COMMERCIAL INSURANCE

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COMMERCIAL INSURANCE

Gold River Insurance is proud to support our local business community. We’ve served as a true partner in meeting the goals of businesses that contribute to the economy right here at home, providing our neighbors with not only outstanding services but also job opportunities.

Gold River commercial insurance specialists are here to meet the needs of all your personal property & casualty insurance needs. We can offer coverage for Builders Risk, Business Auto, Business Owner Policy (BOP), Commercial Property and Wind, Cyber Liability, Directors & officers, Errors & Omissions, Excess & Liability, Flood Insurance, General Liability, Liquor Liability, Vacant Land. In addition, we also offer many different types of supplementary coverage such as flood or earthquake.

Our capabilities extend to any type of personal or recreational vehicle. These coverages include but are not limited to: auto, motorcycle, motor home, boat or marine, and personal watercraft. If you are in the market for a personal umbrella policy, Gold River is your go-to source.

BUILDERS RISK

BUSINESS AUTO

BUSINESS OWNER POLICY

COMMERCIAL PROPERTY

CYBER LIABILITY

DIRECTORS & OFFICERS

ERRORS & OMISSIONS

COMMERCIAL UMBRELLA/ EXCESS & LIABILITY

FLOOD INSURANCE

GENERAL LIABILITY

LIQUOR LIABILITY

VACANT LAND

BUILDERS RISK

WHAT IS BUILDER’S RISK INSURANCE

Whether you’re building a new home, developing a site or reconstructing an existing structure, making sure your construction project is covered is important for protecting your investment/ Builders Risk Insurance , often called Course of Construction Insurance , is designed to protect your interest in material and equipment needed for the job from physical loss or damage

WHAT’S COVERED

In most cases a policy covers labor, materials and equipment used during the course of the construction project.

WHAT’S NOT COVERED?

Earthquake, flood or wind are typically not covered in coastal areas often need additional coverage unless specifically added to the policy.

IS IT AFFORDABLE?

A builders risk policy will typically cost 1% to 5% of the total construction budget, and can be customized to meet the needs of the customer.

HOW LONG DOES IT LAST?

Typically the policy lasts 3, 6 or 12 months, but can be extended until the project is completed or the structure is occupied. A new policy is needed when project completes.

BUSINESS AUTO

What Is Hired & Non-Owned Auto Insurance?

Hired and Non-Owned Auto Insurance provides liability coverage for bodily injuries or property damage that you or your employees cause while driving for work. This protection applies to vehicles you “hire” (like a rental car) or vehicles your business doesn’t own (like employees’ personal vehicles). You can usually add this coverage as endorsement to your General Liability Insurance.

Note: Hired and Non-Owned Auto coverage does not pay for collision damage. You’ll still require a separate policy for that. This policy is strictly for liability associated with accidents – so if someone involved sues you claiming you were negligent.

Hired Auto coverage can help fill the gap in your personal auto liability insurance for work driving (note: personal policies tend to exclude this activity). It can even take the place of the liability coverage you may need for a rental car. It’s important to know that Hired Auto coverage can address your company’s liability, but it doesn’t offer liability protection for the person driving the car. Whoever was behind the wheel may be personally liable for third-party injuries or property damage.

Non-Owned Auto coverage can help pay for legal expenses if your business is sued over a car accident you or your employees caused while driving a personal vehicle for business errands. Just like Hired Auto, it only covers the company’s liability, and its role is to fill the gap in personal auto liability coverage, which doesn’t cover business driving. Keep in mind that whoever was driving can still be held personally liable for any damage or injuries they cause.

HOW CAN WE HELP?

If you do not already have this type of coverage and your employees occasionally use their own vehicles for business purposes—even quick errands—consider adding it to your business insurance package today. Consult with Gold River Insurance Brokerage to review your business automobile and general liability policies to ensure you have adequate coverage and liability limits for non-owned and hired automobiles.

BUSINESS OWNER POLICY (BOP)

A businessowners policy, also known as BOP insurance, combines various insurance coverage with additional protection into one convenient package. If you’re not sure what coverage is right for your business, or have not considered a BOP, learn how a BOP insurance policy from Gold River Insurance can protect your business.

Do you need a businessowners policy (BOP)?

Gold River Insurance BOP insurance may be right for your business if:

Your business is located outside of your home
You have fewer than 100 employees and less than $5 million in sales
You have property or equipment you need to protect
You want to protect investments you’ve made in your business

WHAT DOES A BOP Cover?

Commercial property: Insure against physical damage to your business property.

General liability: Protect your business from lawsuits and injuries.

Business income: Cover your business against an interruption in income if you have to shut down unexpectedly.

Equipment breakdown: Protect your equipment against breakdowns.

