Business insurance

Coverage adapted
to your reality
Industries
and
products

You’re working hard to build and grow your business?
Think about getting some insurance.


Vestas insurance brokers help you protect your SME or large company. For more information on our insurance, consult our fields of expertise and sectors of activity offered or contact us directly.


Industries
  • Architects and Engineers
  • Aviation
  • Construction
  • Energy
  • Equine
  • Film, Media and Entertainment
  • Financial Institutions
  • Food and Beverages
  • Forestry
  • Health and Pharmaceutical
  • Hospitality
  • Manufacturing
  • Marine and International Logistics
  • Mining
  • Municipalities
  • Professional Services
  • Real Estate and Property Management - Commercial
  • Real Estate and Property Management - Residential
  • Retail and Wholesale Distribution
  • Sports and Leisure
  • Technology and Communications
  • Transportation

Our services and solutions
Cargo

Cargo insurance provides coverage against physical damage or loss of goods during shipping, whether by land, sea or air.

Credit Insurance

Credit Insurance protects against payment default of clients following a bankruptcy or other covered risk.

Cyber Risk

Cyber Risk Insurance protects against losses that could sustain a third parties as a result of a cyber attack, whether related to your network security, data confidentiality, electronic media security, or other types of cyber risks.

Directors’ and
Officers' Liability

Director and Officer Liability insurance protects against law suit exposure related mainly to allegations of violation of obligations under federal or state law.

Environment

Environment Insurance protects against risks related to pollution of the environment, whether sudden or gradual, that could occur on a construction site, your property or at a client premises.

Motor carriers

This type of insurance is tailor-made to protect your vehicles, your operations and the cargo that you are transporting.

Liability

Civil General Liability Insurance protects from a variety of liability exposures like bodily injury or property damage sustained by a third party due to business premises, operations, products or services

Property

Property Insurance protects against damage, destruction or loss by a covered peril like fire, smoke, wind, hail, weight of ice and snow, lightning, theft and more.

Product recall

Product Recall insurance protects against expenses associated with recalling a product from the market

Garages

Insurance for various type of garage like repair garage, body shop, specialty shop & towing business. You can get the right coverage to protect your buildings, stock, equipment, customer vehicles and more.

Indemnity bonds

A performance bond is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor

Machinery
breakdown

Equipment Breakdown Insurance protects against losses that result from a breakdown of heating, refrigeration, air conditioning equipment, pressure vessels, boilers, production machinery, electrical apparatus and/or electronic equipment.

Builder Risk

Builder Risk Insurance protects your construction project while it is in course of construction against damage, destruction or loss by a covered peril.

Automobile

Either for one car or a fleet of vehicles Automobile insurance protects your liability as the owner of the vehicles and against physical damage that the vehicle could sustains.

Crime

Crime Insurance protects against losses from business-related crime like money or other property loss from embezzlement, forgery, robbery, securities theft or another form of business-related crime.

 

 

Your
risks

The insurance world is based on principals and risk notions, which apply to most insurance contracts.

Here are some of the most important.


Liability

This is the obligation to provide reparation for harm caused to another party by failure to fulfill a contract or any other harmful action committed by oneself, by a dependent or by any other thing under one’s custody.


Business Interruption

Loss of profits
Certain expenses that must continue to be paid during a stoppage of activities.

Loss of key employees
When activities resume, costs incurred to win back and regain the loyalty of customers; a general financial weakening which, without insurance, may sometimes lead to bankruptcy.


Machinery Breakdown

Since some risks are excluded from basic business insurance forms, a company’s insurance portfolio is incomplete if the company has not taken out insurance against machinery breakage. With insurance against machinery breakdown, the only risk covered is the occurrence of an accident to an insured item.

Here are the 3 categories of insurable items :

  • Pressure vessels
  • Mechanical equipment
  • Electrical equipment
Coinsurance clause

The coinsurance clause contained in all business property insurance policies applies both to the amount of insurance on a building and to the amounts of insurance on merchandise and equipment.

It applies separately to each category of insured property.
The goals sought by the general insurance industry in including the coinsurance clause in property insurance policies are advantageous both for the insured parties and for the insurers.

They are as follows:

  • To encourage an insured party to take out a sufficient amount of insurance to avoid being penalized in case of partial loss caused by an event covered by the insurance.
  • To save the insured party from having to assume part of the risk in addition to the deductible that has to be paid in such an event.
  • To enable the insurer to collect a premium sufficient to be able to cover payments from a loss.


In common language, here is what is meant by the wording on coinsurance in an insurance policy:

The amount(s) of insurance indicated in the particular conditions of the insurance policy must match at least the minimum insurance required by the coinsurance clause. The generally recognized percentages in coinsurance clauses are 80%, 90% and 100%. An insured party cannot choose the percentage applying to the contract. These percentages are determined and required by insurers based on the type of construction of a building, even if the insured party is not the owner.

Examples :

  • Ordinary construction = 80% coinsurance
  • Fire-resistant construction = 90% coinsurance
  • Building with automatic sprinklers = 90% coinsurance


or based on the form and type of insurance chosen by the insured party

Examples :

  • Blanket coverage of the building and contents = 90% coinsurance
  • Worksite insurance = 100% coinsurance

Whatever the required percentage, the formula for applying the coinsurance clause is always the same.

Here is an example:

An insured party still owes $40,000. For the mortgage lender, the cost of reconstructing the building is $100,000, but the insured party decides to insure it only for the amount of the mortgage, namely $40,000. The insurer states in the policy that the insured party is required to insure the building for a minimum of 80% of the cost of reconstruction, namely $80,000. If the insured party decides anyway to proceed with the smaller amount, he or she will have to assume part of the cost of damage in an event. In our example, supposing an event caused $20,000 in damage, the insured party would have to pay $10,000 himself.