Guard Insurance Company, founded in 1983 and headquartered in Wilkes-Barre, Pennsylvania, is a subsidiary of Berkshire Hathaway. Guard specializes in providing a wide range of insurance solutions designed for both businesses and individuals, with a strong focus on commercial insurance.
As part of Berkshire Hathaway, Guard benefits from the financial stability and backing of one of the most trusted names in the financial sector, giving its policyholders confidence in the company’s ability to handle claims and provide long-term security.
Financial Strength and Reputation
Guard Insurance has an A+ rating from AM Best, a testament to its financial stability and claims-paying ability. Over the years, Guard has grown significantly through strategic acquisitions and the expansion of its product offerings. Known for providing excellent customer service, Guard also offers efficient claims processing and a user-friendly experience.
Insurance Products Offered by Guard Insurance Company
Guard Insurance Company offers a wide variety of policies catering to businesses and individuals, providing comprehensive coverage options across several industries. Below is an overview of the key policies they offer:
1. Workers’ Compensation Insurance
One of Guard’s flagship products is workers’ compensation insurance, which covers medical expenses and lost wages for employees who are injured or become ill due to work-related conditions. This policy also includes:
- Medical Coverage: Pays for necessary medical treatments related to work injuries.
- Lost Wages: Provides partial income replacement while the employee recovers.
- Rehabilitation Costs: Covers physical therapy and vocational rehabilitation to help employees return to work.
- Employer Liability: Protects businesses from legal claims related to workplace injuries.
2. Commercial Property Insurance
Guard’s commercial property insurance is designed to protect business properties from a variety of risks, including fire, theft, vandalism, and natural disasters. Key features include:
- Building Coverage: Protects the structure of your business property.
- Business Personal Property: Covers contents inside the building, such as equipment, inventory, and furniture.
- Loss of Income: Provides compensation for lost business income if a covered event interrupts operations.
- Equipment Breakdown: Covers repairs or replacement of essential machinery and equipment in case of breakdowns.
3. General Liability Insurance
General liability insurance from Guard protects businesses from various third-party claims, including bodily injury, property damage, and advertising injury. The policy includes:
- Bodily Injury Liability: Covers medical expenses and legal fees if someone is injured on your business premises.
- Property Damage Liability: Protects against damage to someone else’s property caused by your business operations.
- Personal and Advertising Injury: Provides coverage if your business is sued for slander, libel, or advertising infringement.
4. Commercial Umbrella Insurance
Commercial umbrella insurance provides businesses with an additional layer of liability protection, kicking in when the limits of their other liability policies are exhausted. This coverage is crucial for businesses that face significant exposure to high-cost lawsuits or claims.
5. Businessowners Policy (BOP)
Guard’s Businessowners Policy (BOP) bundles essential coverages into one package, making it convenient for small and medium-sized businesses. BOP typically includes:
- Property Insurance: Covers the physical assets of your business.
- General Liability Insurance: Protects against third-party claims of bodily injury or property damage.
- Business Interruption Insurance: Provides financial support if your business is forced to close due to a covered loss.
- Equipment Breakdown and Cyber Liability (optional): Add-ons to customize coverage based on specific business needs.
6. Commercial Auto Insurance
Guard offers commercial auto insurance for businesses that rely on vehicles for their operations. This policy covers:
- Liability Coverage: Protects your business if an employee causes an accident while driving a company vehicle.
- Physical Damage: Covers repairs to company vehicles damaged in accidents or by other perils such as theft or vandalism.
- Medical Payments: Provides medical expenses coverage for the driver and passengers in the event of an accident.
- Uninsured/Underinsured Motorist: Protects your business if an employee is in an accident with a driver who has insufficient insurance.
7. Professional Liability Insurance
Also known as errors and omissions (E&O) insurance, professional liability insurance protects businesses from claims of negligence, mistakes, or failures to perform professional duties. This coverage is essential for service-based industries such as consulting, accounting, legal services, and healthcare.
8. Cyber Liability Insurance
As businesses become more reliant on digital operations, cyber liability insurance has grown in importance. Guard offers this coverage to protect against data breaches, cyberattacks, and other digital threats. The policy includes:
- Data Breach Response: Covers the cost of notifying affected customers and handling public relations after a breach.
- Legal Costs: Protects your business from lawsuits resulting from a data breach.
- Restoration Costs: Covers expenses related to recovering compromised data and repairing systems.
9. Inland Marine Insurance
Inland marine insurance protects goods, equipment, and tools that are transported over land, or are used offsite. This is particularly useful for businesses involved in construction, contracting, and other industries that rely on mobile equipment. Coverage includes:
- Movable Property: Protects equipment, tools, and inventory while in transit.
- Installation Coverage: Covers materials and equipment during installation or while at a job site.
- Contractors Equipment: Protects heavy machinery and tools that are critical to your business operations.
10. Homeowners Insurance
Guard also offers comprehensive homeowners insurance to protect residential properties. This policy includes:
- Dwelling Coverage: Protects the structure of your home from damage caused by covered events like fire, storms, and theft.
- Personal Property Coverage: Covers personal belongings inside your home, including electronics, furniture, and clothing.
- Liability Coverage: Protects you from legal claims if someone is injured on your property.
- Loss of Use: Provides compensation for additional living expenses if your home becomes uninhabitable due to a covered loss.
11. Renters Insurance
Renters insurance from Guard protects tenants by covering their personal belongings and offering liability protection. Key features include:
- Personal Property Coverage: Covers damage or theft of personal items like furniture, electronics, and clothing.
- Liability Protection: Provides legal and medical expense coverage if someone is injured in your rental unit.
- Additional Living Expenses: Pays for temporary housing if your rental becomes uninhabitable due to a covered event.
12. Excess & Surplus Insurance
For businesses with unique or high-risk insurance needs, Guard provides excess and surplus insurance. This specialized coverage protects businesses that may not be eligible for standard insurance due to their risk profile. It is tailored to industries that face higher-than-average liability risks or unusual exposures.
Conclusion
Guard Insurance Company, backed by the financial strength of Berkshire Hathaway, offers a comprehensive range of insurance products for businesses and individuals. From workers’ compensation to professional liability and homeowners insurance, Guard is equipped to meet the varied needs of its policyholders. Its emphasis on customer service, competitive pricing, and claims efficiency makes Guard an excellent choice for those seeking reliable coverage across many sectors.