Business Insurance in California

Liability insurance protects the assets of a business when it is sued for something it is liable for by causing an injury or property damage. Covered general liability claims can include bodily injury, property damage, personal injury, and advertising injury (damage from slander or false advertising). The insurance company can cover compensatory and general damages as well. Punitive damages aren’t covered because they’re considered to be punishment for intentional acts.

Transferring risk is what it’s all about ! For many businesses, this is one of the largest exposures. General Liability insurance comes in many different “shapes and sizes”, we can tailor a program specific to your needs and risk tolerance. Price, coverage and your company’s specific requirements help us develop an attractive insurance program designed just for your needs!

Umbrella, or excess liability insurance, provides additional liability coverage (above general liability limits) for specific risks once a policy’s coverage limit has been exhausted. It also provides additional liability for certain risks that would not be covered by the primary insurance policy.

There are various forms of environmental insurance from cleaning up a site or future pollution liability of a site (Pollution Legal Liability) to construction projects which cover environmental conditions that occur during and as a result of the construction project work. This second insurance program is controlled by the contractor (Contractor
Pollution Legal Liability Coverage) . These policies are generally more aggressive in providing mold coverage than with the Pollution Legal Liability insurance.

IMPORTANT RECENT CHANGES : Please click on the following links to learn more about new Federal Lead Paint Legislation –
>> How to Comply with the EPA Lead Renovation Rule
>> EPA – Renovatation Brochure
>> EPA – Lead Compliance

Property insurance covers items like your buildings, leasehold improvements, signage, equipment and personal property. It can include coverage for employee theft, forgery and/or dishonesty. There may also be coverage for contract penalties assessed against you if you can not complete the work because the property being installed was damaged by a covered loss.

Equipment breakdown insurance covers repair and replacement costs of the insured equipment – items like computers, air-conditioners, water heaters and electrical systems.

This is important insurance to get right the first time. We help select the options that apply to your business risks. This insurance covers your business autos, or employees while they use their personal autos on company business. There are other coverage enhancements that may be needed as well for permanently installed electronic equipment, rental autos, lease gap coverage and more…

This insurance provides protection for an employer against claims made by employees, former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations. It covers your firm, including its Directors and Officers.

Cyber Liability addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. The coverage offers cutting edge protection for exposures arising out of Internet communications.

The concept of Cyber Liability takes into account first- and third-party risks. The risk category includes privacy issues, the infringement of intellectual property, virus transmission, or any other serious trouble that may be passed from first to third parties via the Web.

We can ease your executive protection worries by covering you with a tailored program of professional liability insurance. Coverage in risk areas like – employment practices liability, errors & omissions, Directors & Officers liability, crime / financial fidelity, fiduciary liability and Internet liability.

Directors and Officers Liability Insurance is insurance payable to the directors and officers of a company, or to the corporation itself, to cover damages or defense costs in the event they are sued for wrongful acts while they are (were) with that company. Directors and Officers Liability insurance is commonly purchased with a companion product “Company Reimbursement Insurance”.

Commercial earthquake insurance can be very important in California, where earthquakes are a fact of life. Most commercial property policies exclude coverage for earthquake damage (including earthquake sprinkler damage, etc.). If you own office, industrial or apartment property in California, consider purchasing earthquake coverage.

A fidelity bond provides coverage for dishonest and/or fraudulent acts of employees that could arise in the course of handling money or securities of others. A fidelity bond may also be referred to as an employee dishonesty bond. One variation of the fidelity bond is the ERISA fidelity bond which provides coverage for dishonest and/or fraudulent acts of trustees.

Fiduciary liability insurance (also referred to as ERISA liability insurance) provides coverage for breaches of fiduciary duty by ERISA plan fiduciaries. Unlike the fidelity bond, fiduciary liability insurance offers plan fiduciaries protection of personal assets.

Business continuation insurance covers the life or lives of employees whose demise would have a substantial financial impact on the surviving organization’s ability to function and prosper in its future, typically these might be persons who have essential management, marketing, financial or technical expertise.

For instance – should a partner/corporate officer die or become disabled, business continuation insurance provides cash to the surviving partners/stockholders to continue the business or purchase the stock or interest of the deceased or disabled partner.

Have a multi-unit project and can’t get subs to bid ? Whether you are a sub, GC or developer, you need to know what you are getting with these programs. WRAP / OCIP / CCIP insurance is specific to a named project or projects. It covers all trades under one policy. All WRAPS aren’t created equal, Bozzuto’s staff has unique expertise in negotiating WRAP-ups.

The policy may include general liability insurance, workers’ compensation insurance, umbrella liability insurance, payment and performance bonds, and builders’ risk insurance. By insuring all under one policy, premiums are reduced, coverage can be increased and duplication of coverages is avoided.

Second to payroll, employee benefit costs are often the highest expense item in a company’s financial statement. We recognize that all companies’ benefit needs are not the same. We provide each client with a personalized Market Analysis based on their unique circumstances. We become an extension of your Human Resources Department by providing new employee enrollment, eligibility, COBRA administration, and claims resolution.

Benefits represent a large percentage of an employee’s total cost. Worker’s Compensation, State Disability, Social Security, Unemployment, Sick Leave and Vacation time are all benefits provided by you, the employer. This employer “value” is recognized and highlighted by Bozzuto Insurance Services providing each of your employees with a personalized Bene-Check illustrating not only the cost of their traditional benefits (health, dental, vision, etc) but also the cost of all the other valuable benefits.

Bozzuto Insurance Agency has a long and deep understanding of the construction industry which allows us to offer you the best insurance products and services. Here are some of the types of bonds offered :

• – Performance bonds: assures that the contract will be performed according to its terms and specifications. If not, the bond generally obligates the surety to either 1) finance the contractor, 2) undertake completing the project, 3) tender another contractor to the owner… or pay the bond penalty.
• – Payment bonds: assures that a contractor will make prompt and full payment for labor and material consumed on a project.
• – Maintenance bonds: assures a project will remain free of defects in workmanship or materials for a specific period of time.

Let us help you decide on the right bond coverage to minimize your business risks. Here is a common example of a commercial bond we offer :

A License / Permit bond that guarantees a company or individual will operate in accordance with governmental statues, regulations and ordinances. There are numerous obligation scenarios depending on the specific bond.

Our experienced team can help in you in your company’s risk management – identification, assessment, avoidance, reduction and acceptance. We align coverages with exposures, identify coverage gaps, offer insurance and non-insurance risk control options and quantitatively determine costs of risk.