• 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.

The Grillo & Associates insurance agency is licensed to write New York Umbrella Insurance as well as in Arizona, California, Connecticut, Delaware, Illinois, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia.

We make getting an insurance quote easy.

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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