Salem Insurance Agency, Inc. offers complete insurance planning and administration services. Our agents guide you through the insurance process and provide coverage for your specific risks and needs with over 75 years of combined experience and knowledge.

In 1968, Gordon Brouse, Sr. established Salem Insurance Agency, Inc. Following his untimely death, his oldest son, Gordon Brouse, Jr., took over the firm and has continued to provide great service and dependable coverage.

Salem Insurance Agency, Inc. works with top-rated insurance carriers to assist residents and businesses in the Willamette Valley and beyond. Our knowledgeable agents carefully construct policies depending on the risks and requirements specific to each customer and their budget.

We undertake the legwork for you to avoid excessive insurance jargon and make it simple to receive exceptional service. Utilize various insurance company quotes to find the greatest fit for your insurance needs.
We simplify the insurance procedure and provide assurance and peace of mind that you are adequately covered.

Our mission at Salem Insurance Agency, Inc. is straightforward. In the insurance industry, we seek to create a true concierge customer experience. We provide clients with the ability to select from top-rated national and regional insurance carriers.

Salem Insurance Agency, Inc. provides business insurance

Risk is unavoidable in today’s ever-changing climate. Insurance for businesses isn’t. We will completely examine your company and circumstances in order to offer unique, comprehensive, and cost-effective solutions that meet your requirements.

Business owners insurance secured with Salem Insurance Agency, Inc.

A Business Owners Policy (BOP) combines business property and business liability insurance into one convenient policy. We’ll work with you to design coverage that protects your business from a variety of risks, unique to your industry.

Why does your company require business owners insurance?

There are always dangers in your business because it deals with the unexpected on a daily basis. Whether it’s the risk of property damage or loss, or the chance of losing clients, the best way to protect your company is with the right coverage. You may avoid risks and focus on the future of your organisation with the simplicity of a BOP.

Two insurance policies in one

BOP is an abbreviation for business owners insurance policy. This is apt since it packs a two-for-one punch. It’s a hybrid policy that combines two forms of coverage.

Includes property insurance

The first type is property insurance. Property insurance covers risks associated with your business premises, equipment and vehicles. In addition, it often includes any associated loss of business. This is essential coverage because it ensures your business, assets, and income are protected. For instance, here are a few of the coverages to consider in your business owners policy:

• Fire
• Flooding
• Theft
• Accidental Damage
• Loss of Income
• Loss/Damage of Property

Also includes liability insurance coverage

Liability insurance is the second category. Liability insurance protects the individuals you work with and their property from damage. However, it’s crucial to realise that liability insurance typically does not cover risks associated with professional services—for example, damages resulting from offering customers incorrect advice. Your company owners policy must contain liability coverage, especially if you:

• 
  You meet your clients at your business or theirs.
• You have physical access to your clients’ equipment.
• There is a risk of damage to people or business.

Customized coverage for your business.

Obtaining business owners’ insurance (BOP) means insuring all of these risks at once, considerably reducing stress and providing peace of mind. Policies are often tailored to your individual requirements, and price varies according to your industry. However, it is usually less expensive than purchasing individual policies for each aspect.

Understanding your unique business needs.

We specialise in creating a business owners policy that works best for you and your company. We are committed to learning about your company so that we can create the best policy to safeguard your profits, income, and assets. Most importantly, we want your company to succeed. Finding the greatest BOP coverage for your needs is a good place to start.

So, regardless of the type of business you run, think about the advantages of business owners insurance. We will create a personalised plan for you, from startups to existing businesses. To get started, contact us today.Salem Insurance Agency, Inc. provided workers’ compensation insurance.So, regardless of the type of business you run, think about the advantages of business owners insurance. We will create a personalised plan for you, from startups to existing businesses. To get started, contact us today.

Salem Insurance Agency, Inc. provided workers’ compensation insurance

Workers’ compensation insurance protects employees who are injured on the job or who are involved in car accidents while on business. It also covers occupational ailments. We’ll work with you to discover a solution that makes your workplace safer and more productive.

