially in the event of a lawsuit.
- Cyber Security Liability/Private Computer Management Liability: This coverage protects third party IT vendors against lawsuits brought by client businesses whose networks are breached by cybercriminals, as well as those whose personal data has been stolen.
- Employed Lawyers Professional Liability: This coverage is for law firms and law practices with more than one attorney. This specific specialty line of insurance also covers lawsuits brought by clients of the firm against employees and ancillary legal workers such as legal assistants, legal administrative assistants, and paralegals.
- Employment Related Practices: This coverage includes assistance for defense expenses and damages related to employment claims including allegations of Wrongful Termination, Discrimination, and Workplace Harassment and Retaliation lawsuits.
- Non-Profit Management Liability: A coverage designed to protect directors and stakeholders at non-profit agencies, and assists to cover defense costs, settlements, and any judgments that have been brought against their non-profit organization.
- Professional Liability for Specified Professions: Not every business performs the same services, and no insurance is ‘one size fits all’. There are numerous industries and professions where their standard operational procedures leave that business vulnerable to litigation. There are policies designed to protect such professions and professionals from lawsuits. This type of policy proves invaluable when a lawsuit without merit is levied against them, as it offers protection from allegations of negligence, errors, and oversights. In today’s business climate, one’s business reputation must be protected. Professions that often require Professional Liability coverage include:
- Media: Publishers or broadcasting, development, and distribution
- Education: schools, universities, and colleges
- Technology solutions providers
- Professional services and caregivers such as physicians, hospitals, therapists, assisted living facilities, stockbrokers, etc.
HOW MUCH SPECIALTY LINES INSURANCE COVERAGE DO YOU NEED?
With a Specialty Lines Insurance policy we can protect you from additional risks. Industry experts recommend at least $1 million to $2 million of liability insurance. Your premium will depend on the specific risks involved and the size of your business, which is measured by sales, payroll or the number of employees. Commercial umbrellas and excess policies are also available.
Certain professions need to protect themselves against losses stemming from perceived negligence, errors, and omissions in the performance of their professional duties. These careers include real estate agents, accountants, lawyers, design professionals, and consultants.
This amount will vary based on several factors including your line of work, the size of your business, where it is located, how many employees you have, as well as your annual revenue. Speak with a Grillo & Associates representative to learn more.
What you do is the primary factor. In short, the greater your job’s liability risk, the higher your premium. Other factors include where and how you operate your business, as risk exposure is another consideration that will determine your specialty line premium as well as your prior claims history.
Definitely. Flexibility is essential in specialty insurance offerings. Having the ability to customize policies in line with your specific needs allows Grillo & Associates to tailor a policy that addresses your unique requirements for sound risk management.
For the Media, this means third-party claims for defamation, privacy invasion, copyright infringement, intellectual property theft, as well as emotional distress. For Education, this insurance protects schools and staffers from financial loss due to false allegations, improper student supervision, or parental assertions. It is recommended for both public and private schools.
We advise that you contact Grillo & Associates to assess your needs. Together we’ll identify your risks, evaluate all legal requirements for your business, analyze your business assets, determine your liability exposure, assess your staffing needs, consider your cybersecurity risks, and finally, review your business operations to help you determine the best policy and coverage for your needs.
Bars, restaurants with a liquor license, and liquor retail stores need this protection coverage should anyone sell a beverage or closed container of alcohol cause damage, or harm to themselves or others due to an overconsumption of alcohol. It covers medical costs, settlements, and legal fees associated with any injuries or damages caused by an intoxicated person who was sold alcohol by the insured.
This form of insurance is vital to help protect IT vendors against the costs associated with cyberattacks and data breaches. The coverage includes data recovery, lost revenue, lost funds, legal expenses as well as costs associated with notifying impacted customers/clients and repairing damaged systems.
This bond’s terms specify the types of fraudulent behaviors that are covered, and the amount of reimbursement the business will receive if a claim is filed. Then, should such an event occur, your company will file a claim and be reimbursed according to the agreed terms with your insurer.
A surety bond is a contract between three business parties that guarantees a party will fulfill their obligations- the Principal or obligor, the Obligee- who is protected by the bond, and the Guarantor or Surety- the carrier that issues the bond. Grillo & Associates can oversee this contract to ensure it meets your specific needs. To learn more contact our team to schedule today.
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Click on “Get A Quote Now” or call us at 1-800-772-0627 or (516) 798-0320. Speak with one of our team members about your insurance needs.
Grillo & Associates has a reputation of providing excellent service.
Contact our office today. Our team of specialists will assist you in determining what policy would be best suited for your insurance needs.
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