COMMERCIAL PROPERTY & WIND

At Gold River Insurance Brokerage, we understand how hard you’ve worked to build your business from the ground up, and we want to see it protected from unexpected financial burdens. our agency is prepared to offer tailor-made, thorough insurance packages. We’ll help safeguard your commercial property and allow you to conduct business without worry.

A lack of sufficient commercial property insurance could leave your business susceptible to financial losses resulting from vandalism, theft, flooding, and other natural disasters, so why skimp on this essential coverage?

A Commercial Policy covers more than you think

The best commercial property packages go beyond covering the building’s structure. Here at Gold River Insurance Brokerage, we want to be sure your entire business is covered inside and out, which means offering policies that can insure:

Furniture
Lost inventory
Equipment
Outdoor signage
Landscaping
Additional structures
Damage to other properties
And much more!

Commercial property insurance is the best way to ensure that all aspects of your commercial structure and possessions are covered. Since no two businesses are alike, however, some properties may require less coverage than others. Our agents will assess your individual risks and tailor a commercial property insurance package suited to your business.

Buying commercial property insurance doesn’t have to be a hassle. The friendly agents and expertise at Gold River Insurance Brokerage are standing by to discuss your business insurance needs.

CYBER LIABILITY

Cyber Liability Insurance helps businesses survive data breaches and cyber attacks by paying for recovery expenses. When cybercriminals infiltrate a network, hold data hostage, or acquire sensitive data, the company they steal from can be held liable for the incident. That’s where Cyber Insurance comes in. It can often pay for customer notification, credit monitoring, legal fees, and fines after a business experiences a breach.

DIRECTORS & OFFICERS

A type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as “management errors and omissions liability insurance,” covering claims resulting from managerial decisions that have adverse financial consequences. The policies contain “shrinking limits” provisions, meaning that defense costs—which are often a substantial part of a claim—reduce the policy’s limits. This approach contrasts with commercial general liability (CGL) policies, in which defense is covered in addition to policy limits. Other distinctive features of D&O policies are that they: (1) are written on a claims-made basis, (2) usually contain no explicit duty to defend the insureds (when covering for-profit businesses), and (3) cover monetary damages but exclude bodily injury (BI) and property damage (PD).

What we do to help you grow

Whether you’re a nonprofit, privately held or a public company, it is likely that your business can benefit from a D&O policy. Since there is no such thing as a “standard” policy, a professional agent is invaluable when purchasing D&O coverage. We understand your organization and can knowledgeably help design policy to meet your needs. Call or Visit us today to learn more about the appropriate protection for your company against potential directors’ and officers’ liability.

ERRORS & OMISSIONS

PROTECT YOUR BUSINESS FROM COSTLY MISTAKES

Errors and omissions insurance (E&O), often referred to as professional liability insurance, protects your business in the event you’re found legally liable for faulty advice or negligence related to a professional service.

Who needs E&O insurance?

Generally, any business which offers advice or provides a service needs an errors and omissions policy. Occupations that require E&O insurance typically include:

Consultants
Real estate agents
Insurance agents
Financial advisors
Lawyers
Accountants
Engineers
Architects

In addition, business partners and licensing boards may require errors and omissions insurance by contract.

Ultimately, anyone can sue your business if they feel they have suffered a loss due to your services—actual or perceived. For example, a real estate agent could get sued by a client who feels the loss of a property acquisition was a direct result of the agent’s mismanagement. Making sure your business is protected in these instances may prevent financial hardship.

Types of E&O coverage

A variety of E&O coverages are available for small businesses, including:

Negligence – Protects a business against actual or alleged errors and omissions when providing a professional service, such as giving incorrect advice, an omission, or failing to deliver a service.
Defense costs – Provides legal defense when a covered claim is reported.
Copyright infringement – Coverage for damages or claims expenses for copyright infringement.

E&O insurance can also offer coverage for claims from services provided in the past and work performed anywhere in the world.

COUNT ON OUR EXPERTS

There are many different forms of professional liability insurance and multiple factors to consider when purchasing E&O coverage for your business. Because there isn’t a standard policy, our experienced expertise who understands your business can knowledgeably design a policy to suit your needs.

COMMERCIAL UMBRELLA / EXCESS & LIABILITY

The commercial umbrella/excess policy is designed to protect against catastrophic losses. It is usually written as a specified limit which sits over other primary liability policies—for example: the business auto policy, the commercial general liability policy, and employers liability. The umbrella/excess policy serves three purposes: it provides excess limits when underlying liability policies have been exhausted by the payment of claims; it drops down and picks up where underlying policies leave off when the aggregate limit of an underlying policy is exhausted; and it provides coverage for some claims that are not covered by underlying policies.