Coverage that safeguards your business

Workers’ compensation insurance, sometimes known as workers’ comp, is not only required by law in some jurisdictions. It’s an investment in the safety and security of your personnel. Without it, your company could face costly claims. Fortunately, you may protect your company by offering workers’ compensation insurance to your employees.

Required by most states

The specific laws vary by state, but the basic rule is that your company must have workers’ compensation insurance for its employees, which pays out if they are hurt on the job. This ensures that if an employee is hurt on the job, they are protected. Furthermore, maintaining competent and experienced staff is critical for any type of organisation, so having adequate coverage in place benefits your company in the long run.

What does workers’ compensation insurance cover?

Knowing the dangers of harm as a business owner is one thing, but comprehending what workers’ compensation covers is another. In general, workers’ compensation payments will cover medical expenditures, care costs, and a percentage of any lost wages. Furthermore, workers’ compensation insurance will pay burial expenses and death benefits in the worst-case situation.

The risks you face without it

Businesses that do not carry workers’ compensation face severe legal consequences. Aside from that, workers’ compensation insurance benefits your company by ensuring that employees receive proper medical treatment, allowing them to return to work fit and healthy.

Coverage above the legal minimum

Many workers’ compensation insurance policies go above and beyond the legal requirements, covering your legal fees if an employee sues you for a workplace injury. This is a crucial precaution for your company’s security.

Combines with other policies

Workers’ compensation plans can be purchased separately, although they are frequently purchased as an add-on to other policies. Business owners policies (BOP), commercial general liability insurance, and professional liability insurance are examples of these.

Our insurance professionals are ready to assist you in determining the best strategy for obtaining adequate workers’ compensation insurance for your company. We understand the various risks associated in many businesses and can tailor your coverage to your individual needs. To get started, contact us today.

Cyber liability insurance secured with Salem Insurance Agency, Inc.

Cyber liability insurance protects your company from the costs connected with a data breach. We’ll assist you in assessing the data liability risks that your company confronts and finding an insurance that matches your specific requirements.

An insurance hack that covers the risk of getting hacked

Being hacked is more than simply a nuisance. It also poses a potentially significant and unanticipated cost to your company. Cyber liability insurance is a specialist policy that is tailored to cover many of the risks your company faces as a result of an information breach—and even other dangers you may not have considered.

What does a cyber liability policy cover?

A cyber liability insurance coverage can assist you cover the costs of a cyber hack. Furthermore, some commercial cyber liability plans cover business interruption while your systems are compromised or offline. You can even get coverage for mistakenly infringing on someone else’s copyright.

What happens in the aftermath of a cyber hack?

After your company has been hacked, you must take a variety of actions. These steps are as follows:

• Notifying customers and clients of the breach (a legal requirement in most states).
• Restoring your business’ website to working order.
• Dealing with extortion attempts.
• Paying damages to clients, customers, and suppliers who lose out because of your breach.

All of these necessary action steps can add up to a significant and unexpected cost for your company. Not to mention that dealing with the fallout from a cyber intrusion may force you to temporarily lock your doors, resulting in a loss of money.

Proactively identifies weak points in cyber security

In addition to financially safeguarding your company from cyber hazards, buying cyber liability insurance can help reduce possible risks by going over your present cyber-defenses and identifying potential gaps that need to be addressed.

Do you need cyber liability insurance for your company? Please contact us; we are eager to assist.

Ocean marine insurance secured with Salem Insurance Agency, Inc.

Ocean marine insurance protects cargo, vessels, and other goods while they are carried across the ocean. We’ll work with you to create coverage that offers actual protection when you’re out on the open water.

The real risks of transporting cargo by sea

Worse things happen at sea, as the adage goes. This is true, believe it or not, when it comes to exporting products over the ocean. The dangers associated with ocean cargo services are surprising. These risks include, as expected, the perils of colliding with other ships or running aground, but there is also the possibility of modern-day piracy and the dangers of fire.

