A successful business is backed by responsible risk management that can become a huge challenge. This is why comprehensive business insurance programs are made available in the market today to address risk exposures businesses face on a daily.
If you own or run a business and do not already have a business insurance policy, call us today for a free consultation and let’s get you protected as soon as possible.
The most common types of commercial insurance lines available in the market are as follows:
Successful businesses are built on the foundation of responsible risk management. This can be a significant challenge, which is why comprehensive business insurance programs are available in the market today to address the various risk exposures that businesses encounter daily – especially those unique to the Marianas.
If you own or manage a business and do not yet have a business insurance policy or if you are already covered but interested in expanding your coverage and product options, we invite you to contact us today for a free consultation. With over 50 years of experience, our team of professionals at Pacifica Insurance Underwriters, Inc. knows what it takes to ensure businesses are adequately protected. Let us help you secure the protection you need as swiftly as possible.
Commercial Property (CP) Insurance provides coverage for damages from perils such as fire, theft, vandalism, typhoon, and earthquake, ensuring that businesses' essential investments in property, supplies, and equipment are protected against unforeseen disasters. Additionally, Business Interruption (BI) Insurance covers lost income and expenses during operational halts due to covered perils, and Commercial Crime Insurance mitigates financial impacts from crimes like employee theft, forgery, and fraud. Commercial Property Insurance is vital for various industries, including hospitality, retail, manufacturing, healthcare, education, real estate, technology, financial services, non-profits, and government. Pacifica Insurance has served hundreds of organizations, big and small, that operate in these industries.
Commercial General Liability (CGL) insurance is a policy that provides businesses with coverage for unexpected and accidental bodily injuries and property damages to third parties. This type of insurance helps protect businesses from financial losses arising from claims of injury or damage caused by their operations, products, or services. It covers legal fees, settlements, and medical costs associated with these claims, ensuring that businesses can navigate potential liabilities without bearing the full financial burden.
Commercial Automobile Insurance covers vehicles owned by a business, protecting against damages and losses from accidents and other risks. It includes liability coverage for injury and property damage, medical payments, collision coverage, comprehensive coverage, and uninsured motorist coverage. This insurance provides financial protection for repair or replacement costs, covers third-party claims, ensures business continuity by minimizing disruptions, and helps comply with legal requirements. Additionally, it is mandated by CNMI Public Law 11-55, reinforcing its importance for businesses operating within the Commonwealth of the Northern Mariana Islands. Click here to learn more about commercial automobile insurance *link to pacificains.com/auto*
Employers are legally mandated by CNMI Public Law 6-33 to maintain Workers Compensation Insurance (WC) to provide coverage for employees in the event of work-related injuries. This insurance ensures that employees receive necessary medical care and compensation for lost wages due to injuries sustained on the job. The WC policy serves not only to protect the workforce but also to safeguard employers from potential lawsuits arising from workplace incidents. This essential coverage fosters a secure working environment, promoting compliance with legal standards and enhancing employee morale by demonstrating a commitment to their safety and well-being. The CNMI WC tariff sets the rates for WC insurance premiums, ensuring a standardized cost structure for businesses. These rates are crucial for maintaining the financial stability of the insurance system and providing adequate coverage for employees in the event of work-related injuries. The CNMI Department of Commerce through the Office of the Insurance Commissioner regulates and ensures compliance and oversight of WC and tariff rates.
Umbrella Insurance offers extra liability coverage beyond the limits of your current policies, such as CGL, Commercial Automobile, and WC. It covers various claims, including bodily injury, property damage, and certain lawsuits, providing additional protection when standard policy limits are reached. Similarly, Excess Liability Insurance increases the coverage limits of existing policies like CGL, Commercial Automobile, and Workers Compensation. While Umbrella Insurance offers broader protection, covering claims not included in primary policies, Excess Liability Insurance focuses on extending the limits of those policies. This comprehensive coverage ensures your business is protected against substantial financial losses from unexpected events, fostering peace of mind and robust risk management.
Construction Insurance is a vital and strategic component of risk management providing comprehensive protection against a wide range of potential losses and liabilities for stakeholders in the construction industry. This type of insurance is broad and is designed to protect builders, contractors, and property owners involved in projects from financial losses resulting from unforeseen events associated with construction projects, whether it is new construction, full restoration, or small repair projects. Although policies are typically tailored specifically to the needs of the policyholder, construction insurance generally includes coverage found in general liability, builder’s risk, and construction all-risk policies. It may also include coverage for equipment and machinery breakdown and environmental related damage caused by construction activities.
Cyber Insurance coverage is designed to provide financial protection from losses resulting from cyber-attacks, data breaches, malware, ransomware, phishing, and other technology-related risks. This insurance typically covers costs up to policy limits associated with data recovery and financial protection against business interruptions and reputational damage ensuring that companies can recover and continue business as usual.
Medical Malpractice Insurance is a type of professional liability insurance specifically designed for healthcare providers such as doctors, nurses, and other medical professionals for protection against financial losses and damage resulting from patient or client lawsuits. This insurance covers legal defense costs, settlement and judgements, and damages awarded to patients who have been harmed or injured due to errors or negligence by healthcare professionals while providing medical services up to policy limits.
Traveling anytime soon? A jetsetter and frequent traveler? Protect your trip and the travel experience with travel insurance. Travel insurance will help you with potential and devastating financial loss during travel. Coverage will be tailored to your travel needs and guarantees affordability with premium based on a variety of factors that include desired coverage limits and term of coverage.
For a proposal that will work for you and your business please complete our online Request for Proposal Form.