Our Key Commercial Insurance Services
Featuring Property Coverage, General Liability, Commercial Auto, and Workers Compensation – top services designed to provide robust protection for every aspect of your business.
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Boiler & Machinery
Coverage for loss but to mechanical or electrical breakdown of covered equipment (typically referred to as covered “objects”). Coverage applies to the cost to repair or replace the equipment breakdown. Resulting business income and extra expense loss is often covered as well. Traditional boiler and machinery insurance is increasingly being replaced by equipment breakdown insurance, in part simply because the title is more descriptive of the coverage provided. Also, today’s equipment breakdown policies typically provide slightly broader coverage than traditional boiler and machinery policies, and they usually do not use the specialized terminology found in boiler and machinery policies. [CPI XI.B]
Business interruption insurance (also known as business income insurance) is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.
It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable to all types of businesses, as it is designed to put a business in the same financial position it would have been in if no loss had occurred.
This type of coverage is not sold as a stand-alone policy, but can be added onto the business’ property insurance policy or comprehensive package policy such as a business owner’s policy (BOP). Since business interruption is included as part of the business’ primary policy, it only pays out if the cause of the loss is covered by the overarching policy.
A group of property insurance coverages designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form. Includes coverage for property in transit over land, certain movable property, property under construction, instrumentalities of transportation and communication (such as bridges, roads, piers, and television and radio towers), legal liability coverage for bailees, and computerized equipment. Many inland marine coverages forms provide coverage without regard the location of the covered property; these are sometimes called “floater” policies. Inland marine coverage forms are generally broader than property coverage forms due to the relative freedom from rate and form regulation of inland marine insurance as compared with property insurance. [CPI IX.B]
The liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured. [CLI V.D, V.L]
Professional Errors & Omissions Liability
Coverage designed to protect traditional professionals (e.g., physicians) and quasi-professionals (e.g, real estate brokers) against liability incurred as a result of errors and omissions in performing professional services. Although there are a few exceptions, most professional liability policies cover economic losses suffered by third parties, as apposed to bodily injury and property damage (which is typically covered under commercial general liability policies). The vast majority of professional liability policies are written with claims-made coverage triggers [PLI III.C]
A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy, commercial general liability policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption, by the named insured, of a self-insured retention. [CLI XI.B]
Foreign Property & Casualty Coverages
Foreign Liability Coverage is a specialty policy for an insured’s liability for foreign operations arising out of a permanent branch office, manufacturing facility, construction project, or other operation located in another country. The commercial general liability (CGL) policy provides coverage for incidental exposures, e.g., when an executive who lives and works in the United States and occasionally travels overseas for business trips. For permanent operations in foreign countries, a separate foreign liability policy is required. [CLI V.L]
Directors & Officers Liability
Insures corporate directors and officers against claims, most often by stockholders and employees, alleging financial loss arising from mismanagement. The polices contain two coverages: The first reimburses the insured organization when it is legally obligated (typically by corporate charter or state statute) to indemnify corporate directors and officers for their acts; the second provides direct coverages to directors and officers when the organization is not legally obligated to indemnify them. In addition, a third type of coverage, known as entity securities liability insurance is usually available on an optional basis, for additional premium. Such coverage insures the corporate organization in connection with securities is had issued. D&O forms are written on a claims-made basis, generally contain no explicit duty to defend the insureds, and typically exclude intentional/dishonest acts and bodily injury and property damage. [PLI X.B-X.M; D&O Typical Polices 3.00]
Employment Practices Liability
A form of liability insurance covering wrongful acts arising from the employment process. The most frequent types of claims alleged under such policies include: wrongful termination, discrimination, and sexual harassment. The forms are written on a claims-made basis and generally exclude coverage for large-scale, companywide layoffs. In addition to being written as a stand alone coverage, EP-LI is frequently available as an endorsement to directors and officers liability policies. [PLI XXI.B]
The responsibility on trustees, employers, fiduciaries, professional administrators, and the plan itself with respect to errors and omissions in the administration of employee benefit programs as imposed by the Employee Retirement Income Security Act (ERISA).
Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Cyber / Data Risk
Cyberspace liability – A term used to describe the liability exposures encountered when communicating or conducting business online. Potential liabilities include the Internet and e-mail. Online communication tools could result in claims alleging breaches of privacy rights, infringement or misappropriation of intellectual property, employment discrimination, violations of obscenity laws, the spreading of computer viruses, and defamation. Media liability policies are available to cover these exposures. [PLI XVIII.L]
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