Ocean marine insurance for ship operators and their clients alike

Ocean marine insurance products cover any or all of these risks and are required if your organisation relies on items arriving in a timely and safe manner across the ocean. Ocean marine policies can be obtained by both ship operators and clients. Typically, a client will purchase insurance that solely protects their personal belongings but has superior coverage limits or a speedier claims processing timeline.

Flexibility to customize your ocean marine insurance needs

Ocean marine insurance offers a considerable range of flexibility, with the greatest distinction being between plans that only cover defined risks (and usually have lower premiums) and policies that cover all hazards except those that are specifically excluded.

Our insurance professionals can assist you in sorting through these various possibilities.

Environmental insurance secured with Salem Insurance Agency, Inc.

Environmental concerns remain a major societal and economic risk issue, offering substantial unforeseen challenges at times. We’ll collaborate with you to develop a tailored solution to help protect your company from environmental threats.

The cost of environmental damage to businesses

Businesses are now subject to stricter environmental regulations and increased public scrutiny. As a result, if your company inadvertently produces pollution, contamination, or other environmental damage, it can be costly all around.

Areas where business insurance alone is not enough

The loss of revenue and the replacement or repair of your company’s equipment is costly enough, but your company may also incur costs for the clean-up operation. These expenditures are typically not covered by conventional business liability insurance, so you’ll need specialised environmental insurance coverage to safeguard your company.

Reasons why your business should have environmental insurance

Environmental insurance is especially important if you face long-term risks, such as historic contamination caused by prior business operations but causing damage now. Many environmental insurance policies cover the costs of fighting lawsuits, regardless of whether they result in a monetary award. Furthermore, having environmental insurance for your business can be a wonderful public relations move because it shows you’ve considered the risks and taken the advice insurers offer to lessen the possibility of an incident.

Some policies automatically update along with regulations

Look for environmental insurance policies that are automatically updated to reflect changes in the rules and amounts applicable to damages for environmental violations.

Not sure if environmental insurance is right for your company? We can advise you on whether it is essential.

Risk management secured with Salem Insurance Agency, Inc.

Aside from a policy that pays out when a loss occurs, risk management goes beyond insurance in that it is about planning for and managing future business risks. The two go hand in hand, but it’s crucial to remember that risk management is all about preparing and strategizing for your company’s long-term success.

What is risk management and why is it important?

Every firm has distinct aims, as well as industry-specific hazards. Every risk management plan attempts to achieve those goals while limiting potential hazards. Several critical factors are included in the risk management process to ensure that any firm can prepare for the worst and plan for the future. These involve identifying risks, comprehending and prioritising them based on incidence and severity, devising a plan to reduce and manage those risks, and constantly monitoring the process to assure efficacy.

Real world examples of risk in business

The frequency of various things affecting your organisation is determined by a number of criteria, including the type of industry, location of operations, number of employees, and training programmes, to mention a few. Knowing some of the most frequent company hazards might help you get started with risk management. Natural calamities, unintentional injuries, computer intrusions, and lawsuits from consumers or employees are just a few instances. The first step is to identify risk factors in your own firm and how they affect your capacity to achieve your objectives.

Assessing the impact and frequency of risks

Once your company’s risk variables have been identified, they must be prioritised based on the likelihood of occurrence and the possible impact. Risk management approaches and tactics that have been developed will go further by recognising which areas of your organisation require the most attention. Understanding which hazards have the greatest potential for harm and are most likely to occur narrows down the top priorities of your tailored plan.

Reducing and mitigating risk effectively

It is critical to have an effective risk management strategy for your company, and understanding which risk factors to prioritise above others is the key to successfully decreasing and managing them. This is the stage at which a risk management plan is thoroughly designed to incorporate all risk elements as well as the ways in which your company will need to adapt and modify to prevent and prepare for those risks. Whether it’s training sessions for your staff, tweaking operations, changing work schedules, updating technology systems or equipment, or investing in employee certification, the plan in place will be motivated by the desire to reduce and manage risks particular to your organisation.

