INSURANCE NEWS & INSIGHTS

A customer, landlord, general contractor, property owner, or other party may require Additional Insured status. Additional Insured status usually requires coverage under the actual insurance policy or endorsement. Writing a business name on a Certificate of Insurance does not necessarily create Additional Insured protection. Always send your agent the exact insurance requirements.

A contract may require a Waiver of Subrogation. A waiver can affect the insurance company’s right to seek reimbursement from another party after paying a qualifying claim. It may be requested on: General Liability Workers’ Compensation Commercial Auto Do not assume it is automatically included.

Certain contracts require insurance to apply on a Primary and Noncontributory basis. This generally affects how policies respond when multiple insurance policies could potentially cover the same claim. A specific endorsement may be required.

A Commercial Umbrella can provide additional liability limits above qualifying underlying policies. Example: General Liability $1,000,000 Commercial Auto $1,000,000 Employers Liability Required underlying limit plus: Commercial Umbrella $2,000,000 The umbrella may provide additional limits for qualifying catastrophic liability losses. Coverage depends on the umbrella policy and required underlying limits.

General Liability does not automatically cover errors in professional services. Businesses providing professional advice or specialized services may need: Professional Liability / Errors & Omissions Examples can include: Consultants Accountants Technology professionals Designers Real estate professionals Certain medical or wellness providers Professional service companies Coverage should match the actual service being provided.

Many Professional Liability policies operate on a claims-made basis. That means the policy must generally be active when the claim is made, subject to the policy’s retroactive date and reporting provisions. This is different from many occurrence-based General Liability policies. Do not cancel or replace a claims-made policy without reviewing: Retroactive date Prior Acts coverage…

Businesses with employees may face employment-related claims. EPLI may provide protection for certain allegations involving: Wrongful termination Discrimination Harassment Retaliation Other qualifying employment practices Workers’ Compensation and General Liability should not be assumed to cover these exposures.

Businesses increasingly store or transmit: Customer names Email addresses Payment information Employee information Medical information Financial records Login credentials A cyber incident can create significant financial and legal exposure. Cyber insurance may provide coverage for qualifying events such as: Data breaches Ransomware Network interruption Privacy liability Data restoration Notification expenses Certain cybercrime exposures General Liability…

Illinois businesses that maintain personal information may have legal obligations following certain data-security breaches. Illinois’ Personal Information Protection Act contains requirements concerning notification following qualifying breaches of personal information. Businesses that maintain customer or employee personal information should have a written plan for responding to a data incident. Read more:Illinois General Assembly — Personal Information…

Businesses can experience financial losses caused by: Employee theft Forgery Funds-transfer fraud Certain computer fraud Theft of money or securities General Liability and standard property insurance may not fully address these exposures. Commercial Crime coverage may be appropriate.