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Commercial Insurance Plan of Texas
( C.I.P.T. )
“The best plan that fits your business “
Products & Services
We provide products to over 1,450 business classes. Among them:Multifamily ,Office , Industrial , Retail , Shopping Center, Agricultural , Hotel & Motel,Senior Housing , Health Care, Sport & Entertainment , Special Purpose ,Night Clubs,Restaurants, Mechanic Shops etc.
All Kinds of Commercial Properties:
Apartments Office Warehouse Retail
StripCenter Hotel/Motel Restaurant Gas Station
Mechanic Shop Day Care Nursing Home Nite Club
All Kinds of Comm.Policies :
- Business Owners Policy
- Commercial Package Policy
- Workers' Compensation
- Commercial Automobile Insurance
- Umbrella Liability
- General Liability
- Property Insurance
- Business Personal Property Policy
- Crime Insurance
- Builder's Risk Policy
- Professional Liability
- Directors' and Officers' Liability
- Employment Practices Liability
- Fiduciary Liability
- Motor Truck Cargo
- Commercial Truck GL/Auto
- Liquor Liability
- Special Events Liability
- Farm Package
- Flood Insurance
- Foreign General Liability and Travel
- Group Accident Medical
- Surety Bonds
- Railroad Protective Liability
- Contractors Pollution Liability
- Underground Storage Tank Liability
- Personal Lines - Homeowners, Auto, Umbrella
The Four Most Common Commercial Policies :
a) Business Owners Policy
CIPT assembled products from many of the nation's leading insurers for you to choose from. With our unique technology, we can match the business risk profile with insurance companies that specialize in that industry and want that type of business. We'll help you get the right coverage from the right insurer.
Business Owners Policy
CIPT assembled products from many of the nation's leading insurers for you to choose from. With our unique technology, we can match the business risk profile with insurance companies that specialize in that industry and want that type of business. We'll help you get the right coverage from the right insurer.
Product Summary
Many small business owners buy a type of insurance coverage called a Business Owner's Policy. This is a package policy that covers major property and liability exposures as well as a loss of income if your business cannot operate for a period of time.
For example, if your accounting firm's roof is damaged during a thunderstorm, causing your office to flood and your business to close for two months, a BOP would provide coverage in several ways.
The policy would cover the cost of repairing the roof, cleaning up water damage and repairing or replacing your furniture, computers and supplies. A BOP also would cover your payroll and taxes for the two months the business was closed. And if one of your clients was in your office during the storm and was injured by falling debris, a BOP would cover your customer's medical bills.
Buying a BOP can be a good deal for a business owner. The policies often provide more complete coverage at a lower price than separate policies would for each kind of coverage.
What's Covered?
A BOP covers major property exposures, liability exposures and business interruption.
Property coverage generally includes owned or leased buildings; the contents of buildings, such as furniture, supplies, fixtures, machinery, equipment, inventory and building improvements; glass and signs; and some property off of the premises.
Property insurance can be bought based on the property's actual cash value (its replacement cost minus depreciation), its current replacement cost or another agreed-upon amount, such as an appraisal.
Liability insurance covers your business if it is sued for something the business did or failed to do that caused injury or property damage to someone else. Liability insurance covers damages and settlements stemming from a lawsuit, up to the policy limits. Many liability policies also cover attorneys' fees and other costs associated with defending against a lawsuit.
Business interruption coverage can pay for your business' fixed costs, such as rent, payroll and taxes, if your enterprise suffers a property loss that causes it to close or slow down for a period of time while repairs are made.
What Isn't Covered?
Usually a BOP doesn't cover damage due to earthquakes or floods; workers' compensation; group health, life or disability insurance; insurance for company-owned vehicles; and specialized liability risks such as professional liability, director's and officers, employment practices and malpractice.
b) Commercial Package Policy
CIPT has assembled products from many of the nation's leading insurers for you to choose from. With our unique technology, we can match the business risk profile with insurance companies that specialize in that industry and want that type of business. We'll help you get the right coverage from the right insurer.
Product Summary
A Commercial Package Policy ("CPP") is a customized package of two or more coverage forms. The package policy is comprised of the same coverage forms that are used when separate (monoline) policies are written. A premium discount is generally granted when separate coverage parts are purchased as part of a Commercial Package policy. The most common coverage forms include commercial property, commercial general liability, inland marine, crime, equipment breakdown, and commercial auto.
