Business Insurance
We recognize that each business is different. Let us help you minimize your business’s risks.
At the Corcoran & Havlin Insurance Group, we are committed to helping our clients evaluate, manage, control, and protect themselves against the risks of doing business. We combine comprehensive knowledge and experience to focus on a clear business vision - a vision for our clients' success.
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Corcoran & Havlin’s business insurance representatives analyze your insurance requirements first, from the viewpoint of risk management. By risk elimination, risk reduction, risk transfer or risk assumption the cost of your business insurance may be considerably reduced. Your existing insurance is examined and options and cost comparisons are submitted to you for review. Corcoran & Havlin will assist you in developing a responsible protection program for your business.
Types of Business Insurance Protection
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Yes – A loss can occur at any time. If you suffer a loss and have no insurance or have improper/insufficient coverage, there is very little, if anything, we can do to help you. You need to be prepared for the risks that businesses face, and the losses (sometimes catastrophic), that they can cause. Also, many states and local jurisdictions require that businesses be insured to begin operating. If you rent space for your business, your landlord will most likely require that you be adequately insured.
General liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to pay damages but also to pay the attorneys’ fees and other costs involved in defending against the lawsuit.
Usually excluded from general liability insurance policies are suits by customers against a business for nonperformance of a contract and by employees charging wrongful termination, racial or gender discrimination, or harassment. For this coverage businesses should purchase Professional Liability coverage and Employee Related Practices coverage. Contact your C&H agent to find the best liability protection for your business.
At the end of the policy term, the insurance company will evaluate the policy and either credit or charge the policyholder based upon an audit of estimated figures. These estimated auditable items usually include sales and payroll. Audits can be performed either onsite by an auditor, or via mail or telephone.
Businesses today rely heavily upon technology to succeed. Unfortunately, with the increased conveniences of technology comes increased risk, and small businesses are especially susceptible. A Cyber Liability insurance can help you ; it will help pay for recovery efforts as well as help defend you from lawsuits resulting from a security breach.
Actual cash value is also known as market value, and it is equal to the replacement cost minus any depreciation. Replacement cost is the amount to repair or replace the damaged property, using materials of like kind & quality without deduction for depreciation.
An experience mod factor is specific to Workers’ Compensation insurance and is one element in the equation that calculates the premium. It’s a change to rates principally based on the claims made by a customer’s workers in previous years (your previous loss history). Typically, to determine the experience mod, three years of loss experience are used. The more losses a business has, the higher the experience modification factor, and vice versa.