Specialty Business Insurance Solutions
From liquor liability insurance, garage keepers insurance, to professional insurance, Simpay’s specialty business insurance solutions provide the added protection your business needs. Whether you’re expanding your current business insurance plan or looking for targeted coverage, we offer tailored policies to help safeguard against industry-specific risks.
Cyber Liability Insurance
Cyber liability insurance protects your business from expenses related to a data breach and covers post-attack recovery expenses, such as bringing in a third-party information technology firm.
No business is immune to cyber crimes and their impact, which means every organization is at risk. With proper coverage, you’ll protect your business from devastating damage and protect the trust of your customers. Cyber Liability Insurance typically covers:
- Data Breaches
- Malware
- Ransomware
- Distributed Denial of Service (DDoS) attacks
Liquor Liability Insurance
Liquor liability insurance protects your business when you serve, sell, or distribute alcohol. An intoxicated or impaired person may cause property or bodily damage after they are served alcohol.
Bars, restaurants, & catering companies might be held financially responsible if there’s an alcohol related injury or incident. Even if serving alcohol isn’t your primary business purpose, you could be at risk, too. Liquor Liability Insurance typically covers:
- Legal Costs
- Settlements
- Judgements
- Property Repairs
Umbrella Insurance
Umbrella Insurance is an affordable option to extend coverage limits that your business already has in place. Just like the name implies, Umbrella insurance covers you if a claim exceeds your available insurance. Adding Umbrella Insurance can be less expensive than increasing your policy limits.
Imagine if your company were sued for $3 million and you only had $2 million in coverage. You’d have to pay the remaining $1 million out of the company’s pocket. Umbrella Insurance is designed to help you by extending your coverage limits. Umbrella Insurance typically covers:
- Customer property damage
- Medical expenses
- Bodily injury
- Product liability
- Slander & libel
- Legal defense costs
Commercial Property Insurance
Commercial property insurance protects the physical location of your business and its contents. You are covered whether you own or rent your building. Commercial Insurance also offers more coverage than standard home-owners insurance for home-based businesses, too.
Commercial Property Insurance covers losses to the actual building from such events as fire and burglary, and protects the assets you have in your building. Property insurance typically covers:
- Fixtures & furniture
- Inventory
- Tools & equipment
- Personal property
- The building
Garage Keepers Liability Insurance
Accidents happen. In fact, your auto repair shop probably works on vehicles every day that have sustained damage. But what happens when a car or truck gets damaged while it’s in your care?
Garage Keepers Insurance protects your business when a vehicle in your possession is damaged by negligence, accident, or vandalism. Service managers, auto mechanics, mobile auto repair services, tow-truck drivers, and sales associates all have access to your customers’ vehicles while they’re at your facility.
Tools get dropped, paint gets scratched, and fender benders happen when your employees take a car out for a road test. Garage Keepers Liability Insurance typically covers:
- Vehicle damage
- Property damage
- Vandalism
- Theft
Employee Practices Liability Insurance
Employee Practices Liability Insurance (EPLI) protects your company if an employee files a claim or brings a lawsuit related to workplace issues. Examples include wrongful termination, workplace discrimination, and failure to comply with state and federal employee-related regulations.
Employee Practices Liability Insurance claims are increasing, according to Insurance industry sources like ISO MarketStance. Human resources provider, SHRM, cites that the average cost for defending and settling employment cases is $160,000. Employee Practices Liability insurance typically covers:
- Workplace sexual harassment claims
- Workplace discrimination claims, such as sexual, age, disability, and race discrimination
- Equal Employment Opportunity Commissions and Title VII claims
- Lack of compliance claims, such as the FMLA, and unequal compensation claims
Professional Insurance
If you offer professional services, including accounting, legal, marketing, or real estate, it’s important to have Professional Insurance. This coverage protects you if you make a mistake or your client believes you have and sues you.
Professional insurance covers your business if you provide services directly to clients. Although typically associated with accounting, legal, marketing, and real estate, any company that provides services (caterers, event planners, florists, technology providers, and consultants) should consider this coverage. Professional insurance typically covers:
- Legal fees
- Awarded damages
- Reputation injury, like slander or libel
- Misrepresentation
- Professional negligence
- Inaccurate advice
FAQs About Our Business Insurance Solutions
What is cyber liability insurance?
Cyber liability insurance protects businesses from financial losses due to cyberattacks, data breaches, and other cyber threats. It covers costs related to data recovery, legal fees, and customer notification.
What does liquor liability insurance cover?
Liquor liability insurance provides coverage for businesses that sell or serve alcohol. It protects against claims of bodily injury or property damage caused by an intoxicated person who was served alcohol by the policyholder.
Why is employee practices liability insurance important?
Employee practices liability insurance is crucial as it protects businesses from claims related to wrongful termination, discrimination, harassment, and other employment-related issues. It helps cover legal defense costs and potential settlements.
Do I need professional insurance if I’m a consultant or freelancer?
Yes. Whether you’re a consultant, freelancer, or contractor, professional insurance helps protect you from claims related to mistakes, misrepresentation, or bad advice. It’s essential if your work involves offering services or expertise to clients.
Can I bundle different types of specialty insurance?
Absolutely. Many business owners choose to bundle specialty insurance options to streamline coverage and reduce premiums. It’s a smart way to manage multiple risks under one simplified policy.
What’s the benefit of combining umbrella and commercial property insurance?
Combining umbrella insurance with property coverage gives your business broader protection, from everyday damages to high-value liability claims. It’s especially useful for industries with higher exposure to risk.
All insurance products are offered and sold only through Simpay Insurance Solutions, LLC, its licensed agents, or its licensed insurance partners, providing business insurance solutions to eligible clients. Licensed in all 50 states. Certain services may not be available in all states. While most carriers may eliminate premium deposits, mandatory state assessment fees may be required by some states. Certain services are provided through the carrier partner,s and an additional carrier fee may apply. Operating in NY as Simpay Insurance Agency.