Reviewing and enhancing risk management strategies

Because risk management is a cyclical process, revisiting the plan is merely another component of the system that improves its effectiveness. The time of these reviews will vary based on your company and the individual risk variables involved, but they are critical for helping to strengthen the existing plan. And, because the world and your business evolve over time, new risk factors may emerge and must be considered. The review process also considers objective achievement or failure and has the potential to influence the course of your organisation for the better.

If you want to learn how to better identify and manage business risks, contact us and we’ll help you get started.

General liability insurance secured with Salem Insurance Agency, Inc.

There are always risks in company, regardless of its size or nature. We’ll work with you to identify your company’s risks and put together an insurance policy that makes sense for you.

Protection against the risk of damages

When you look around your firm, it’s clear that you need to secure your facilities, equipment, and employees from damage. Less obvious-but no less important-is the potential of causing harm to other individuals or businesses, which might result in you having to pay out huge sums if found accountable.

What general liability insurance does and does not cover

General liability insurance primarily covers bodily injury to third-party individuals and physical damage to their property. Data loss and reputation harm are two exceptions to this rule (for example, if one of your company’s employees defames a client). It should be noted that general liability coverage does not apply in circumstances where you are sued for providing insufficient expert advice. Errors and omissions insurance (E&O) can help protect your company from this type of risk.

When is general liability insurance required?

If you ever meet clients (at your business or theirs) or have physical access to their equipment, you require general liability insurance. Furthermore, certain organisations may require general liability insurance before signing a deal with you.

For most firms, general liability insurance is a must. We can assist you in developing a policy that is appropriate for your specific business.

Business auto insurance secured with Salem Insurance Agency, Inc.

We can help you implement tailored coverage that will protect your business and personal assets from the added exposure that commercial vehicles carry with them, whether you have one vehicle or a fleet.

An extra layer of coverage to your auto policy

A vehicle collision is never good news, but when it involves one of your company’s vehicles, the ramifications are more difficult. Business auto insurance, often known as commercial auto insurance, combines all aspects of standard auto coverage and provides additional protection.

Higher liability coverage than auto insurance for individuals

For example, when purchasing commercial car insurance, you may often receive significantly larger liability coverage to reflect the fact that a business typically has more assets at risk than an individual would. You can also receive collision insurance with commercial auto insurance. This sort of coverage covers for damage to your commercial vehicle regardless of who caused the collision—a safeguard that is sometimes required if you lease or finance commercial vehicles.

Essential for employees who use their own vehicles for work

It’s also worth thinking about your employer’s non-owned car liability coverage. Employers non-owned car liability coverage is an add-on or separate policy that covers situations in which your workers drive their own personal cars or trucks while working for your company. If they are hurt or their vehicle is destroyed during this time, this form of protection can assist lessen the chance of messy legal difficulties.

Commercial car insurance is required for those who own a business, but obtaining the appropriate coverages can be difficult. We can assist you.

Commercial property insurance secured with Salem Insurance Agency, Inc.

Commercial property insurance safeguards your assets against theft, damage, or destruction in the case of a fire or natural disaster. We’ll work with you to provide insurance coverage that protects your company’s assets.

Is your business prepared for the worst?

Unfortunate accidents such as fire, flooding, theft, or accidental damage can not only damage or destroy your property but also demolish your business. Whether it’s buildings, commercial cars, or equipment, losing these assets could be disastrous for your company.

Replaces lost or damaged property

Commercial property insurance coverage can cover the expense of replacing lost or damaged items. Furthermore, commercial property insurance can cover any associated losses—such as lost income—caused by a temporary outage of part or all of your business.

