Commercial property insurance covers losses due to fire and other named perils that cause physical damage to buildings, business personal property, stock, etc. It usually does not cover floods or earthquakes. The property limit is determined by the insured. The insured will determine what he needs to have covered, such as buildings, business personal property, stock, computers, etc.
Business income and extra expense can also be added to the property policy. If your business is destroyed by a covered peril, IF you have Business Income and Extra Expense insurance, there is a good chance your business will be back up and running much quicker. Business income will protect you for your loss of income during this down time. Extra Expense covers the necessary costs you pay in order to get in working order more quickly.
Commercial General Liability:
Liability insurance protects the assets of a business when it is sued for something it did (or didn’t do) to cause injury or property damage.
Under a general liability insurance policy, the insurer is obligated to pay the legal costs of a business in a covered liability claim or lawsuit. Covered liability claims include bodily injury, property damage, personal injury, and advertising injury (damage from slander or false advertising). The insurance company also covers compensatory and general damages.
Crime coverage protects your company for loss of money, securities and inventory as a result of employee dishonesty, embezzlement, forgery, and other criminal acts.
Inland Marine insurance is an insurance instrument that is designed to protect the insured’s property while in transit, along with high value mobile items such as contractors equipment and tools.
Inland Marine insurance indemnifies loss to moving or movable equipment . The coverage has grown to include property that just involves an element of transportation. It can cover a wide range of items such as accounts receivable, bailees customers goods, fine arts, computers, guns, jewelers, etc.
Commercial Auto Insurance:
Commercial Auto Insurance provides coverage for cars, truck, and vans owned by you or your employees for business purposes. If you lease, own or rent vehicles you should have a business auto policy.
Examples of coverages that can be provided are liability, comprehensive and collision coverages, non-owned/hired auto liability and hired auto physical damage.
The coverage is a form of insurance that protects employees who are injured in the course of their employment. It provides wage replacement and medical benefits.
This is a liability insurance policy that protects assets and future income of the policyholder above and beyond the limits of their policy. It goes into effect when all underlying policy limits are totally exhausted. Umbrella insurance is distinguished from Excess insurance in that it is sometimes able to “drop down” and fill coverage gaps in underlying policies.
Employment Practices Liability:
This is a very specialized form of insurance. It is designed to protect your company in ways that are essential in today’s litigious society. It can protect you against wrongful termination claims, discrimination claims, sexual harassment, mental anguish, etc.
Errors & Omissions:
Errors & Omissions insurance protects a company from claims if your client holds you responsible for any errors or failure of your work to perform as promised. The coverage includes legal defense coverage.
E & O insurance coverage extends to both W2 employees and 1099 contractors. It can extend worldwide.
Directors and Officers Insurance:
Directors and Officers Insurance protects the directors and officers of your company in the event they are sued within the scope of the performance of their duties as they relate to your company.
Since a director can be held personally responsible for acts of the company, most directors and officers will require a D & O policy to protect them financially and not put their personal assets at stake.
Boiler & Machinery:
This form of insurance provides important mechanical breakdown coverage generally not available under any other insurance policy. A Boiler and Machinery policy can protect an insured against the effects of catastrophic property loss, such as steam boiler explosion or an expensive breakdown of machinery and equipment.
But it's not just the physical damage caused by the explosion or breakdown that's of concern. While repairs are being made, valuable time and profits are lost. Business Interruption coverage protects against this. Often Extra Expense coverage is required to keep the business in operation regardless of cost. Consequential Damage and Refrigeration Interruption insurance protect against spoilage as the result of a breakdown. Many times these business interruption, extra expense and spoilage losses can be much more extensive than the damage to the equipment itself.
Equally important is the very valuable inspection service that Boiler and Machinery insurance can provide. Not only does this service satisfy most jurisdictional inspection requirements, but it also can benefit the insured by providing sound loss control recommendations that can help assure efficient operation and longer equipment life.
It is our opinion that virtually every commercial business has some type of Boiler and Machinery insurance exposure. Keep in mind that mechanical breakdown coverage encompasses much more than just boilers and pressure vessels. It also can include refrigeration equipment, air conditioning equipment, various types of piping, turbines, engines, pumps, compressors, blowers, gearing, shafting, electric motors, generators, transformers and assorted other types of mechanical and electrical equipment. In fact, many policies are written for insureds who do not own or operate boilers or pressure vessels, but yet have sizable mechanical and electrical exposures.
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