A CPP differs from a Business Owners' Policy (BOP). A BOP is also a "package" of coverages, but a BOP automatically includes various standard coverages, such as general liability, property, business income, money and securities, valuable papers, accounts receivable, and employee dishones
c) Umbrella Liability
CIPT has assembled products from many of the nation's leading insurers for you to choose from. With our unique technology, we can match the business risk profile with insurance companies that specialize in that industry and want that type of business. We'll help you get the right coverage from the right insurer.
Product Summary
Umbrella insurance is also known as “excess liability” insurance. Umbrella Liability applies excess over primary liability policies and provides additional limits of liability in a cost effective fashion. The primary policies are called “underlying” policies and are specifically scheduled, along with their limits, on the Umbrella policy.
The underlying policies are typically the primary General Liability and Auto Liability policies. The Employer’s Liability section of the Workers’ Compensation policy is also a common underlying coverage.
Primary General and Auto Liability policies commonly have limits ranging from $500,000 to $2,000,000. In the litigious climate of the U.S., those limits are often insufficient to adequately protect a business from a serious premises claim, product liability lawsuit, or auto accident.
What's Covered?
Umbrella policies are intended to cover a variety of liability losses that are also covered by the primary policies.The Umbrella coverage attaches at a predetermined level of liability limit, i.e., when a covered loss exhausts the primary policy’s per occurrence limit.
For example, assume the primary General Liability per occurrence limit is $1,000,000 and the Umbrella liability policy limit is $5,000,000 excess $1,000,000. There is a covered loss of $3,000,000. The primary General Liability policy will pay the first $1,000,000 (the policy limit) and the Umbrella policy will pay the remaining $2,000,000.
Some Umbrella policies will also “drop down” and apply on a primary basis, excess of a Retained Limit (deductible), for claims not covered by the primary policies.This is called Coverage B on the Umbrella policy. However, generally speaking, most Umbrellas will respond only to claims that are covered by the primary policies.
What Isn't Covered?
An Umbrella policy is strictly third-party liability coverage; it does not apply excess of property, crime, or other first-party coverages.Most Umbrella policies will exclude Employment Practices Liability, Professional Liability, Product Recall, Asbestos, Pollution, War and Terrorism. All Umbrella policies exclude Workers’ Compensation.
What Affects the Cost of the Policy?
Underwriting for Umbrella Liability insurance is customized for each individual policyholder. As with primary General Liability, the more hazardous the Insured’s operations, the higher the Umbrella premium will be.
d) General Liability
CIPT has assembled products from many of the nation's leading insurers for you to choose from. With our unique technology, we can match the business risk profile with insurance companies that specialize in that industry and want that type of business. We'll help you get the right coverage from the right insurer.
Product Summary
Commercial General Liability (GL) coverage can be either a stand-alone “monoline” policy or combined with other coverages to form a Business Owners Policy (BOP) or a Commercial Package Policy. The basic areas covered by a General Liability policy are premises liability, Products and Completed Operations Liability, Personal and Advertising Injury, Fire Legal Liability and Medical Expenses.
What's Covered?
A GL policy covers occurrences of bodily injury and property damages that the insured is legally obligated to pay. Liability insurance covers the business if it is sued for something the business did or failed to do that caused injury or property damage to someone else. Liability insurance covers damages and settlements stemming from a lawsuit, up to the policy limits. General Liability policies also cover attorneys' fees and other costs associated with defending against a lawsuit.
GL policies generally cover the insured's ownership or use of the premises, operations, contractual agreements, products made, sold or distributed, completed operations, personal and advertising injury and medical payments. Medical Payments cover reasonable medical expenses, regardless of fault, for bodily injury.
What Isn't Covered?
Workers' Compensation is not included in a GL policy. Liability resulting from manufacturing, selling, distributing or serving liquor is excluded. The GL policy covers Host Liquor Liability for insureds who are not in the business of manufacturing, selling, distributing or serving liquor. Other common exclusions on GL policies include pollution, aircraft, automobiles, watercraft and product recall.
What Affects the Cost of the Policy?
The premium is based on a variety of factors, depending on the types of coverage forms included in the policy. The size of the insured's operations and the inherent risk of the products will affect the premium.
Call Agent George Tesfa
832-607-1113 Cell.
713-785-5363 Office
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