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The Top 20 Types of Assigned Risk Commercial Insurance and How Assigned Risk Insurance Agents Help Business Owners Daily
Insurance is one of the most important aspects of running a successful business. It ensures that the company is financially protected against losses and damages that may occur unexpectedly. Commercial insurance is necessary for businesses of all sizes, covering the physical property and liabilities of the business.
For some businesses, however, it can be difficult to get the right coverage. This is where assigned risk insurance comes in. Assigned risk insurance is a type of commercial insurance that is provided through a pool of companies to protect businesses that are unable to get coverage through traditional channels.
In this article, we will discuss the different types of assigned risk commercial insurance and how assigned risk insurance agents can help business owners secure the right coverage for their needs.
What is Assigned Risk Insurance?
Assigned risk insurance is a type of commercial insurance that is provided through a pool of companies to protect businesses that are unable to get coverage through traditional channels. Assigned risk insurance is typically used for businesses that have high levels of risk, such as those in high-risk industries or those that have a history of claims.
When a business applies for insurance through the assigned risk pool, the company is assigned to an insurance carrier that is willing to provide coverage for the business. The assigned risk insurance carrier will typically charge a higher premium for the coverage, as they are taking on more risk in providing coverage to the business.
Types of Assigned Risk Commercial Insurance
There are many different types of assigned risk commercial insurance available to business owners, including the following:
1. Property Insurance: Property insurance covers the physical property of the business, such as buildings, equipment, and inventory. Property insurance can also cover losses caused by natural disasters, vandalism, and theft.
2. General Liability Insurance: General liability insurance covers the business against claims of negligence, such as bodily injury or property damage. It can also cover the costs of defending the business in the event of a lawsuit.
3. Workers’ Compensation Insurance: Workers’ compensation insurance covers the costs of medical care and other expenses related to workplace injuries or illnesses.
4. Professional Liability Insurance: Professional liability insurance covers the business against claims of negligence in the performance of professional services.
5. Product Liability Insurance: Product liability insurance covers the business against claims of negligence related to the design, manufacture, or sale of a product.
6. Business Interruption Insurance: Business interruption insurance covers the lost income and extra expenses incurred by the business due to an interruption in its operations.
7. Cyber Liability Insurance: Cyber liability insurance covers the business against claims of negligence related to data breaches and other cyber incidents.
8. Employment Practices Liability Insurance: Employment practices liability insurance covers the business against claims of negligence related to employment practices.
9. Directors & Officers Liability Insurance: Directors & officers liability insurance covers the business against claims of negligence related to the actions of the directors and officers of the company.
10. Errors & Omissions Insurance: Errors & omissions insurance covers the business against claims of negligence related to professional services.
11. Crime Insurance: Crime insurance covers the business against losses due to employee dishonesty or theft.
12. Commercial Auto Insurance: Commercial auto insurance covers the business against losses due to the use of company vehicles.
13. Key Person Insurance: Key person insurance covers the business against losses due to the death or disability of a key employee.
14. Commercial Umbrella Insurance: Commercial umbrella insurance provides additional liability coverage beyond the limits of other policies.
15. Environmental Liability Insurance: Environmental liability insurance covers the business against losses related to environmental damage.
16. Surety Bonds: Surety bonds provide financial protection to the business in the event of a breach of contract.
17. Fiduciary Liability Insurance: Fiduciary liability insurance covers the business against claims of negligence related to managing employee benefit plans.
18. Builders’ Risk Insurance: Builders’ risk insurance covers the business against losses related to the construction of a building.
19. Pollution Liability Insurance: Pollution liability insurance covers the business against losses related to pollution or contamination.
20. Liquor Liability Insurance: Liquor liability insurance covers the business against losses related to the sale of alcohol.
How Assigned Risk Insurance Agents Help Business Owners
Assigned risk insurance agents are experts in finding the right coverage for businesses that are unable to get coverage through traditional channels. They can help business owners review their options and select the coverage that best fits their needs.
Assigned risk insurance agents can also help business owners understand the different types of coverage available, as well as the associated costs. They can also provide advice on how to reduce risk and keep premiums low.
In addition, assigned risk insurance agents can help business owners find discounts and other ways to save money on premiums. They can also help with the claims process, ensuring that claims are handled efficiently and that the business gets the coverage it needs.
Assigned risk insurance is a type of commercial insurance that is provided through a pool of companies to protect businesses that are unable to get coverage through traditional channels. There are many different types of assigned risk commercial insurance available, including property insurance, general liability insurance, and workers’ compensation insurance. Assigned risk insurance agents can help business owners find the right coverage for their needs and provide advice on how to reduce risk and keep premiums low.
Commercial Trucking and other vehicles
An important change will be taking effect for all organizations that use commercial motor vehicles in their operations. Typically any driver of a vehicle over 10,000 lbs. needs to have a current DOT physical on file. Effective May 21st, 2014 all DOT physicals must be completed by a nationally registered medical examiner to be valid. The Federal Motor Carrier Safety Administration (FMCSA) has developed this rule to help to make the roadways safer and ensure that physicians completing DOT physicals are fully familiar with the DOT requirements.
This rule will help to ensure that only those drivers who are physically qualified, as spelled out in part 391 of the regulations receive a current medical card. Nationally certified medical examiners must completed training and testing to show their understanding of the physical qualification requirements as well as complete periodic required refresher training every five years and pass a certification test every ten years to maintain their certification.
Any company that operates commercial motor vehicles will need to confirm that physicals are completed by a certified examiner. To find out who is certified in your area, go the national registry weblink: nationalregistry.fmcsa.dot.gov/NRPublicUI/home.seam Enter your city and state or zip code and select the radius you want to search (10, 25, 50, 75, 100, or 500 miles) and click search. You will then be given a list of all of the providers in the search area.
Typical small commercial and big rig fleet commercial insurance coverage’s vary by state and the risk involved.
- Personal assigned risk insurance – Personal Auto or Car insurance, HO-3 Coastal homes, coastal homes flood insurance, Mobile Homes, Recreational Vehicles (Boats, Jet Skis, ATVs), Vacant Properties, Inner City Dwellings, Personal Umbrella Policies and many more.
- Commercial assigned risk insurance – General Contractors, Vacant Commercial/Industrial Properties, Habitational, Professional Liability, Liquor Liability, Bars/Restaurants, Commercial Property, Local Trucking, Busing, Intermediate Trucking, Long Haul Trucking, Taxis & Transportation, Roofing-Roofer, Excess Liability, Errors & Omissions, Medical Malpractice and many more.