It will protect you from payments for bodily injury or property damage to a third party, for medical expenses accruing to the underlying incident, for the cost of defending lawsuits including investigations and settlements, and for any bonds or judgments required during an appeal procedure.

Why do I need it?
Just as you would not operate a car without adequate liability insurance, you should not operate a business without basic commercial general liability insurance. You would be leaving yourself and your business vulnerable to lawsuits that could prove to have crippling effects on your finances and assets.

When we advise clients that commercial general liability insurance is a necessary cost of doing business, we occasionally receive the response that “No one comes to my office premises, therefore I don’t need this insurance.”

Similarly, the actions of your employee at a job site might result in bodily injury or property damage to third parties, putting your firm at risk for lawsuits.

How much do I need?
Considering the trend towards increased frequency of lawsuits as well as the higher judgment amounts, our advice is always to buy as much as you can afford to pay for.

Project owners are demanding higher limits for design professionals, usually anywhere from $2M to $5M. The logic behind their requirement for your firm to carry coverage is based on their concern that their insurance may be forced to respond in the event that you do not carry sufficient coverage. Similarly, if you lease office space, your landlord will require confirmation of your commercial general liability insurance. Project owners and landlords often request an endorsement to your commercial general liability policy where they are shown as Additional Insured.

Provides coverage for your employees and protects your business should an accident occur where the employee is injured on the job. It would cover medical bills and in some cases loss of wages. The premium for Workers Comp is based on the risk involved in performing the job and the amount of payroll disbursed for that particular risk.

Commercial Property
Buildings – the business premises should be insured for their full rebuilding cost (including professional fees and the cost of site clearance) and not just for their market value. You may need expert advice to calculate the rebuilding cost, which often differs significantly from market value.

Contents – your stock should be insured for its cost price without any addition for profit. Provision can be made for seasonal stock fluctuations. Plant and business equipment can be insured on either a “replacement as new” or an “indemnity” basis. If indemnity is chosen, wear and tear will be taken into account when settling any claims.

Engineering
Engineering insurance provides coverage against electrical or mechanical breakdown for most machinery, including computers. By law, many items of plant such as boilers, lifts and lifting machinery must be inspected regularly by a qualified person. Insurers can arrange to provide this service.

Business Interruption
Even minor damage to your property could seriously disrupt your business leading to loss of income and extra expenses.

Business interruption insurance will compensate for the short-fall in gross profit together with paying any increased working costs and extra accountants’ fees incurred.

When arranging this insurance you will need to estimate the maximum time needed to get your business working normally following the most serious damage. The insurers will ask for an estimate of your anticipated gross profit.

Theft
Contents are usually covered against theft providing there has been forcible and violent entry to or exit from the premises. Damage to the building resulting from theft or attempted theft will also normally be covered. Theft by employees is not covered – coverage against employee dishonesty can be written under another policy.

Money
Money insurance is on an “all risks” basis and covers cash, cheques, postage stamps and certain other negotiable documents.

Personal assault coverage may be included, which will provide compensation for you or your employees following injury during theft or attempted theft of money.

Error & Omissions
If your business provides professional advice or service, you would want to be insured in the event your advice causes a loss or injury to your client.

Surety Bonds
State / Federal Government jobs require a License and Permit Bond be in place in order to acquire the contract. A bond provides an agreement that monetary compensation will be granted should you fail to perform the specified acts as referenced in the bond.

Be Secure, Not Sorry

It is more cost efficient to pay the annual premium, than the entire cost of the repair. Flood insurance is provided by the National flood Insurance Program (NFIP). You can purchase this valuable coverage from Elite Insurance to provide you with a peace of mind.

While many people state the reason for not purchasing flood insurance coverage is:

“If my property floods, the entire Southeast Louisiana will be under water”

Does it make the loss more comforting to know others are experiencing the same event?? Regardless if Southeast Louisiana is flooded along with you, those residents are not going to feel your devastation as you are.

Flood Facts:

• Excellent amount of coverage for a reasonable amount of premium
• Covers rising water (ground up)
• 30 day wait for effective date after submitting request; unless for a loan closing, in
  which case coverage is immediate.
• Zone B, C, and X are preferred risk zones
• Zone A and V are high risk, requiring a flood elevation certificate
• Coverage provided through NFIP for all policies; therefore, you may transfer your
  current policy without a lapse in coverage to service all policies with one Agent
• For additional info visit: http://www.floodsmart.gov

Dwelling (Coverage A)
Covers damage to the main structure, attached structures, and permanently attached
fixtures to the home (built-in appliances, plumbing, AlC, Heating systems) The limit on the
policy is the maximum you will receive if the structure is totally destroyed.

Other Structures (Coverage B)
Covers damage to structures not physically attached to the home. Detached garage,
storage shed, fence. **Detached structures used for business purposes are not covered
under a personal homeowner’s insurance policy.

Personal Property (Coverage C)
Covers damage to or loss of personal property. These are items not physically attached to
the structure. (furniture, electronics, clothing, toys) This protection can be based on actual
cash value or replacement cost.

Additional Living Expenses (Coverage D)
Covers living expenses, up to the stated limit on the policy, over and above your normal
living expenses if you cannot live in your home while repairs are being made.

Personal Liability (Coverage E)
Protects you against claims arising from accidents to others on your property. You must be
proven legally liable, negligent, for this portion to payout.
**WiII not cover claims arising from auto, motorcycle, boating, accidents or liability occurring from the operation of a business in your home.

