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Sometimes coverages can be confusing, especially to insureds who may not be aware of their own exposure. We have provided a document that may help you explain most of the types of insurance we offer, including what each coverage involves and why an insured might need it. Printer-friendly version.
Table of Contents:
Business Account Package Policy (BAPP)
What is a Business Account Package Policy (BAPP)?
The BAPP, also known in the industry as a BOP (Business Owners' Policy), combines property and casualty coverage into one package. Business owners' policies provide industry-specific P&C coverage to protect equipment and facilities.
Why do I need a BAPP?
The BAPP contains property coverages essential to running a business. Almost every organization depends on some kind of specialized property to do business. Be it valuable papers, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster to wipe out your equipment.
The BAPP's casualty coverages are equally important. General liability coverage is the most basic type of commercial insurance and one of the most important. Most landlords even require their tenants to carry it. GL coverage immediately protects your business from injury and property damage claims that could seriously impact your business.
What we offer.
- Design Firms and Consultants
The BAPP provides property and casualty coverage for design firms and consultants. The minimum premium is $500 in most states. See complete Policy Highlights. The BAPP is intended for small to medium-sized design firms. Larger design firms, those with complicated risks, or design/build firms should consider our TCPP.
Commercial Auto
What is commercial auto liability coverage?
Commercial auto liability coverage provides protection for any business-owned or leased commercial vehicle. Policies usually include collision and damage coverage as well as coverage for property and personal damage to others.
Why do I need commercial auto liability coverage?
Just as you need personal auto insurance for your own car, you need business auto insurance to cover your business-owned or leased vehicles. If you or any of your employees have an accident in your business's car, you may be liable for bodily injuries, lost wages or any damage caused. Commercial auto provides protection for your business's assets in case of such an occurrence.
What we offer.
We offer commercial auto as part of our DesignOne program to our design firms and consultants who have purchased a BAPP or TCPP with us. Our commercial auto insurance covers collision and comprehensive damage (fire, theft and vandalism) for an owned vehicle and bodily injury and property damage to other vehicles. See the complete Policy Highlights for more information.
Hired and non-owned auto coverage is included in the BAPP and TCPP.
Directors & Officers
What is directors and officers liability coverage?
Directors and officers liability coverage protects directors and officers against claims alleging negligence, errors and omissions, misstatements, misleading statements and misrepresentations.
Why do I need directors and officers liability coverage?
Most organizations have a general liability policy that protects its directors and officers against negligent acts that result in bodily injury or property damage. However, general liability does not protect against alleged wrongful acts or omissions, including breach of duty, which do not result in bodily injury.
Directors and officers coverage protects your executives from potential lawsuits resulting from key decisions or management practices-lawsuits that may target their personal assets. Purchasing directors and officers coverage allows your officers to make the decisions that define their roles without having to worry about consequences down the road.
What we offer.
Schinnerer offers several directors and officers programs:
Employment Practices
What is employment practices liability coverage?
Employment practices liability coverage protects an employer against an employee's claims of discrimination (age, sex, race, disability, etc.), wrongful termination, and sexual harassment.
Why do I need employment practices liability coverage?
Employment practices claims are on the rise. In 2001 alone, 80,840 charges were filed with the EEOC. In an economy where restructuring and layoffs are becoming common, there is an even greater potential for costly lawsuits. Employment practices liability coverage is a practical way to reduce your potential exposures to these lawsuits, all of which can cost your firm a lot of money-even when the charge is completely without merit.
What we offer.
Schinnerer offers employment practices liability protection against loss-damages and defense costs-resulting from employment practices disputes, including discrimination, harassment and wrongful termination. We offer EPLI for several types of firms:
Environmental
What is environmental coverage?
Environmental coverage generally falls into two categories. Errors and omissions coverage, also known as professional liability, protects a professional who mistakenly designs a facility that causes pollution in some way. Pollution incident coverage protects professionals on the job in case they cause a pollution incident by perhaps backing into a sewage pipe.
Why do I need environmental coverage?
Accidents happen. Designers never intend their projects to harm the environment nor do they intend to cause an environmental incident. Pollution coverage provides a layer of security in case something does happen.
What we offer.
Schinnerer's professional liability program for environmental consultants features broad coverage specifically tailored to the specific needs of a professional in the environmental field. Coverage includes pollution incident and asbestos coverage as well as retroactive coverage for eligible firms. See the complete Policy Highlights.
