When you’re responsible for putting safeguards in place to weather life’s uncertainties, you need more than just an insurance policy. Telamon is a powerful partner who will get your business the best rates, coverage and service. Strong relationships with 70 carriers and over $80 million in premiums make Telamon one of the region’s largest insurance networks.
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Buildings & Property Insurance
The variety of policies covering buildings include the structure, additions, fixtures, permanently installed equipment, personal property of the insured, personal property of others, and in some cases, an addition under construction or repair. Property coverage provides first party coverage on the insured’s tangible assets from a variety of causes of loss, such as fire, windstorm, and water damage. Earthquake and flood are normally excluded from the basic property policy.
Business Income Insurance
Business Income insurance covers your company when an interruption affects business operation. The insured are reimbursed for the net income they would have earned, should a fire or other event interrupt their business. Reimbursement includes continuing expenses as well.
Cyber Liability Insurance
Cyber liability coverage includes an e-comprehensive policy. This policy will cover losses caused by fraudulent modification, accidental alteration or destruction to all electronically stored information. In addition, losses caused by malicious copying of trade secrets, extortion, and introduction of a virus would be covered. Media liability addresses the losses associated with libel, slander, and invasion of privacy and infringement of copyrights.
Commercial Auto Insurance
Commercial auto insurance provides all of the coverage that the insured should need if he/she owns, leases, or hires vehicles. It also covers the insured for the non-owned usage of a vehicle when an employee or volunteer uses their personal vehicle on company business.
Directors & Officers Liability Insurance
A D&O policy provides defense costs and indemnity coverage to the entity listed on the policy declarations, which may include:
- Coverage for individual directors and officers
- Reimbursement to the organization for a contractual obligation to indemnify directors and officers that serve on the board; and
- Protection for the organization or entity itself.
Employee Benefits Liability Insurance
Employee Benefits Liability covers the cost to employees that results from incorrect information provided regarding their employee benefits.
This does not include fiduciary responsibilities or any discrimination or harassment situations
Employment Practices Liability Insurance
Employment practices liability (EPL) insurance works hand-in-hand with your internal employment practices to provide the necessary resources to defend your company against a suit or to pay a claim.
The three most common employment-related lawsuits today are:
1. Wrongful termination - the discharge of an employee for invalid reasons
2. Discrimination - the denial of equal treatment of workers who are members of a protected class
3. Sexual Harassment - when a worker is subject to unwelcome sexual advances, obscene or offensive remarks, or the failure to stop such behavior
Errors & Omissions Insurance
Policies are designed to cover the large legal defense costs that are incurred trying to prove liability or innocence. They also ultimately cover the final judgment if the business owner does not win the lawsuit.
Fiduciary Liability Insurance
Fiduciary liability pays, on behalf of the insured, legal liability arising from claims for alleged failure to prudently act within the meaning of the Pension Reform Act of 1974. The "insured" is variously defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is the sole sponsor of a plan and any other individual or organization designated as a fiduciary.
General Liability Insurance
Commercial General Liability: Occurrence Basis
This coverage will pay for damages that the insured becomes legally obligated to pay due to bodily injury, property damage or personal and advertising injury arising from the insured’s premises, operations, completed operations and products. The occurrence basis means that only occurrences that happen during the policy period are covered. There is no reference as to when the claim must be presented.
Commercial General Liability: Claims Made Basis
This coverage will pay for damages that the insured becomes legally obligated to pay due to bodily injury, property damage or personal and advertising injury arising from the insured’s premises, operations, completed operations and products. The claims made basis means that only claims that are presented during the policy period are covered.
Product Liability Insurance
Product Liability will cover your business in the event of claims by a party to recover financial compensation from the manufacturer or seller of a product. Products Liability is the area of the law in which manufacturers, distributors, supplies, retailers, and others who make products available to the public are held responsible for the injuries those products cause.
There are many types of bonds offered by the surety market. They are separated into two primary categories, Contract and Non-contract. The Contract bonds (including bid, contract and payment bonds) are used when a contractual obligation is made regarding specific contracts. The Non-contract bonds (including license, permit, and judicial bonds) relate to obligations and performances that must be met but are not due to a contract.
Bonds - Bid Bonds
The bid process can be a long one. When it is complete the customer expects the contractor or supplier to deliver as promised. Many times a bid bond is required that obligates the surety to honor the bid bond by either issuing a contract bond if the contractor or supplier receives the contract or pay a penalty that will offset the cost of reopening the bid process.
Bonds - Contract Bonds
Contracts are a way of doing business. One way to guarantee that a contract is performed is to require that a bond be posted for its successful performance. The bond provides a level of security beyond the signature on the contract. The purchaser of the services is assured that either the contract will be carried out or a Surety will compensate him.
Bonds - License Bonds
Most municipalities and states require license bonds of many types of business in order to obtain permits or licenses.
Excess Liability Coverage: Excess Liability Policy
This covers only excess liability over scheduled policies. This policy is very similar to an umbrella but all terms and conditions are defined in the underlying coverage. This policy merely extends the limits. Coverage is provided by many carriers using their own forms. Key areas of comparisons are exclusions and following form terms.
Excess Liability Coverage: Umbrella Policy
An umbrella serves two purposes. First, it provides excess liability limit over the scheduled underlying policies. Second, it fills some gaps in the underlying coverage. There is no standard umbrella policy. Therefore, coverage comparison is a must.
Workers Compensation coverage is standard because of state mandates but variances occur because each state establishes its own workers’ compensation statute. In addition, there are federal laws that must be taken into consideration whenever a non-federal employer works in an area that is under the control of the federal authorities. The coverage is definitely not one size fits all.