Policies can cover additional, unexpected costs

It’s worth investigating the alternatives available with a commercial property insurance coverage, as they may cover dangers you hadn’t considered. Some plans, for example, cover the additional costs you may incur if reconstructing a damaged company facility means no longer being exempt from local building rules. Other considerations include whether an insurance covers the expense of removing debris before reconstruction begins, as well as if the commercial property is protected against weather event damage while being rebuilt.

Commercial property insurance is an excellent way to secure your company’s location and assets, as well as your income. Have any questions? We are delighted to assist!

Commercial umbrella insurance secured with Salem Insurance Agency, Inc.

Commercial umbrella insurance is intended to supplement existing insurance plans, providing an extra layer of security for your company. We’ll work with you to discover the best umbrella solution to meet all of your company requirements.

The best backup for your business to have

Going the extra mile is what commercial umbrella insurance is all about. It is an additional layer of protection that kicks in if the worst happens with your commercial insurance plans.

Kicks in when surpassing your payout limit

Most commercial insurance policies have a payout limit, whether they cover commercial liability or commercial property. Normally, your company would be liable for any expenses that exceed this level. This type of unanticipated cost could jeopardise your company’s very survival. A commercial umbrella policy kicks in only if the payment maximum on your primary business insurance policy is reached. At that point, the business umbrella policy would cover the remaining expenses.

Real world example of how commercial umbrella coverage works

Assume you have a $500,000 liability insurance policy for your business but must pay $700,000 in damages. If you have a commercial umbrella policy in place for your company, the liability insurance policy will pay out in full first, followed by the umbrella policy for the remaining $200,000 in coverage.

A worthwhile investment that’s affordable

The beauty of commercial umbrella insurance is that, because there is a low likelihood that it would need to pay out, it is frequently significantly less expensive to purchase than you may imagine.

Commercial umbrella insurance is an excellent approach to further safeguard your assets. Please contact us and we will assist you in determining whether it is appropriate for your company.

Employment practice liability insurance secured with Salem Insurance Agency, Inc.

As an employer, you are facing an onslaught of employment practises litigation alleging discrimination, sexual harassment, retaliation, and other issues. We’ll work with you to assess and manage your risk in a proactive manner.

Hiring employees? This is the coverage you need

It’s easy to believe that hiring employees is a legal labyrinth. This is mostly due to the high possibility for lawsuits based on wrongful termination, harassment, discrimination, and workplace conditions.

What can an EPLI policy do for your business?

The danger of having to pay out such lawsuits is covered by employment practise liability insurance (or EPLI). EPLI plans frequently cover both the business and individuals such as company directors. Employment practise liability insurance plans are often created to cover disputes arising from unintentional actions (or omissions to act) as opposed to deliberate acts of discrimination or other illegal conduct.

Get coverage that’s right for your business

One issue to ask an insurer is whether the costs of defending a claim in court are deducted from the maximum reimbursement for any damages. Also, keep an eye out for references to a “claims made” basis—insurance that’s lingo meaning “you’re only covered if the policy is active both when the alleged incident occurred and when the employee makes the claim.”

We can walk you through the various products to see if this sort of insurance is a good fit for your company.

Flood insurance secured with Salem Insurance Agency, Inc.

At least 25% of firms that close following natural disasters such as floods never restart. We’ll create a policy that protects your company, as well as its physical items and assets, from the costs of flood damage.

Is your business protected with flood insurance?

Many business owners, like homeowners, are unaware that their commercial property insurance does not always cover flooding. A flood can devastate a business since it involves not only rebuilding damaged equipment and repairing structures, but also the length of time that the facilities are unavailable.

Why you should get covered for floods sooner rather than later

Flood insurance coverage may not take effect until after a 30-day waiting period in some situations, so it’s not a good idea to wait until heavy rain is anticipated in your business’s area.

Consider the risks of flooding to your business

Furthermore, when it comes to commercial properties, unexpected severe rainfall isn’t always the greatest flood risk. You must also consider plugged drains, which can convert a routine rain or snow storm into an unexpected devastating disaster.

