Commercial Insurance 2018-01-05T16:20:28+00:00

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Supporting Idaho Public Entities for 30+ Years

In addition to providing health benefits to Idaho’s Schools, Fire & Rescue, EMS and other municipalities, Balanced Rock Insurance Agency, Inc. is one of the largest providers of commercial insurance to public entities throughout the state of Idaho.  We understand the unique risks that public entities encounter, and work with most of the top rated commercial carriers in the market to provide you with expert and unbiased advice, assuring you get the best protection at the best rates.

Our experienced agents can quickly assess your risk and tailor coverage to fit your unique needs from the following coverage types.

One of the most basic types of commercial insurance is General Liability Insurance.  Coverage includes claims such as physical losses like trip and falls on the premises of your public entity. This coverage can include fire damage caused by employees at the location of your public entity, medical costs, compensatory damages, attorney fees, judgments, court fees and more.

Commercial Property Insurance is commercial insurance that covers the physical assets of your business.  Thus, it protects you from minor and/or major losses due to property damage that occurs as a result of things like a fire, theft, storms and other natural disasters. This type of insurance can be good for many types of service-oriented public entities. The policy covers the physical property as well as any equipment, including the contents of the building such as merchandise and furniture and will also cover cost income and incurred expenses relating to business interruption due to covered damages. Other items covered include buildings, structures, equipment, machinery, inventory, commercial autos, computers, media equipment and peripheral devices; costs incurred to research, replace or repair lost or damaged data and software (includes portable or mobile, equipment and media).

Product Liability Insurance is for retailers and/or resellers, manufacturers, wholesalers, suppliers, importers and distributers. It protects your business from financial loss and/or claims due to bodily injury and property damage resulting from any physical product the insured supplies, manufactures, imports, distributes, and even resells to the public. Premiums for these policies are based upon the type of product, volume of sales, and the role of the insured in the process. If your business is involved in any part of the chain of commerce, then it is critical to secure product liability coverage. The policy will protect you from medical costs, compensatory damages, economic damages, attorney fees, costs and other punitive damages.

Experts agree at some point all businesses will suffer a potentially large loss from some type of cyber attack or breach.  That’s because a vast majority of companies conduct their business online.  Additionally, they store valuable data on computer networks and/or in the cloud (internet storage).  Yet, the standard business owner policy does not consider electronic data to be tangible assets and therefore does not cover them.

We can help you secure Cyber Risk and Liability Insurance tailored around your entity’s specific needs.  Cyber Risk Liability generally covers loss caused by computer viruses, computer theft, or extortion.  Additionally, it also covers intentional or unintentional errors made by your employees.  It may also cover an outright cyber breach and/unauthorized use of your data from someone outside your business.

Umbrella & Excess Liability acts as a gap between existing coverage and any claims that go beyond the limits of those policies. Simply put, this extra coverage helps in the face of catastrophic settlement that threatens your financial future. A simple example would be a settlement calling for $1.5 million, however your General Liability only covers $1 million. Your Umbrella Policy would provide you the additional $500,000 to successfully settle the claim, without touching your assets.

Covers over Auto, General Liability, Errors & Omissions (E&O), Law Enforcement Liability, Employment Practices Liability, Employers’ Liability, and Employee Benefits Liability

Professional Liability or Errors and Omissions (E&O) Insurance provides coverage for a loss caused by a wrongful act committed while conducting duties by or on behalf of a public entity.  It will protect the insured from financial damages in the event they are sued for alleged or admitted criminal, malicious, dishonest or fraudulent wrongful act that injures their clients (the public).  The policy will protect your entity from court and judgment costs, attorney fees and other defense expenses, as well as final settlements.

A Fiduciary Bond ensures a person in the public service and appointed by the court to handle the financial affairs of another will carry out his/her duties and comply with court orders.  The bond protects you and your customers (public) specifically against theft, negligence, dishonesty or any other fraudulent or illegal acts on the part of the fiduciary.  It will pay for any damages or losses that your entity is found liable for including legal fees, judgments and settlements.

A Notary Bond is a type of E&O insurance that insures against negligence, mistakes, or failure of the notary or public entity to take appropriate action while performing notary duties.   It will pay for any damages or losses that your entity is found liable for including legal fees, judgments and settlements.