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.
. 
