Commercial insurance encompasses a wide range of policy and coverage options designed to guard a business from financial loss. Every business has it’s own set of unique risks and circumstances. Which means a business owner has a great need for a knowledgeable, experienced broker to customize a policy specifically for the perils you’re exposed to.

While other insurance brokers handle only one type of insurance product, we handle common and specialized types of products so that everything is organized for easy retrieval and one point of contact for all your insurance needs.

Whenever you start a policy, you sign a contract between the insurance carrier and your business. The insurance company agrees to take on the risk your business is exposed to in exchange for premium payments.

When a loss occurs, the business will file a claim. An adjuster will assess the damage and process the claim. The company will then receive the appropriate amount of compensation for the loss.

There are different scenarios regarding business risk and how insurance claims are filed. For instance, if the incident is a loss suffered by a customer of the company, the injured party will likely file a claim against the businesses’ liability policy. How the claim is processed depends upon the size of the claim, whether the matter can be settled with an insurance payment, and if the claim results in a lawsuit.

Contact Lionshield today to obtain a FREE no obligation policy review of your current coverage and to learn more about our products and services.

Lionshiled isn’t a licensed CPA or Enrolled Agent, so we’re unable to give tax advice on your individual business. We’ll be more than happy to provide referrals for highly regarded tax professionals.

Please contact us to learn more.

Yes, most liability policies covers businesses for cost of defense of a suit. In other words, paying for an attorney to defend your business up to your liability limits. To make sure you are covered beyond the limits of your primary policy, policy holder can buy an additional insurance known as an umbrella policy. That kicks in when your underlying policy limits are exhausted.

Liability exclusions could be place on your policy. Such as if an injury or damage was expected, or was caused intentionally. Some policies also have something called a “workmanship” exclusion, and some exclude coverage of punitive damages.

It’s important to remember there are certain liability policies that cover certain types of risks, such as employer’s liability, pollution liability or product liability. Therefore, it’s important to comprehensively review your business and select the right type of liability coverage for the risks you’re exposed to.

Contact us today to safeguard your business and to get the most cost effective liability coverage.

While this question is very much subjective, dependent on the nature of your business and the types of policies you’re required by law to carry.

Here are the policies we feel every business owner should have:

1. General Liability or Business Owner Policy
2. Professional Liability
3. Commercial Property
4. Workers Compensation
5. Employment Practices Liability Insurance
6. Commercial Auto

Contact us today for a risk evaluation and to learn which products cover your exposures the most.

After experiencing a loss, it may be a little bit daunting and confusing to know exactly what do next or how to move forward. The number one thing you need to do is make sure you’re safe in the area you’re in including those around you. Once everyone’s in a safe area and things have calmed down a bit, give us a call to let us know exactly what happened while the details are still fresh. At that point depending on damage and severity of situation, we’ll advise you to move forward with a claim or not.

It’s important to remember no matter how big or small your claim is, a claim is a claim and will count against your insurance score and typically raise your rates. As an insured, you really want to file a claim only when the damage and cost to repair exceeds the time, money and resources you would need to spend fixing the issue on your own. Letting an insurance company with copious amounts of money defend a lawsuit against your business or fix damaged property or provide funds for an unplanned loss that halts your business operations would be beneficial while you spend your time and resources creating more profit.

In any instance, ask your Lionshield broker to help advise you the correct way.

When filing the claim, knowing the right steps to take can mean you receiving a check a week later rather than being dragged out for months. Here are the steps you should take:

1.     File the claim as soon as possible
2.     Recall as much as possible
3.     Provide the insurance company with any notices, demands summons or any other legal documents (if it’s a liability claim)
4.     Provide pictures, documentation footage or anything else to support your loss claim (especially in property loss)

Remember as soon as your activate your general liability insurance policy, you agree to cooperate with the insurance company in any and all ways possible. That way, the right result can be achieved, whether it is in your favor or not. Their goal is for the case to work in your favor so they don’t have to pay a large settlement. So expect them to work hard for you. 

In any event, your Lionshield Broker is here to help you. Contact us immediately if you experience a loss or even the threat of a loss.

Claims are handled by the insurance companies directly, as they have invested the money and resources on a claims department and adjusters to make sure every case gets attention to detail that it needs. However, not all carriers are the same in claims reporting and adjusting, so we offer an additional claim support service to make sure the claims don’t slip through the cracks and that carriers are taking the steps necessary to resolve every claim and that a fair amount is remitted to your business.   

Please feel free to call or email us anytime in order to service your policies. Anything from a certificate request, to changing your mailing address, adding/deleting a vehicle, Changing, removing or updating any parts of your coverage. We encourage you to call or email. We’re very responsive and we save you the time you’d need to spend waiting on hold or leaving several unreturned voicemails from an agency that doesn’t truly value your patronage.