Medical Expenses (Coverage F)
Coverage is limited to the amount per person, per accident for injuries occurring on your
property to persons other than the insured if caused by you, a member of your family, or
your pets. Unlike Personal Liability coverage, this payment is made regardless of proving
your legal liability.

Deductibles
There are various deductible options. Having access to multiple carriers enables Elite to
customize the policy to accommodate your situation.

Flat Deductible: One set amount no matter how damage occurs ($500, $1000, $2500)
This is the most secure way to not get “hit when you are down”. You are aware of the
deductible and if the damage is $5,000 or $150,000, your out of pocket expense is not that
devastating.

Percentage Deductible: Can be 2%, 3%, or 5% of the dwelling amount and usually is for
damage caused by Wind, Hail or Hurricane.

An example of this would be: Coverage A Dwelling policy limit $350,000, your deductible is
2% of $350,000, your out of pocket expense would be $7,000 when damage occurs as a
result of wind / hail / hurricane.

Your Homeowner’s Policy will not cover RISING WATER (ground up). Water damage
covered under homeowners is the result of Falling Water. Damage as a result of roof
damage or broken windows is an example.

Renter’s Insurance
If you rent an apartment, condo, single family residence you may not realize the high cost
of replacing your belongings in the event of fire, theft, flood, wind event, or hurricane. Elite
can offer coverage for your personal contents. Your landlord ONLY provides coverage for the structure, your personal items are exposed if you are not covered.

Builders Risk
This policy covers a VACANT dwelling which is undergoing renovations or a new construction (ground up) project. Policy will cover the dwelling as well as anything that is to be permanently attached to the structure. Covers wind, hurricane, fire, theft (providing adequate measures are taken to protect the premises) Policy limits should be sufficient enough such as if you are one day from completion and the structure is totally destroyed.
**will not cover personal property, tools, and a structure that is occupied.

Liability
Main purpose of the auto policy and is required in Louisiana. If you are at fault in an accident, the
liability insurance will pay for bodily injury and property damage expenses caused to the other
parties involved in the accident. It also provides you with legal defense if another party files a
lawsuit against you.

Comprehensive Coverage
Comprehensive coverage will pay to repair your vehicle for damages not caused by an accident
(colliding with another vehicle / structure). Examples: theft, vandalism, weather related incidents,
fire, or animals. Premium varies based on deductible choices. If you choose a higher deductible,
the premium will be lower; however, at the time of the occurrence, the deductible amount will be
deducted from the total cost of the repair.

Collision Coverage
Collision coverage will pay to repair your vehicle if your car hits, or is hit by another vehicle or other
object. The payout will be equal to the cash value of your vehicle at the time of the incident,
which is different than the replacement cost of the vehicle. As with Comprehension, premium varies
based on deductible choices. If you choose a higher deductible, the premium will be lower. The
deductible amount will be deducted from the total cost of the damage.

Medical Coverage
Medical coverage will pay for you and your passengers’ medical expenses after an accident.
Medical Payments may also cover policyholders and their family members when they are injured
while riding in someone else’s car or when a car hits them while on foot or bicycling. The coverage
will pay regardless of who is at fault, but if someone else is liable, your insurer may seek to recoup
the expenses from them.

Uninsured / Underinsured Motorist
Uninsured Motorist applies if you are involved in an accident where the driver of the other vehicle is
at fault but has no insurance. Your policy will cover the medical expenses, up to the limit on your
policy, for the policyholder and passengers. Covers bodily / personal injuries, damages, or death
caused by the uninsured motorist or hit and run driver.
Underinsured Motorist applies for injuries, damages, or death caused by another motorist with
insufficient coverage limits. Should you have an accident with a person whose coverage cannot
meet your damages, your policy will meet the difference-up to the limit of liability listed on your
policy.

Rental Reimbursement
Rental covers renting a car if your car is not drivable or while your car is being repaired because of
a covered accident. Policy may offer various “day rate” limit maximums. Premium will be based on
the “day rate” you choose. Most rental companies have contracts with insurers to comply with the
rate offered per day.

Towing
Towing coverage is only available if you purchase Comprehensive and/or Collision Coverage.
Policy may also cover Emergency Roadside Assistance / Service.

Custom Parts & Equipment
Covers those ‘extras’ you may permanently install in addition to those parts or equipment installed
by the original manufacturer.

When choosing a deductible, you need to consider your current budget plan along with your future
ability to meet that deductible in order to repair your vehicle. The higher deductible you choose, the
lower the premium will be. However, at the time of the incident, the deductible will be deducted from
the insurance payout to repair the vehicle.
Example: If you choose a $500 deductible; the repair is $2500.00, you will be responsible for $500
of the $2500 repair, thus the amount to you from the insurance will be $2000.00.

Motorcycle, Boat, and ATV Insurance offer the same coverage types with regards to liability
and repairs. Elite can customize a policy for you. Your homeowner’s policy will not cover
liability arising out of acts while on a motorcycle, boat, or ATV. You must have coverage
under a separate policy. Discounts available for multiple policy types.

You can be assured when speaking with our Agents, you will receive the BEST policy to accommodate your risk. We are very thorough and immediately go to work for you searching our area markets.

Insurance is that one item we purchase with the hopes of not having to utilize. Elite understands how devastating a loss can be. In the event of a loss, we are here to facilitate the transition in helping you recover from unexpected events.

Specializing In:

Quotes or general questions
Phone: (985) 892-6256
Fax: (985)-892-7002
Email: eliteins@eliteinsllc.com