Commercial Liability Insurance & Commercial Property Insurance
At Commercial Global Insurance / Higginbotham, we provide our clients with comprehensive commercial insurance for business liability and business property insurance products to insure their financial interests. Our main objective is to provide risk management services and products that effectively assist our clients to manage risk of financial loss.
Because we operate independently, we are able to offer customized commercial insurance plans for businesses. We are dedicated to providing creative products and the top notch customer service you depend on us to deliver.
Our products and services are tailored to each client’s particular needs, including agreed upon strategies and accountability. As advocates of our clients, we aggressively seek to add value to your bottom line through a total cost of risk approach.
We offer a full range of commercial insurance services, including Business Property Insurance Services, Business Liability Insurance, Surety & Contractor Bonds, Employment Benefits and PEO – Professional Employer Organization services.
Two Types of Commercial Insurance
Business Property Insurance Services
Property Insurance in its broadest form is defined as insurance which provides protection against most risks to commercial property, both real and personal. Business Property insurance may also include specialized forms of insurance such as flood insurance, windstorm insurance, builder’s risk insurance, home insurance or boiler insurance.
Property is insured in two ways, named perils and open perils. Named Perils cover losses which are specifically named in the policy. Open Perils cover all losses, except those specifically excluded in the policy. For example, many open peril policies exclude damage from earthquakes, floods, nuclear incidences, acts of terrorism and war.
There are three main types of Business Property Insurance:
- Replacement Cost – Insurance policy pays the cost of replacing the property, regardless of depreciation and actual cash value.
- Stated Value – Insurance policy pays the stated monetary value listed for the property.
- Actual Cash Value – Policy pays the replacement cost less expense for depreciation.
In terms of business property insurance, depreciation is usually calculated by establishing a useful life of the item and determining what percentage of that life remains.
Casualty Insurance/ Business Liability Insurance
Casualty Insurance is an organization’s Business Liability Insurance coverage for negligent acts or omissions. It is generally a blanket term to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is insurance to protect the insured from the risks of liabilities imposed by lawsuits and similar claims. It is designed to offer protection against specific claims brought about by a third party, i.e. no by the insured or the insurer, rather a third party who claims to have suffered a loss, who is not a party to the insurance contract.
An example of business liability insurance is workers’ compensation insurance, which protects a company from liabilities that arise when a worker is injured on the job. It could also include Professional Liability for individuals and companies who provide professional advice and services. Other types of liability insurance are Pollution & Environmental Liability, Product Liability, Liquor Liability, and Employment Practices Liability. Casualty Insurance policies may also cover: terrorism, cyber liability, identity-theft and government liability for companies who do business in politically volatile climates.
Surety & Contractor Bonds
Surety bonds provide reimbursement to an individual, company or the government if a firm fails to complete a contract. A Surety bond is a contract between at least three parties: the obligee (the party who is the recipient of an obligation), the principal (the primary party, or contractor, who will be performing the contractual obligation) and the surety (the company or individual that assures the obligee that the principal can perform the task). Essentially, the surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.
PEO – Professional Employer Organization
A Professional Employer Organization (PEO) provides integrated services which allow business owners to cost-effectively outsource the management of human resources, employee benefits, payroll and workers’ compensation and other strategic services, such as recruiting, risk/safety management, and training and development.
Essentially, PEO’s hire their client company’s employees, thus becoming their employer of record for tax purposes, Work Comp injury liability purposes, and insurance purposes. This practice is known as co-employment. Many business owners choose PEO’s because they allow owners to transfer most employee liability responsibilities to specialists who are able to provide immediate guidance and recommendations. PEO’s also save business owners the expense of hiring HR teams.
PEO’s can help administer: employee benefits, payroll and tax administration, recruiting and hiring, government compliance management, workers compensation, employment administration and more. Essentially, PEO’s allow owners to focus on the core of their business while transferring many administrative responsibilities to third-party industry professionals.
PEO & Employment Benefits
If you’re looking to offer a robust employee benefit program while effectively managing costs, you’ll likely need an expert on your side. At CGIS we can help you offer comprehensive employment benefits without breaking the bank. Employment benefits available include: 401k services, Health Insurance, Life Insurance, Disability Insurance, Dental Insurance, COBRA administration, Health Savings Accounts, Wellness Programs and more.
How Can CGIS / Higginbotham Help Your Business?
Navigating the complex waters of commercial insurance is not for the faint of heart. The essence of an insurance dispute is the contractual obligation. We assist our clients by offering contract review as it relates to insurance, loss control and loss prevention inspections, claims management services, assistance with OSHA and DOT Audits and a lot more. In short, we provide options. We help clients select the specific commercial insurance most suited for your business, be it property insurance, casualty insurance or both; creating a completely customized insurance policy tailored to your businesses’ specific needs.
Unparalleled service is our commitment to every client.
Products we offer are:
- Commercial Property Insurance
- Commercial General Liability
- Umbrella Coverage
- Commercial Auto Insurance
- Fleet Insurance
- Worker’s Compensation
- Marine Industry Insurance
- Occupational Accident Insurance
- Professional Liability
- Pollution / Environmental Liability
- Inland Marine
- Maritime / Longshoreman
- Product Liability
- Boiler & Machinery
- Surety & Contractor Bonds
- Flood Insurance
- Windstorm Insurance
- Employee Benefits
Call us today at 281-816-4947 for your FREE Risk Analysis