Your profession is your livelihood, and protecting your workplace assures that your enterprise can thrive. Torres Insurance Agency offers insurance to cover virtually any commercial risk that your business demands. We’ve made it our priority to achieve excellence in providing business risk management, may it be for promising start-ups or booming corporations.
Restaurant/Bar & Liquor Liability
When choosing an insurance broker, it is imperative that the agency knows the specific industry coverage that you need. Our Bar & Nightclub insurance practice consists of individuals with a high degree of expertise and focus on your industry. Torres Insurance Agency has helped thousands of bars & nightclubs throughout the southwest address complex risk management and insurance related issues. Clients include a broad range of organizational structures from regional parent companies to franchisee groups to local enterprises with multiple locations. We’ve insured everything from the local pub to swanky spots with velvet ropes. We understand the hazards of owning and operating a bar or nightclub, and we seek to provide you with a strong and respectable insurance policy, regardless of size, scope, or sales.
Our specialists help Bar & Nightclub owners address the many issues unique to the hospitality industry:
- Liquor Liability (Dram Shop)
- Assault & Battery
- Slip & Falls
- Grease Spills
- Food Poisoning
- Employee Theft
- TABC Certification
- Law Suits
- Hurricanes & Floods
Progress is made every day in the fields of electronics and data management, and it’s necessary to be protected, especially if your business is based on technology. Torres Insurance Agency offers coverage for virtually any size of technological enterprise, insuring everything from hardware development to systems outsourcing. Your company shouldn’t suffer in the case of weather-related service disruptions, programming errors, system malfunctions, or data loss resulting from viruses.
We design specific coverage for a variety of IT services:
- Hardware; Including development and installation, integration and maintenance, and sales.
- Software; Packaged or custom package development, as well as coverage from installation to integration and maintenance of existing software suites.
- Consulting Services
- Internet Access
- Website Design and Web Hosting
- System Outsourcing, including System Facilities Management and Administration
- Application Services, including Rentals and Leasing
- E-Commerce Application
Our technology products help your business reduce the total cost of risk, achieve business goals and maximize growth opportunities.
Oil and Gas Industry
The oil & gas industry is extremely diverse and is comprised of a variety of businesses from onshore to offshore, up-stream to mid-stream to down-stream, operators, drilling contractors, well servicing, pipeline, trucking and field services. Although all of these operations fall under the same industry, each specific business has its own set of potential risks that need to be identified and addressed. Our experience in working with oilfield related companies has helped us become a leader in providing energy sector coverage. Our portfolio of products and services are tailored to meet the specialized needs of oil and gas customers. We work hard to serve the industry and continue to offer and enhance our existing oil and gas coverage.
While the insurance needs of manufacturing operations have elements in common with other businesses, they also have unique requirements that call for a product tailored to keep the business safe and productive. One unique aspect of insurance for manufacturing companies is product liability insurance. Product Liability can cover a variety of unique risks from patent infringement to recalls to products causing harm to others.
Standard general liability coverage is often limited to on-premises injuries and does not cover injury or property damage caused by products. Any business that manufactures or distributes a product to be used by the public runs the risk of manufacturing liability lawsuits. Contact Torres Insurance today to find out how we can secure the right policy to fit your unique needs as a manufacturer.
Construction & Contractors
Construction balances caution with innovation, and one of the most difficult tasks an insurance agent faces is in providing proper insurance for a building or trade contractor. Many insurance companies are attempting to restrict coverage for contractors when they broaden and diversify the scope of their operations. This creates friction and delay at the time when projects should be progressing. Over the years, Torres Insurance has developed a robust and empathetic understanding of construction professionals’ insurance needs, evidenced by our ongoing relationships with concrete contractors, janitorial services, and home builders. We excel at providing coverage through first-class insurance carriers for contractors of any size or trade.
Contractors also have unique service needs from their insurance professional. Frequently the fate of a contractor’s payment if not the job itself depends on the insurance agency providing the requisite documents as quickly and accurately as possible. The dedicated staff at Torres Insurance has specialized in handling contractor accounts since our inception and understands that you expect exceptional service year round.
Torres Insurance agents will help you in determining what type of insurance policies will best suit your individualized needs.
Types of Policies
All businesses need property/casualty insurance coverage. The “property” component protects against damage to or loss of the business’s property. The “casualty” or liability component provides protection against legal liability for damages caused to other people or their property. A wide variety of lines of business fall into these broad categories.