We also offer stand-alone pollution incident coverage. See the Pollution section for more details.
Fiduciary
What is fiduciary liability coverage?
Fiduciary liability coverage is protection for ERISA-defined fiduciaries against losses resulting from breach of responsibilities including acts, errors or omissions in administration.
Why do I need fiduciary liability coverage?
The Employee Retirement Income Security Act (ERISA) requires that anyone who exercises discretionary control over a pension or retirement plan protect the plan's assets by acting solely in the interest of its participants. In other words, if an employee believes that the plan's administrator has not been acting to the best of his abilities, the employee may sue the administrator. If found guilty of plan mismanagement, the administrator is left open to great personal financial loss.
And it is not just the administrator who is at risk. The plan sponsor or anyone who makes administrative decisions regarding the plan can be held liable.
What we offer.
Schinnerer's fiduciary coverage is designed to protect ERISA-defined fiduciaries from loss that may occur in administrating or managing employee benefit and pension plans. Plan mismanagement, faulty advice and negligent errors or omissions are the most common ERISA claims violations. Schinnerer offers fiduciary coverage for several industries:
General Liability
What is general liability coverage?
General liability coverage protects a business and its employees from claims of bodily injury or property damage that occur on the job.
Why do I need general liability coverage?
General liability coverage is the most basic type of commercial insurance and one of the most important. Most landlords even require their tenants to carry it. GL coverage immediately protects your business from injury and property damage claims that could seriously impact your business. Every claim can cost you money, either in paying out the legitimate ones or defending yourself against the fraudulent ones. General liability coverage protects you from these lawsuits and provides you the kind of basic peace of mind needed to be an effective business owner.
What we offer.
- Design Firms and Consultants
We offer general liability as part of our BAPP for small to mid-size design firms and TCPP for large, complex and design/build firms. See the complete policy highlights for the BAPP or the TCPP.
- Real Estate Agents
Our Realty Business Owners' Policy provides broad property and casualty coverage for real estate agents in Massachusetts, Illinois and Virginia.
Inland Marine
What is inland marine coverage?
Inland marine coverage protects against damage to property such as valuable papers, accounts receivable, fine arts, contractors equipment or any other specialized equipment.
Why do I need inland marine coverage?
Almost every business depends on some kind of specialized property to do business. Be it valuable papers, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster to wipe out your equipment.
What we offer.
We offer inland marine coverage with our BAPP and TCPP. Our underwriters will work closely with clients to tailor coverage to include business-specific equipment. See our Policy Highlights for more information.
Kidnap & Ransom
What is kidnap and ransom coverage?
Kidnap and ransom coverage is designed to provide for the expenses incurred in a kidnap or ransom situation. Coverage often includes the fees associated with professional consultants as well as reimbursement for ransom expenses.
Why do I need kidnap and ransom coverage?
Kidnapping, extortion and detention present real risks for global companies. Handling the cost of negotiations, investigations or payment of ransom can be financially devastating or simply impossible for some companies. Kidnap and ransom coverage gives a company the resources it needs to bring a captive home.
What we offer.
We partnered with experts in the industry, to provide carefully tailored coverage to meet your kidnap and ransom needs. Our kidnap and ransom coverage provides access to risk prevention and control as well as management expertise. See our Kidnap & Ransom section for more information on specific coverages and benefits.
Pollution
What is pollution incident coverage?
Pollution incident coverage protects professionals from liability if they cause an environmental incident on the job, such as bursting a sewage pipe or spilling pollutants.
Why do I need pollution incident coverage?
Simply put, accidents happen. Many design professionals may face environmental exposure on the job. Pollution coverage provides a layer of security in case something does happen.
What we offer.
Schinnerer's stand-alone pollution incident covers bodily injury, property damage and clean-up costs from sudden spills, releases into the environment and other incidents. Retroactive coverage is available for eligible firms. Stand-alone pollution incident coverage is a claims-made form written on an excess and surplus lines basis.
We also offer stand-alone coverage combined with a professional liability policy for broad coverage that protects a business's bottom line.
Professional Liability
What is professional liability coverage?
It's financial protection for professionals against the mistakes they can make in doing their everyday jobs. Just like doctors have medical malpractice insurance to defend themselves against lawsuits, other types of professionals--such as architects, engineers, real estate agents, and technology professionals--need protection in case they make an error or omission on the job. Professional liability coverage pays the insured's defense costs and damages in the case of a claim.
