Business Owners Policy
Cover Your Assets
Coverage designed to protect your assets under one convenient policy. Save your business thousands of dollars when you combine your:
Your business could be ruined by the light of a match or a short in your wiring. The right coverage will do more than just add a coat of paint to your walls. We’ll get you back in business with the fastest claims around.
Typhoon & Earthquake
It’s no secret that Mother Nature can have a damaging effect. Make sure that you are fortified against the elements, because you can’t tell when the next disaster will happen.
Accidents happen. If you, the employer or owner is found negligent, you can be left in financial ruin by a lawsuit. We can help you cut through all the red tape and protect your business from the very worst.
It’s the law! Worker’s Compensation is paid to employees who lost income because of a job related injury until they return to their normal work.
Valuable Premium Savings
- Save up to 40% on all lines.
- Save up to 10% on all coverages additional to fire & allied lines.
- More Credits for various fire protection devices like fire extinguishers and hydrants.
- Even More Credits for businesses operating for more than 3 years.
Business Interruption, Burglary & Robbery & Employee Dishonesty
If your operation comes to a screeching halt, the following three coverages can help keep your doors open and the profits in your pocket.
- Business Income – No sales, no problem. The right coverage could mean the difference between red and black.
- Renters Income – Even landlords need protection too.
- Extra Expense – Need an extra location to make sales after that fire damaged your store?
Burglary & Robbery
“Stick-em-up!” Protect your valuables and cash from really bad guys.
Good help is hard to find. Unfortunately, an accountant you can trust is even harder to find.
One of the Top Bonding Companies on Island
Moylan’s Insurance offers a wide range of bonds.
Guarantees that a contractor will enter into a contract if awarded to him, and that he furnish Contract bonds as required by the terms of the contract.
Guarantees faithful performance of the terms of a contract for construction or supplies.
Given by the contractor, it guarantees payment for labor and supplies for work required under contract.
Guarantees payment of damages and meeting of obligations in the event that the notary public fails to do so.
Guarantees completion of work specified in a contract.
Wage & Labor Bonds
Given by a contractor, it guarantees payment for the labor and materials used in the work which he is obligated by contract to perform.
The Role of our Bonding Company
Bonds guard against loss only if the contract becomes default.
Compile necessary financial documents; prepare analysis for and request bonds from surety; issue required insurance for project; screen potential claims for surety and recommend solutions; assist surety in rate determination and collection.
Work With Principal (Contractor)
Conduct background investigation of contractor’s experience; review any pending litigation or OSHA warnings against the contractor, and maintain open communication between the contractor and the surety.
Surety – Third Party, usually the insurance company, who will pay if the contract is not fulfilled.
Principal – Contractor who is responsible for completing the terms of the contract.
The Benefits of Moylan’s
Worker’s Compensation Insurance
Under the Guam Worker’s Compensation Law, anyone who employs workers is required to purchase Worker’s Compensation Insurance.
- Includes Worker’s Compensation Insurance (Coverage A) and Employer’s Liability Insurance (Coverage B) based on Guam Worker’s Compensation Law.
- One-year coverage from the date of purchase.
- Covers all work-related injury or occupational disease during policy period except those resulting from employee intoxication or willful intent to injure himself or others.
- If an employee suffers from a loss of income due to injury, Moylan’s Insurance will pay the “Temporary Total Disability” (TTD) until the employee returns to work.
- Quick application process.
- Easy end-of-the-year adjustment and renewal.
- Prompt payment of compensation.
Work-Related Injury Coverage
100% Medical Coverage
- Medical and Surgical Services
- Hospital Services
- Crutches and Other Apparatus
- 100% Off-Island Care (when referred by a doctor)
- Medical Treatment
- Temporary Total Disability compensation (66 2/3% of employee’s average weekly wage)
- Paid after the 3rd day of injury if injured for less than 14 days.
- Paid from 1st day if injured for more than 14 days and paid until the employee returns to work.
Types of Disability Compensation
- 66 2/3% of the average weekly wage.
- Paid after the 3rd day of injury if injured for less than 14 days.
- Paid from 1st day if injured for more than 14 days until the employee returns to work.
- When an employee experiences a decrease in earnings due to injury.
- 2/3 of the difference between the pre-injury earnings and post-injury earnings at the same or new place of employment.
- Permanent Partial Disability (PPD)
- Results when an employee loses one part of his body.
- 66 2/3% of the average weekly wage until the employee returns to work.
- Additional weekly compensation for the medically specific disability.
Compensation for Death Resulting From Injury
100% coverage: $100,000 will be paid in a lump sum or bi-weekly to surviving dependents. Bi-weekly payments are computed as a percentage of the average weekly wage that will not be less than $225 or more than $375.
Funeral benefit of $3,600
To Purchase Worker's Compensation
Bring in the following:
- A copy of your Business License
- A total estimate of the payroll for the covered term
- A list of employee classifications
Formula to calculate premium:
Payroll for Classification x the hazard rate = premium of classification.
All classification premiums are totaled to formulate the overall premium. If at any time you hire a new employee, notify your insurance agent to ensure that he is covered in your policy.
Employee Tips for Filing a Claim
- Report the accident immediately to your employer.
- Fill out Form 201, "Notice of Employee's Injury or Illness" and return it to your employer.
- Obtain and fill out Form 101. Medical bills will be paid by Moylan's Insurance. If you have already received medical treatment, you will be reimbursed.
- Temporary Total Disability will be paid to you 14 days after your injury only if work time was lost. Formula to calculate Temporary Total Disability:
Average Weekly Wage x 66 2/3% = Weekly Compensation
Note: Average Weekly Wage = 1/52 of annual income. According to Guam Law, minimum compensation will be no less than $150 and no greater than $250
Employer's Tips for Filing a Claim
- Provide the employee with Form 101, "Authorization for Medical Examination or Treatment". Treatment will be paid through your Worker's Compensation Insurance policy.
- Instruct the employee to fill out Form 201, "Notice of Employee's Injury or Illness " and advise him of the Worker's Compensation benefits.
- Complete Form 202, the "Employers Report of Occupational Injury or Illness.
- If the employee's return date is not available when filing Form 202, complete Form 210, "Employer's Supplementary Report of Accident or Occupational Injury"
Authorization for Medical Examination or Treatment
Notice of Employee's Injury or Illness
Employers Report of Occupational Injury or Illness
Employer's Supplementary Report of Accident or Occupational Injury