Choosing the right flood insurance based on your business

As a business owner, you must consider both commercial flood insurance provided by the federal National Flood Insurance Program (NFIP) and commercial flood insurance coverage provided by non-NFIP policies. Non-NFIP plans have two major advantages: they can pay out full replacement prices (whereas NFIP payments account for depreciation) and they can provide coverage for loss of business during the rebuilding period (loss of business is not covered by NFIP).

Whether your firm is in a flood-prone area or not, commercial flood insurance is worth investigating. Contact our insurance professionals and we can assist you in getting started.

Crime insurance secured with Salem Insurance Agency, Inc.

Every business, no matter how big or little, is a potential target for white-collar crime. We’ll work with you to create insurance coverage that reduces risk and protects your company and assets from theft, fraud, and forgery.

What is crime insurance and what does it cover?

Commercial crime insurance is more concerned with what is known as white-collar crime, rather than men in masks and a bag labelled “Loot.” Not only does crime insurance cover physical property theft, but also financial theft such as fraud, syphoning off cash, and false invoicing. These kinds of disasters represent a significant risk to enterprises.

Complex solutions for a complex problem

This is especially true when company processes become more complex and technological improvements raise the chances for sophisticated scams and frauds. As with any sort of insurance, you should read the fine print, but crime insurance can protect you from losses that you may have little or no hope of recovering through the legal system.

Benefits of having crime insurance for your business

One significant advantage of business crime insurance is that insurers frequently provide advise or support to help lessen the risks of experiencing such crime in the first place. Alternatively, if a crime of this sort occurs at your company, insurers may employ skilled detectives to help uncover the perpetrators (and reduce the risk of repeat offenses).

Commercial crime insurance is something that should not be disregarded. We can assist you in getting started by analysing crime insurance choices that are appropriate for your company.

Builders risk insurance secured with Salem Insurance Agency, Inc.

Did you realise you may protect your properties even before they are completed? Fire, theft, and other risks are covered by builders risk insurance.

Is it under construction? Then you will require builders risk insurance

Builders risk insurance is essentially a type of property insurance that covers the period during which the property is still being built. It is feasible for the property owners to obtain such a policy, but it is more likely that the contractors will obtain such a policy.

What does a builders risk policy cover?

Damage caused by disasters such as fires and hailstorms is one of the primary topics of coverage. You’ll also be protected against theft, vandalism (but not by your staff), and damage caused by automobiles or aircraft colliding with the structure. To ensure acceptable coverage levels, policies are frequently established at a specified proportion of the overall building budget. You should check how long the policy is in effect because it usually does not allow for repeated extensions of the construction timeframe.

Coverages that are not included

It is critical to understand what builders risk insurance does not cover. It will not cover certain heightened risks, such as flooding on a coastal site or earthquakes near a fault line, unless clearly stated. It also does not cover worker injuries, so you will still need any legally needed workers’ compensation insurance coverage.

If you believe that builders risk insurance is correct for you, then contact us today for a quote.

Liquor liability insurance secured with Salem Insurance Agency, Inc.

Liquor liability insurance is required for every establishment that offers alcohol. This form of protection covers you and your business if a customer causes damage or harm after being supplied alcohol by your establishment.

When is your business held responsible for alcohol-related incidents?

As unfair as it may appear, you can be held liable if you offer alcohol to a customer who then causes damage or injury to themselves, others, or property while under the influence. Even if you win in court, you will incur legal expenses defending a claim. This is a significant issue because many business policies specifically exclude any claim arising from an alcohol-related occurrence.

Liability risks for businesses that serve alcohol

To make matters worse, most states have “dram shop” laws that impose severe accountability on establishments that offer alcohol to someone who is already inebriated. That means you can be held liable for their subsequent behaviour without proving you acted recklessly.

Additional coverage options to consider

Liquor liability insurance protects you against such claims, but you should always read the fine print. Look for assault and battery coverage, which protects your employees from claims made against them—something that might easily happen if they are taking an intoxicated customer off the premises. It’s also a good idea to buy coverage for litigation costs to cover “grey area” scenarios in which a court doesn’t award any damages but each side pays its own legal bills.

