Orlando Harmon
Great American Insurance Group is a Cincinnati, Ohio-based property and casualty insurer, with a focus on specialty commercial products for businesses. The company has been in operation for over 150 years, with its roots tracing back to 1872 when it was initially called the German American Insurance Company. Over time, the company has evolved to offer a wide range of specialty insurance solutions for various industries, including agriculture, construction, healthcare, transportation, and more. While it is not explicitly mentioned if auto liability coverage is offered, Great American Insurance Group does provide a range of liability coverage options, including general liability, executive liability, and excess liability, among others.
What You'll Learn
General Liability Coverage
Great American Insurance Group offers General Liability Coverage, which is a type of small business insurance that can help protect businesses from financial losses due to claims of personal injury, property damage, and copyright infringement. This coverage is essential for businesses to safeguard themselves against unexpected accidents and lawsuits that can arise during normal operations.
Additionally, General Liability Coverage can include special endorsements, such as the Signature General Liability Broadening Endorsement offered by Great American Insurance Group. This endorsement is designed for human and social service organizations, providing expanded coverage options to meet their unique needs. It covers bodily injury and property damage, medical payments, advertising and personal injury, abuse/molestation, and professional liability.
The cost of General Liability Coverage varies depending on the specific needs of the business, including factors such as the industry, number of employees, and potential risks. It is recommended that businesses consult with insurance professionals to determine the appropriate level of coverage and the associated costs.
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Auto Liability Insurance for Commercial Vehicles
Auto liability insurance is required for commercial vehicles, whether they are owned, rented, or leased. This type of insurance covers medical expenses, legal bills, and property damage in the event of an accident involving a business vehicle. It is designed for vehicles used for business purposes, such as cars, trucks, and vans, and provides protection for both the business and its employees.
Great American Insurance Group offers a range of insurance services, including general liability coverage for human and social service organizations. This coverage includes protection for bodily injury, property damage, medical payments, advertising injury, and personal injury. While they do not explicitly mention auto liability insurance for commercial vehicles, their general liability coverage suggests that they may offer similar protection for businesses operating with commercial vehicles.
Auto liability insurance is crucial for businesses that own or lease vehicles for transporting goods, equipment, or people. It provides financial protection for the business and its employees in the event of an accident, helping to cover the often-expensive medical and legal costs that may arise. Without this insurance, businesses could be held responsible for covering these expenses themselves, which could amount to thousands of dollars.
While auto liability insurance is a necessity, businesses should also consider additional coverage, such as general liability insurance. General liability insurance protects against incidents that may occur both on and off the road, including product defects, faulty operations, and premise coverage. This type of insurance provides a more comprehensive safety net for businesses, giving them more options in the event of an accident.
By understanding the differences between auto liability and general liability insurance, business owners can make informed decisions about their insurance plans. Both types of coverage are essential for comprehensive protection, and an insurance broker can help decipher which policies are most suitable for a business's specific needs.
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Great American's Financial Strength
Great American Insurance Group has been in the insurance business for over 150 years, with a proud heritage of integrity and expertise. The company has a strong financial standing, which has been affirmed by major rating agencies, providing customers with peace of mind and assurance that they can meet their obligations.
The company's financial strength and claims-paying ability have earned ratings from prominent agencies such as AM Best, Standard & Poor's, and Moody's. These agencies assess the financial health and stability of insurance companies, and Great American Insurance Group has consistently achieved strong ratings, indicating their reliability and ability to fulfil their promises to policyholders.
Great American Insurance Group offers a wide range of insurance products and services, catering to diverse needs. They provide specialized coverage for businesses, including protection for workers, projects, and unique risks faced by various industries. The group also has a strong presence in the agriculture and farming sector, offering custom coverages to safeguard farms, ranches, crops, and animals.
Their Nonprofits & Social Services division boasts industry-leading coverage, supporting those who improve communities. Additionally, they are a leading provider of equine mortality insurance and related coverages, demonstrating their versatility and commitment to meeting specific needs.
Great American Insurance Group's financial strength is further evident in their ability to provide comprehensive risk management. Their Executive Liability team exemplifies this by offering exceptional service, technical expertise, and responsiveness to ensure effective risk management for their clients. The company's financial stability enables them to provide industry-leading coverage, added services, and a staff of insurance professionals who are experts in their respective fields.
