Property
Insurance
Property insurance
can cover the buildings that you own and/or business property and
inventory against physical loss or damage.
If you don't own your building, you'll still need contents coverage. In the
most policies, property insurance for business contents covers furniture, fixtures,
inventory, office equipment and other supplies stored at your facility or off-premises.
You may insure those items for replacement cost or for actual cash value (ACV),
which pays only for the depreciated value of the property.
Replacement cost policies have higher premiums, however they can help your
business recover from a loss faster, since you can replace all of the lost
or damaged property with new items. If you lease some of the equipment at your
business, the leasing company may require that you insure the property at replacement
value.
Liability
Insurance
Liability insurance
is designed to protect the business against losses even if they
are negligent or liable for damage, injury or loss to another's
property, reputation, or health. Typically, damages, legal defense
fees and settlement charges are paid by the insuring company when
a claim is filed against the business.
Bodily Injury - Liability coverage may pay the affected person or firm for
the cost of care, the loss of services and restitution for death that results
from an injury.
Property Damage - In the
event your business causes damage to, or causes the loss of use of
someone else's property, property damage coverage may pay for the
value of the physical damage to the property; or the loss of use
of that property.
Products and Completed
Operations
A policy may provide coverage for your company's completed products or services.
If an injury occurs due to the use of your products or services provided,
teh policy would pay for the resulting damages and any legal expenses up
to the policy limits.
Contractual Liability
General Liability coverage extends to any liability you may assume by entering
into a variety of different types of contracts such as a building lease.
Liquor Liability
If you're not in the business of manufacturing, distributing, selling, serving
or furnishing alcoholic beverages, the policy may protect you in case someone
claims you are legally liable for a liquor-related accident.
Hired Auto & Non-Owned
Auto
Hired Auto & Non-Owned Auto coverage if requested is typically added
as an endorsement on a policy. If their are no vehicles owned by the company
this coverage will meet the contract requirement for Commercial Auto coverage.
Hired Auto coverage replaces or augments the liability coverage offered by
auto rental agencies for example
Non-Owned Auto coverage protects your company in the event that your company
is sued as a result of an auto accident that you or one of your employees
has in a personal vehicle while on company business.
Medical Payments
If someone is injured by you or at your business site, the policy may pay
for medical and funeral expenses incurred, up to policy limites, within one
year of the accident . For example, if a customer tripped and fell on your
premises and had to be hospitalized.
Personal Injury
Most General Liability policies provide coverage if you are accused of:
-
Publishing
inaccurate information that slanders or libels a person or
organization;
-
Publishing
material that violates a person's right of privacy;
-
Falsely arresting,
detaining or imprisoning someone;
-
Maliciously
prosecuting someone;
-
Wrongfully
evicting someone.
Advertising Injury
In thecourse of advertising your company's own goods, products or services,
this policy will provide valuable liability protection against advertising
injuries resulting from:
-
Publishing
inaccurate information that slanders or libels a person or
organization;
-
Publishing
material that violates a person's right of privacy;
-
Copying some
other company's advertising ideas or style of doing business;
-
Infringing
on another company's copyright, title or slogan.
.