Commercial insurers sell coverage’s separately and/or offer policies that combine protection from most major property and liability risks in one package. Package policies are created for businesses that generally face the same kind and degree of risk
Business Owners Policy
Smaller and mid-size companies often purchase a package policy known as the business owner’s policy or BOP. BOP coverage includes property insurance for buildings and contents owned by the company, and liability protection to cover a company’s legal responsibility for the harm it may cause to others. There are two different forms, standard and special, which provides more comprehensive coverage. A key option is business interruption insurance, a form of property insurance that covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. Business interruption can also include the extra expense of operating out of a temporary location. Costs due to business interruption can exceed the property damage that caused the business to shut down.
BOPs do not cover professional liability, auto insurance, workers compensation or health and disability insurance. Businesses need separate insurance policies to cover professional services, vehicles and their employees’ health/disability needs.
Most of America’s 11 million home-based businesses are vulnerable to significant financial losses because they do not have the proper business insurance coverage, according to a survey by the Independent Insurance Agents & Brokers of America. Several insurance companies have developed special package policies to address the special needs of home businesses. Home entrepreneurs have other options for coverage, including BOPs, or “incidental business endorsement”, a special form that attaches to an existing homeowners policy.
Commercial Multiple Peril Policies
Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face. Commercial multiple peril policies, often purchased by corporations, bundle property, boiler and machinery, crime, and general liability coverage together.
CLAIMS MADE VS. OCCURRENCE POLICIES
Liability insurance protects the assets of a business when it is sued for something the business did (or failed to do) that caused injury or property damage to someone else. A business’s liability exposure includes not only paying damages and perhaps a penalty as the result of a successful lawsuit against it, but it also includes attorney’s fees and other costs involved in defending a company against a liability claim. Liability coverage may be purchased as part of the package policy, such as the BOP, or the commercial multiple peril policy, or as a separate liability policy known as a commercial general liability insurance policy (CGL). Insurance companies write CGL policies in two ways: as an “occurrence” policy or a “claims made” policy.
Most CGL policies are written with what is called an “occurrence trigger.” This means that the CGL policy in effect at the time the alleged injury or property damage occurred is the policy that covers that event, regardless of how far back that event was from the time the claim is filed, or whether the same insurance company is currently insuring the defendant. For example a person might slip in a shoe store, but not experience severe back pain until several months after the fall. By this time, the store might have switched insurers. However, the claim will be handled by the company that was the store’s insurer at the time the fall occurred.
CGL policies may also be written on a “claims made” basis. This means the current liability insurer is responsible for claims made during the policy period, even though the event that gave rise to the claim occurred in a prior year. In the above example, the shoe store’s current insurer would be responsible for the claim. The claims made policy is used for only a small percentage of liability insurance, mainly for medical malpractice and other types of professional liability.
LOSS SENSITIVE PLANS
Two major forms of insurance approaches used in providing workers’ compensation are guaranteed cost plans and loss-sensitive plans. Businesses with guaranteed cost insurance policies pay guaranteed, fixed premiums for the policy period, regardless of the losses that occur during this period. In effect, the business transfers the expenses associated with its losses to the insurance company. With loss sensitive insurance coverage, the company shares the burden of its loss expenses with the insurer. These plans are frequently referred to as retrospective policies, because the amount the company pays for insurance during a set period is based on the losses sustained during that same period. Generally a retrospective policy establishes set minimum and maximum premium levels. If a company is successful in controlling accidents and associated expenses, then its final premium will near the minimum level. If it experiences major losses, its final premium will be closer to the maximum level. Loss sensitive plans give businesses a strong incentive to take steps to reduce claims via loss control efforts The plans are also used for general liability coverage.
LARGE DEDUCTIBLE PLANS
Large deductible policies are designed to give employers that are willing to retain most of the claims risk an option that reduces their insurance costs. The deductibles are generally in amounts of $100,000 or higher. Large deductible programs, which were first introduced in 1989, are used by many companies for their workers compensation insurance, as a way of making costs more predictable. Like retrospective policies, they give employers a strong financial incentive to control losses.
Most businesses are vulnerable to losses from crime. Typical commercial property insurance policies exclude losses of money and securities due to any peril and often do not insure inventory, equipment and other types of property against theft. These loss exposures are covered by crime insurance. Coverage for crime losses whether by outside or inside thieves (e.g. embezzlers) may be included in a package policy or the insured business owner may purchase any one of a number of separate policy configurations to protect against these losses. As in other areas, the business owner needs to work with the agent or broker to determine the best coverage and the amount of coverage needed for the particular business.