Small Commercial Select

Artisan Contractors,  Car Washes,  Personal Care Services (e.g. Barbers/Salons), Office/Professional,  Specialty Retail,  

As a small business itself, Distinction Risk Solutions understands well the always on mentality of ownership and the many hats you and your employees wear each and every day.

As a specialty focused agency with years of experience on the insurance carrier side we spend our time understanding risk and insurance coverages in depth; understand the complexity of commercial coverages, the significant differences that can exist across policies that some might think are "all the same" and certainly the value of having an experienced and responsive claim team if you experience a loss.  We also understand nobody

 

While what defines a small business is debatable and in the mind of the owner, we generally define it as a business with 50 or fewer employees.  Our carrier partners are aligned to provide you breadth of coverage options at relevant premiums surrounded with expectations for responsive service.  

 

Distinction Risk doesn't view insurance as a commodity, so we don't sell insurance...we service clients by offering and providing 

Exposures

On the path to success, not all risks are rusty bridge obvious

As a business owner you face many of the same risks of property ownership, customer interactions, employee safety, societal dynamics of increasing legal actions; while also facing risks more unique to the industry you are in - e.g. food safety in restaurants, product safety in retail, 

The Insurance Information Institute (III) provides additional perspective on potential insurance needs and applicability for small businesses in an easy to read online format.

Liability 

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  • Imp

  • Fidu

  • Failure

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  • While providing employee  benefit plans investment options aren't monito

Property 

Varies significantly dependent upon whether you work from home, lease your office or own your building.  

  • Loss to electronic equipment (computers, printers, servers) and records from: power failure or surges, malicious attacks on computer hardware and software, loss or irreparable damage while traveling

  • Faulty wiring or overheated equipment leading to fire

  • Fund misappropriation and theft

  • Wind/hail in the Central US and increasingly more states, flood nearly nationwide, wildfires in the Mountain West and West 

Personnel 

  • On the job

  • Despite the low hazard nature of an office environment employees can be impacted by auto accidents while out on client visits or from repetitive motion injuries.  

  • Death or inju

Automobile

  • Employees traveling  in their personal vehicles, rental vehicles or company owned vehicles between office locations, to client visits, for business errands or to professional conferences 

Business Income 

  • Employees

Key Liability Coverages

Meant to cover you and your business for loss allegations from and indemnification of third parties (e.g. customers, visitors to your premises, shareholders, competitors, etc.) arising from bodily injury, property damage or financial damage.  While you'll face some normal general liability exposures, as a financial firm in a highly digitized environment your highest severity exposures will likely come from the professional advice, fiduciary responsibilities and services you offer as well as your exposure to Cyber loss.

CGL
Cyber
Management Liability
Financial Professional E&O
CGL
Cyber
Management Liability

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  • General Liability (via BOP or CPP)

    • Premises and Ongoing Operations

    • Products and Completed Operations

    • Damage to rented premises

    • Medical payments to others

    • Personal and Advertising Injury 

  • Professional Liability/E&O (Errors & Omissions) 

  • Cyber - While coverage for cyber perils is far from standardized some key liability coverages available are:

    • Data breach mitigation

    • Network security liability

    • Funds transfer fraud

    • Media liability

    • Social engineering

    • PCI, Regulatory proceedings and assessment 

  • Management/Executive Liability While coverages can be purchased separately, a more encompassing program includes key management liability coverages in one offering, reducing your chances of having unintended gaps, which could leave your organization and you personally open to significant financial consequences.

    • Directors and Officers (D&O) 

    • Employment Practices Liability (EPL) 

    • Fiduciary 

      • Employee Benefits Liability (EBL) 

 

Some things to consider:

 

  • Limits of protection relative to your risk profile, the legal climate of your location(s), your client profile and the overall cost of insurance

  • How much business do you transact electronically? Do you store customer information on your computer systems?

  • Defense provision basis (right and duty, at carrier option, etc.)

  • Basis of coverage, claims-made vs. occurrence

    • Are claims-made step factors utilized?

  • 1st and 3rd Party coverage for Cyber and/or your EPL coverages

    • Are you a 

  • Interplay of Side A, B and C limit availability in D&O coverage

  • When purchased as a full Management Liability suite, are limits shared and if so, how

Property Coverages

Focused on indemnifying you for a covered loss to buildings and associated equipment, your business personal property, valuable papers and records, and business income.  It's important to remember you are only made as whole as your coverage is structured for and your causes of loss are applicable to.   Given the generally straight forward property exposures of many advisory firms, your core property, including business income, and general liability needs can likely be met by a BOP (Businessowners Policy) with a few added endorsements.  

Other Property
Fidelity
Business Income
Business Personal Property
Cyber1stParty
Building

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  • Building

  • Business Personal Property

  • Inland marine

  • Equipment Breakdown

  • Business Income with Extra Expense

  • Crime Coverage

  • Cyber - 1st Party

Some things to consider:

  • Coinsurance requirements

  • Covered causes of loss: Multiple forms exist, ensure you have the right one for your circumstance.

  • Coverage needs for property away from your business location: Dependent upon the types of property you travel with or move from office to 

  • Deductibles 

  • Levels of Business Income coverage:  Are you subject to a defined dollar limit? Are you covered for actual losses sustained on an unlimited basis for one year?   Is utility service disruption an included cause of loss? Are you exposed to cyber loss and dependent on electronics for your core operations?

  • Loss reimbursement basis:  Actual cash value, replacement cost, agreed to value, functional value or other basis determines the level of indemnification you might receive.

Additional Coverages & Protection

Beyond your property and key liability coverages, you may have need for additional coverage, dependent upon: whether or not your firm has the number of employees in a state requiring you to provide workers' compensation coverage, whether you provide vehicles for your team to use in business or have them drive or rent autos on behalf of the business, your desire to obtain higher limits of insurance than can be obtained by your primary liability policies.

 

 

 

 

 

 

 

  • Workers' Compensation

  • Employers Liability

  • Hired and Non-Owned Auto

  • Business Auto

  • Excess/Umbrella

  • Liquor Liability

Some things to consider:

  • State requirements for providing Workers' Compensation coverage based on business legal structure and employee counts

  • Even if you are not required by law in your state to provide Workers' Compensation, do you have employee exposures which you could be liable for, creating a coverage gap

  • Required underlying limits to prevent coverage gaps between primary and excess coverages

  • Auto coverage completeness:  If your only auto is a business auto, are you or your employees appropriately covered for driving other vehicles?

WC
Hired and Non-Owned
Excess and Umbrella
Business Auto
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Services

You work hard to grow a successful business.  Trust us to be your insurance risk advisors to surround you with the coverages you need to feel comfortable with the risk you are taking, so you can focus your efforts where they need to be...on your customers.

  • The Distinction Way risk profile assessment, coverage analysis and insurable risk mitigation assistance

  • Partner provided services

    • Coverage provided by highly rated carriers with strong  financial standing along with policies specifically crafted by industry experts

    • Access to risk control experts with over two decades of industry experience

    • Access to risk management and loss prevention hotline for professional exposures

    • Get covered quickly - Highly responsive underwriters turn around requests for coverage within 48 hours in most cases

    • 24/7 Cyber hotline and other cyber risk resources available when you buy Cyber coverage

    • Risk evaluation and pricing take into consideration your professional organization associations,  professional credentials (e.g. CFP, ChFC, PFS), approach to business

Content on this page is for informational purposes only and may not be applicable to all circumstances.

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