Other Insurance in Wisconsin
Most Wisconsin business policies protect your company against property damage and personal liability if someone is injured on your premises. Yet, these policies can have coverage gaps that expose you to unexpected claims. At Choice 1 Insurance Agency in New Richmond, WI, we have specific "safety net" policies that will cover you in unforeseen circumstances.
Professional Liability Policy
Professional Liability policy is similar to the Errors and Omissions policy. It provides complete protection for your conduct in business transactions. If a client raises charges against you that can range from fraud, negligence, and misrepresentation, the policy is there to help you cover the costs of a lawsuit.
Errors and Omissions Policy
This policy is similar to the professional liability policy, but it explicitly covers you against customers suing you for negligence in how you performed your service. It can protect you and your assets against financial loss if a client claims you failed to fulfill contractual obligations. The policy pays for attorney fees, court costs, administrative costs, settlements, and judgments up to the policy limits. Your employees and subcontractors working on your behalf can have their actions also covered under the same policy.
Directors and Officers Policy
This policy protects you if your directors make a terrible business decision and you suffer a financial loss. For instance, directors can remove some information from the company's accounts or financial documents, and your company gets sued for fraud. Some directors may implement policies that benefit them directly or misappropriate the company's resources. Employees may also sue the company if unknowingly you implement unfair human resources policies. You need to be prepared.
Our policies at Choice 1 Insurance Agency in Wisconsin will help cover the costs of damages claimed against the company's indemnified individual director or senior officer.
Bonds Insurance Policy
You may need bond insurance when you sell bonds to raise business capital. The policy protects bondholders from default by the bond issuer by guaranteeing the repayment of the principal bond amount and sometimes even interest. Depending on the policy. The policy has the benefit of improving the credit rating of the bonds and making them more attractive to investors.
Vacant Land Insurance Policy
This is a lesser-known type of policy; you need it to protect you against liability claims if someone sustains an injury on your land. Depending on how you use your vacant land property, you may need protection from the following circumstances. If you own a field, lake, or hunting reserve, you will need protection against injuries to visitors or third parties that use the land. You will also need protection against claims of negligence or poor upkeep of the vacant land. If you use the land for hunting, you must protect yourself against any damages claims from high-risk hunting activities.
For more information about the available policies and to discuss your potential risks, visit Choice 1 Insurance Agency in New Richmond, WI, and receive a no-obligation quote.