Here’s What You Need To Know About Commercial Umbrella And Excess Liability Insurance:

There are very few true umbrella policies left in the current insurance marketplace. A true umbrella policy would provide broader coverage than what is found in the underlying policies and would become primary when underlying aggregates are exhausted.
Most policies today are called, Follow Form Excess Policies. This means that the excess policy follows the exact terms that are written into the underlying policies. The policies are generally excess over the commercial general liability, commercial auto policy and the employers liability section of the workers compensation policy.
Your umbrella/excess policy has nothing to do with your property policy. Under Insuring your property exposure will never be picked up by an umbrella/excess policy.
The self-insured retention is not necessarily a deductible. The self insured retention is the amount that the insured is responsible for but only applies in certain loss situations. It comes into play when a claim is not covered by an underlying policy but is payable under the excess policy.

FLOOD INSURANCE

The best time to think about flood insurance is before you actually need it. Everyone lives in either a high-risk or low-risk flood zone. Getting a flood insurance quote is the first step toward giving yourself peace of mind.

How flood insurance works

You may be surprised to learn that your property insurance doesn’t cover flood damage. That’s because flood insurance policies are generally purchased separately through government programs

What flood insurance covers

Available to homeowners, condo owners, landlords, business owners and renters, flood insurance may cover:

Furniture, clothing and other belongings
Certain cleanup expenses
Damages to your heating and cooling system
Repair or replacement of flooring

What to do if your home floods?

Put safety first. In the event of extreme flooding, get out. And seek a safe location immediately.
File an insurance claim and contact our customer service.
Before you re-enter your home, make sure the building is structurally sound and not in danger of collapse.

GENERAL LIABILITY

This is often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. General insurance quotes usually include:

Bodily injury and property damage liability
Personal and advertising injury
Medical payments
Products completed operations
Damage to premises rented to you

Learn how these coverages protect small businesses and how much you’ll want to consider for your unique risk.

Who needs general insurance?

General insurance is often combined with property insurance in a Business Owners Policy (BOP), but it’s also available to many contractors as a stand-alone coverage through the Gold River Insurance Business Program.

As a contractor or small business owner, you need some form of business liability insurance to safeguard your livelihood.

A single accident could result in a lawsuit that you might not be able to handle. A great way to protect against this is to make sure you have liability coverage that matches your level of exposure.

Some employers or clients might also require you to carry a certain amount of general liability before you can work for them.

LIQUOR LIABILITY

Liquor liability insurance provides coverage for legal fees, settlements, and medical costs if alcohol is sold to an intoxicated person who then harms others or damages property.

Reduce the risk of serving alcohol with liquor liability

Liquor liability insurance is more than a safety net for the risks that come with serving alcohol. In most states, it’s required for businesses that sell or serve alcohol.

Depending on your location, you may need this policy to obtain a liquor license. It’s especially important in states with dram shop laws, which hold businesses accountable for the actions of intoxicated patrons.

Businesses can be liable for damages under state dram shop laws

Most states have dram shop laws that hold your business accountable if you sell alcohol to a visibly intoxicated individual who goes on to injure another person. For example, you could be held responsible if an individual who became intoxicated at your establishment gets into a car accident or assaults another patron.

Liquor liability insurance protects against lawsuits

Liquor liability insurance can provide protection in several scenarios, though not when underage drinking is involved. When a bar or other food service business is sued over an incident related to alcoholic beverage service, this policy can help cover your legal expenses, such as court costs or a settlement. It can help cover:

Accidental injury

An intoxicated patron falls and injures himself, stumbles into another patron, or gets into a car accident. A lawsuit could be filed against you, holding you liable for medical expenses.

Property damage

An intoxicated customer backs his vehicle into another patron’s car in your parking lot. The patron sues, holding you responsible for the cost of repairing the car.

Assault and battery

An intoxicated patron starts a fight and injures another patron, who sues your establishment. Or, your staff escorts an intoxicated patron off the premises, who claims assault and battery.

On-the-job drinking

Regardless of company policy, it’s always possible your bartender might drink on the job. Liquor liability can cover damages caused by your employees as well as your patrons.

VACANT LAND

Many landowners may not realize that they could be held liable for incidents that happen on their vacant land or lot. An existing insurance policy may not cover the lot or the owner’s liability while the land is vacant.

Gold River Insurance offers a general liability policy for vacant lands or lots. Depending upon your needs, we are also able to help cover vacant property that is undergoing demolition or reconstruction work with a owners and contractors protective liability policy.

Our experienced team works with carriers to provide you with competitive products, low premiums, and fast, efficient placement. We can help you find the solutions to your client’s vacant land insurance needs.

Contact Us

Gold River Insurance Brokerage is a full-service independent brokerage in Brooklyn, NY.

OFFICE ADDRESS

60 Rutledge Street
Brooklyn, New York,
11249.

EMAIL & PHONE

info@goldriverinsurance.com
212-493-3322
718-298-2045