Contact us today to learn more about liquor liability insurance.

Special event insurance secured with Salem Insurance Agency, Inc.

The stress of planning a special event is difficult enough, let alone the cost. The last thing you need to be concerned about is the financial danger you might face if something goes wrong. This strain is lifted with special event insurance, allowing you to concentrate on the event.

Insurance that focuses on the risks so you can focus on your event

Organizing any event may be stressful, but the process is made much easier if you know you’re protected financially if something goes wrong. Special event insurance can provide you with peace of mind and allow you to focus on making the event a success.

Coverage for the cancellation of your event

A special event policy typically includes two components. The first is cancellation coverage, which is more comprehensive than the name suggests. It frequently covers the costs of postponements rather than simply cancelling the event. It can also cover the costs incurred if the event goes through but you are forced to spend extra money due to a supplier or venue failure. Check to see exactly what situations are covered.

Required by most event venues

The other component is liability coverage, which protects you from any claims for property damage or injury caused by the event. This could involve accidents to venue personnel or event attendees. Venues frequently demand liability insurance.

Policy options for events where alcohol is involved

One thing to keep an eye out for is how the policy handles alcohol-related incidents. Depending on whether or not guests pay for their drinks, the restrictions may alter.

Contact us today to discuss covering your special event.

Surety bonds secured with Salem Insurance Agency, Inc.

A surety bond is an excellent approach to ensure that a major investment in a project is not wasted—whether or not the job is completed. This sort of insurance is particularly prevalent in the construction business and is frequently used for government contracts.

When would a surety bond be necessary?

A surety bond is an unusual type of insurance in that it is paid for by one person or organisation while the benefit is received by another. An example makes it easy to understand. Assume that a contractor is constructing a new office building for a government agency. The government understandably needs assurances that the taxpayer will not be out of money if the contractor fails to deliver the offices on time.

How do surety bonds work?

A surety bond is an unusual type of insurance in that it is paid for by one person or organisation while the benefit is received by another. An example makes it easy to understand. Assume that a contractor is constructing a new office building for a government agency. The government understandably needs assurances that the taxpayer will not be out of money if the contractor fails to deliver the offices on time.

The difference between the principal and the obligee

While surety bonds are frequently required by government entities, it can work with any two organisations. The person who acquires the surety bond is known as the “principal,” while the person who receives any payout is known as the “obligee.”

If you have any further questions concerning surety bonds, please contact us right away.

Inland marine insurance secured with Salem Insurance Agency, Inc.

Inland marine insurance protects your company’s property while it is away from its headquarters. We’ll work with you to guarantee that your property is safe not only on-site, but also while it’s off-site or in transit.

In transit? In storage? Get inland marine insurance

Don’t be taken in by the name. Lakes and rivers have nothing to do with inland marine insurance. It instead covers risks associated with property and equipment in transit (including by road or rail) or being stored by a third party.

When commercial property insurance is not enough

Because many commercial property insurance policies only cover objects or equipment on your business’s physical premises, inland marine insurance is critical.

Industries that rely on this specialized coverage

Inland maritime insurance is most commonly associated with enterprises shipping high-value goods to clients or retail outlets, but it also covers pricey display equipment and demo models used to trade shows. Some plans even cover someone else’s equipment held on your business’s premises, which is important for enterprises like repair shops.

Inland marine insurance is usually tailored to your individual requirements. We can provide experienced advise on if and how your company might require it.

Systems breakdown insurance secured with Salem Insurance Agency, Inc.

Systems breakdown insurance protects against unexpected and inadvertent physical damage to equipment that necessitates repair or replacement. We’ll create comprehensive coverage to safeguard your company against financial disaster.
Does what commercial property insurance cannot
Commercial property insurance protects your company from damage to its equipment and machinery caused by fire, flood, and other external dangers. It does not, however, cover hazards like as mechanical failure, breakdown, wiring issues, or short circuits.

