Insurance

Knowledgeable and Responsive

Stratacus Business CapitalCommercial Insurance works diligently to ensure that your assets are protected from unwarranted litigation and potential losses.

Through our exclusive alliance with the Remco Agency, a JPS, Inc. Company based in Hempstead, NY, the agency has over 30 years’ experience protecting businesses and families nationwide. Together, we offer an unmatched level of personalized support with competitive pricing to meet your commercial and residential insurance needs.

Business Owners Policy (BOP)

A business owner insurance policy is a convenient way for a company to combine basic property and liability coverage into one package. Most small to medium size businesses may qualify for (BOP) depending on the specific industry and risk factors. Stratacus Business Capital collaborates with clients’ to determine the appropriate course of action and deliver a cost effective policy package solution.

(BOP) examples:

  • Your business requires (General Liability) insurance coverage
  • Your company has business equipment such as furniture, computers & printers
  • You own, rent or lease the premises and must insure the property
  • You possess or work with critical data
  • You have concerns about employee dishonesty or theft
General Liability (GL)

General liability insurance covers third-party claims due to bodily injury and associated medical bills. It may also cover liability claims related to off premises damage that occurred at a third-party’s property. This type of coverage should be considered when you or one of your employees:

  • Visit a client’s place of business or they visit yours
  • Have access to client equipment – Example (Computer Workstation or Machinery)
  • Use third-party locations for business or related activities
  • Require general liability insurance before entering into a contract

Example: While visiting a client’s business, your customer or one of their staff stumbles over a piece of your equipment and becomes injured. Your company may be liable whether or not it’s your fault. Having proper coverage will legally defend your business to the limits of the policy and provide piece of mind.

Commercial Umbrella Insurance

It’s possible the (General Liability) coverage your business currently has may not provide enough financial protection in the event of a law suit. Once your policy limits max out this can leave your company financially vulnerable. Having a (Commercial Umbrella) policy can provide increased limits of protection. Basically, the primary policy is used until its limits are exhausted. The supplemental coverage comes into play for anything above the main policy limits.

Employment Practice Liability Insurance (EPLI)

This covers the company for any wrong doing in its employment practice

  • Sexual harassment
  • Wrongful failure to promote
  • Wrongful discipline
  • Wrongful termination
  • Discrimination
  • Invasion of privacy
  • Breach of contract
  • Violation of Family Medical Leave Act (FMLA)
Errors & Omissions (E&O)

This type of coverage is also known as (Errors & Omissions) insurance and should be considered when you or your company meet these examples:

  • Your Company Provides Professional Services
  • Your Company Regularly Gives Advice To Clients
  • Your Company Provides Agreement or Contracts
  • Your Client Requests You or Your Company Carry Professional Liability Insurance
  • Licensed Professionals (Lawyer, Real Estate Broker, Mortgage Broker, Engineer or Home Inspector)

Having this kind of coverage is an essential component in shielding your business in the event of litigation due to accusations of negligence or failure to perform professional services.

Directors and Officers Insurance (D&O)

This covers the company (Director and Officers) if they are sued for their decisions. It protects corporate directors, officers and an organization itself, as indemnification for losses or advancement of defense costs due to actions that may bring rise to legal actions for alleged wrongful acts.

Workers Compensation

Is coverage that provides wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence. The insurance is required in most every state. Many companies have been penalized or shut-down for not carrying the mandatory policy. The rules and requirements of each state are significantly different and it’s important to be aware of what is needed.

Surety Bonds

A bond is a legal contract issued by an entity on behalf of a second party that guarantees the second party will meet specific obligations or tasks to a third party. Should the obligation fail to be met, the third party would recover its losses through the bond. Examples of a surety bond:

  • Construction – Contract
  • Government Agency – License or Permit
  • Service Bond – Protect Against Employee Theft
Trade Credit Insurance

For companies doing business domestically or abroad with Net-Terms (Accounts Receivable) exposure, risk can take many forms. Having trade credit insurance allows companies to conduct transactions safely, and guard against unpaid credit balances from sales made to customers. This type of policy covers customer protracted liability, insolvency and bankruptcy, which in some cases may result in catastrophic losses.

Moreover, trade credit insurance can help address operational flaws with strategic intelligence about a customer’s credit worthiness. This tactical capability may help curb the liability of bad debt, administrative manpower and operating expenses. The collections process for outstanding invoices can be costly and time consuming. When clients’ delay payment, this can adversely affect the company balance-sheet. Having a policy in place is a risk mitigation measure that can circumvent unexpected losses.

Trade Credit InsuranceAnother perk of having trade credit insurance may be the ability to leverage your existing or new institutional lending relationship. Outside the United States, some banks actually require their business clients’ to carry a policy in order to establish or maintain credit facilities.

United States banking institutions continue to hold tightly on their balance sheets while cherry picking the best companies to conduct lending with. American banks have come to realize the importance of trade credit insurance when considering a company’s request for credit. The reasoning is that a bank or debt equity provider can be named as loss payee should a businesses’ (Net-Term) invoices result in protracted liability, insolvency or bankruptcy.

For more information or to receive a no obligation quote, please call us to discuss the additional benefits of working with Stratacus Business Capital commercial insurance.