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Great American's History
Great American Insurance Group has been in business for over 150 years, protecting what matters most to its customers. The company was founded in 1872 as German American Insurance Company, with the aim of providing dependable risk management solutions to business owners who had little support in the event of a disaster. The first policy, issued on March 19, 1872, insured a factory that manufactured rubber combs. Within five years, German American had over 1,000 agents across the country and a reputation for paying its claims in full and on time.
In 1906, the company demonstrated its commitment to helping communities rebuild after disasters by paying out more than $2 million in claims from the San Francisco earthquake, which was over a sixth of its total assets. As a result of this unwavering support, German American entered the 20th century as one of the most respected businesses in the nation.
Following World War I, the company changed its name to Great American Insurance Company in 1918 to reflect the heightened sensitivity to German affiliation in the country. In the years that followed, Great American's net worth and assets grew exponentially, positioning the company to weather the challenges of the Great Depression.
Post-World War II, Great American expanded its offerings to include both property and casualty policies, and by the end of the 1940s, it was writing more than $90 million in premiums. The company continued to diversify, establishing Great American Life Insurance Company in 1961 to offer life insurance policies nationwide. This expansion strengthened the company's portfolio and positioned it for continued success.
In 1968, Great American Insurance Company and Great American Life Insurance Company were acquired by National General Corporation (NGC), marking another phase of growth. The company's headquarters relocated from New York City to Los Angeles, and prominent businessman Carl H. Lindner Jr. began investing in NGC. By 1974, Lindner had merged NGC into American Financial Corporation (AFC) and refocused the company on specialized commercial and personal line insurance products.
Great American adopted a new corporate logo featuring a traditional American eagle in 1999, enhancing its brand image and presence. The company further solidified its national brand recognition by acquiring the naming rights to Great American Ball Park®, the home of the Cincinnati Reds, America's first professional baseball team.
Today, Great American Insurance Group is a subsidiary of American Financial Group, Inc. (AFG), a Fortune 500 company listed on the New York Stock Exchange. Great American continues to thrive, with approximately half of its gross written premium derived from divisions holding top 10 market rankings in the U.S. The company has been consistently recognized for its strength and stability, receiving an "A" (Excellent) or higher rating from the A.M. Best Company for over 110 years.
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Great American's Industries and Services
Great American Industries and Services
Great American Insurance Group is a Cincinnati, Ohio-based property and casualty insurer, specialising in commercial products for businesses. The company was founded in 1872 as the German American Insurance Company, providing business owners with dependable risk management solutions to cover disaster losses. The company changed its name to Great American Insurance Company in 1918 due to national sensitivity towards its German affiliation after the First World War.
Great American offers a wide range of specialty insurance solutions for hundreds of niche industries, including agriculture and farming, aviation, business services, construction, cultural institutions, educational institutions, energy, and equine, among others. The company provides various types of coverage, such as accident and health, agribusiness, alternative markets, aviation, bond, crop, cyber risk, and environmental.
One of their key offerings is General Liability Insurance, which provides protection for human and social service organisations. This coverage includes bodily injury and property damage, medical payments, advertising injury, and professional liability coverage. Great American also offers Executive Liability coverage, focusing on management liability risks that could threaten the financial security of businesses and stakeholders.
Great American has a long-standing reputation for trust and financial strength, receiving an "A+" (Superior) rating from AM Best Company in 2023. The company is committed to providing industry-leading expertise, quality management liability products, and specialised coverage tailored to meet the unique needs of its customers. With over 150 years of experience, Great American Insurance Group has established itself as a reliable and trusted provider of insurance solutions.
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Frequently asked questions
Yes, Great American Insurance offers auto liability coverage as part of its specialty commercial products for businesses. Auto liability insurance is required for commercial vehicles, whether they are owned, rented, or leased.
Auto liability insurance covers financial damages caused by company cars. While the rules vary across US states, it is recommended to have at least $100,000 worth of coverage per company car.
General liability insurance covers injuries and property damage, even if they did not occur due to a company car. It is recommended for business owners to protect themselves against product defects or faulty operations.
Auto liability insurance is useful when a company car is in an accident and there are financial damages caused by the driver (who is employed by the company).
