Spectrum Insurance Agency, Inc.
Address: 5301 E State St # 201, Rockford, IL
Hours: Mon – Fri 8AM – 4:30PM
Phone: (815) 229-4040
Liability
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is sued or held legally responsible for bodily injury or damage.
Property
Property insurance provides coverage for direct damage to buildings or the personal property of the business when the loss or damage is the result of a covered peril such as fire, or theft.
Worker’s Compensation
Workers Compensation and Employers Liability Policy is an insurance policy that provides coverage for an employer’s exposures arising out of injuries sustained by employees. It contemplates lost wages, treatment expense, loss of use, environmental modifications resulting from injury, negligence and industrial hygiene. Worker’s compensation coverage is generally required by law if you have employees who are not owners.
Commercial Auto
Auto coverage for any type of commercial entity. It includes the business auto, business auto physical damage, garage, motor carrier, and truckers’ coverage. It can also provide coverage if the other driver is uninsured or underinsured or to a rented or non-owned vehicle.
Umbrella
An Umbrella Liability Policy is 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, and employers liability coverage. The umbrella policy provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims, and it picks up where the underlying policy leaves off when the aggregate limit of the underlying policy is exhausted by the payment of claims.
Crime/Cyber
Cyber and privacy policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network. The policies cover a variety of expenses associated with data breaches, including notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft. In addition, the policies cover liability arising from website media content, as well as property exposures from: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.