Coverage for the equipment you rely on every day

Such problems can bring your business to a halt as you cope with the cost and time required to fix or replace. Systems breakdown insurance always covers repair and replacement costs, and you may be able to pay a higher premium to safeguard against business loss during downtime.

Protects everything from machinery to equipment and hardware

A systems breakdown insurance coverage can cover any type of equipment used in your firm, such as elevators or heating, rather than only the machines used in production. Policies typically cover computer equipment, but only for actual hardware damage, not software failure or infection.

Fills in the gaps of manufacturer warranties

While manufacturer warranties may cover repair costs or give replacements in some cases, they are typically not as comprehensive as systems breakdown insurance. The warranty, for example, may not cover accidental damage caused by human mistake, such as overloading electrical circuits. This type of incident, however, is covered under systems breakdown insurance (or mechanical breakdown insurance).

Consider purchasing systems failure insurance for your company. We can assist you in determining the right insurance for your needs.

Key person life insurance secured with Salem Insurance Agency, Inc.

In the event of the death of any employee who is critical to the company’s survival, key person life insurance can keep your organisation afloat. We’ll work with you to create coverage that protects your company’s employees, customers, and creditors.

Insurance coverage that businesses should not overlook

You may consider the senior staff’s abilities and expertise to be precious, but if something were to happen to them, the financial consequences to your company may be significant. That is why you must protect your company’s future with key person life insurance.

Ensure the continuation of your business

Whereas standard life insurance compensates a person’s financial dependents for loss of income, key person life insurance focuses on the costs a company confronts when a key employee dies. It is ideally suited for employees who are so important to the firm’s operations that the organisation would struggle to operate without them.

What does key person life insurance have to offer?

The payout from a key person life insurance policy will ideally enable the firm stay afloat while the other members of your employees get to grips with running the business, or until your company hires and trains a suitable replacement.

Additional payout options for every situation

In the worst-case situation, the compensation may be used to gradually wind down operations rather than facing the chaos and destruction of a forced liquidation. In addition to paying out when a key employee dies, some key person policies will pay out if the individual is diagnosed with a terminal disease or suffers from a severe illness that prevents them from working.

Key person life insurance is an excellent strategy to safeguard your company. Please let us know if you believe this is a suitable fit for your company. We can go over your alternatives with you.

Fiduciary liability insurance secured with Salem Insurance Agency, Inc.

Individuals operating as ERISA fiduciaries are protected by fiduciary liability insurance from fiduciary-related accusations of mismanagement of a company’s employee benefit plan. We’ll collaborate with you to guarantee that employee benefits are managed correctly and that your trustees are safeguarded.

Specific coverage for a specific financial risk

Fiduciary liability insurance protects against a very unique and potentially financially disastrous danger. The risk is breach of fiduciary obligations, which stems from the Employee Retirement Income Security Act of 1974 (ERISA), which oversees many employee benefit plans.

Mitigates risk from breach of fiduciary duties

Fiduciary duties apply to corporate officers who manage such schemes. This means that they are both ethically and legally obligated to act in the best interests of their employees, and they can be sued if they fail to do so (even unintentionally). A violation of this duty could be as easy as making a bad investment decision for the plan.

Covers claims relating to Employee Retirement Security Act of 1974

According to ERISA, a fiduciary can be held financially liable for any losses incurred as a result of their alleged faults or omissions, which can be staggering when it comes to a workforce’s retirement benefits. Because many general liability policies do not cover ERISA claims, a specialist fiduciary liability coverage is the best way to limit this risk.

Typically covers the costs of defending claims

Policies often cover the costs of defending lawsuits and settling any liabilities. Furthermore, access to professional lawyers who specialise in ERISA disputes is sometimes included with fiduciary liability insurance.

Our experts can assist you in obtaining a fiduciary liability insurance policy for your company. So, contact us today!