Why do I need professional liability coverage?
Even though professionals always try to do their best for their clients, mistakes do happen. And in such a litigious society, lawsuits have become an inevitability. Professional liability coverage not only pays judgment costs, it also prepares you for a lawsuit by paying claims defense costs. After all, even the fraudulent claims cost your business money.
What we offer.
Schinnerer offers a wide variety of professional liability coverages for professionals in a wide variety of industries. Look to the left margin on Schinnerer.com to see the industries we cover and risks we insure.
Property & Casualty
What is P&C coverage?
Property and casualty coverage is designed to protect businesses from basic everyday exposures. Property coverage protects your equipment and facilities against loss or damage and casualty coverage protects a business and its employees from claims of bodily injury or property damage that occur on the job.
Why do I need P&C coverage?
Almost every business depends on some kind of specialized property to do business. Be it valuable papers, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster to wipe out your equipment.
Casualty coverage immediately protects your business from injury and property damage claims that could seriously impact your business. Every claim can cost you money, either in paying out the legitimate ones or defending yourself against the fraudulent ones. General liability coverage protects you from these lawsuits and provides you the kind of basic peace of mind needed to be an effective business person.
What we offer.
- Design Firms and Consultants
Schinnerer offers a Business Account Package Policy (BAPP) for small to medium-sized firms and The Commercial Package Policy (TCPP) for large, complex or design/build firms that package property and casualty coverage together in a single program.
- Real Estate Agents
Real estate agents located in Illinois, Virginia and Massachusetts are eligible for Schinnerer's Realty Business Owners Package through the Realty Choice program. The Business Owners Package provides broad property and casualty coverage in one simple program.
The Commercial Package Policy
What is the Commercial Package Policy (TCPP)?
The Commercial Package Policy (TCPP) combines property and casualty coverage for design firms and consultants into one policy. Business owners' policies such as TCPP usually provide industry-specific P&C coverage to protect equipment and facilities. The TCPP is intended for large, complex or design/build firms.
Why do I need the TCPP?
The TCPP contains property coverages essential to running a business. Almost every business depends on some kind of specialized property to do business. Be it valuable papers, laptops or surveying equipment, property coverage protects you against loss of or damage to these essential pieces of your business. It only takes one disaster to wipe out your equipment.
The TCPP's casualty coverages are equally important. General liability coverage is the most basic type of commercial insurance and one of the most important. Most landlords even require their tenants to carry it. GL coverage immediately protects your business from injury and property damage claims that could seriously impact your business.
What we offer.
Our TCPP provides broad property and casualty coverage for large, complex and design/build firms. See our Policy Highlights for more information. Small to medium-sized design firms should apply for the BAPP.
Umbrella
What is umbrella coverage?
Umbrella coverage is supplemental insurance coverage that is designed to give the insured an extra level of protection. So when the primary limits of a policy are exhausted, the umbrella policy takes over to cover the extra cost.
Why do I need umbrella coverage?
A lawsuit judgement or a claim may exceed your underlying liability coverage's limits. If this were to happen, you may be at risk for losing your personal assets. An umbrella policy will give you more coverage above the limits of your current policy, giving you more protection. If any large claim arises, your umbrella policy will take care of it by increasing your limits.
What we offer.
We offer umbrella coverage as part of our DesignOne program for design firms and consultants. Our umbrella program provides excess coverage over and above your underlying BAPP or TCPP policies. See our Policy Highlights for more details.
Workers' Compensation
What is workers' compensation coverage?
Workers' compensation coverage provides employees with medical care and compensation for lost income when injured in the course of employment.
Why do I need workers' compensation coverage?
Most states require employers to carry workers' compensation coverage, so in many cases, workers' compensation is a must. Whether your state requires it or not, workers' compensation coverage protects employers as well as employees. By protecting employees injured on the job, workers' compensation also protects employers from costly lawsuits and payments.
In addition, workers' compensation generally features broad coverage that takes effect regardless of who is at fault. Any injury incurred while an employee is performing his or her job duties is covered by workers' compensation. With such comprehensive coverage, can anyone afford to be without it?
What we offer.
We offer workers' compensation as part of our DesignOne program for design firms and consultants. You must purchase a BAPP or TCPP with us to be eligible. See our Policy Highlights for more information.
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