Commercial Property Options
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building.
| Flood Insurance for Business | Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect a building and property from rising water. Check your current property insurance policy to be sure you are covered and if not, we can provide a flood map to show the risk. |
| Business Property Insurance | Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater). |
| Electronic Data Processing | This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks. |
Commercial Auto Policies
Commercial auto insurance can cover a combination of vehicle types (trucks, cars) and drivers, as well as some types of motorized equipment. It provides for bodily injury liability and property damage while operating a company automobile, medical payments or Personal Injury Protection (PIP) for the driver and passengers of the policyholder’s car. Injuries or damage to someone else are also covered.
| Hired/Non-owned Auto Liability | Are you renting cars or are your employees using their own vehicles? This particular coverage provides business insurance coverage for certain liabilities arising from the use of a rented or leased vehicle (hired), or a non-owned vehicle (employee using their own vehicle on company business). Oftentimes this coverage can be added inexpensively to a business auto policy, or in some cases, a general liability policy. |
| Use of Personal Vehicles | Insurance policies for privately owned vehicles may not cover damage to your privately owned car or truck when it is used for business, even home cosmetics, jewelry sales or a pizza delivery business. Talk to us if you are an Uber/Lyft Driver or work for another type of courier service. |
Commercial Umbrella Policies
If umbrella policies are good for individuals, then they are imperative for business. When a catastrophic liability loss occurs, an umbrella insurance policy can mean the difference between a business surviving, or not.
The rising costs of lawsuits and judgments are important for today’s business owner to consider. Catastrophic liability losses can happen to any business at any time, and a commercial umbrella policy protects you when those losses exceed your basic liability coverage.
| What Is Excess Liability Coverage? | This coverage provides extra liability limits over an Umbrella policy. This coverage typically follows the terms of the first underlying insurance policy. |
| Who Needs Excess Liability Coverage? | Higher limits may be necessary for businesses with high loss potential, high profile, sizable sales, numerous assets, large auto fleets, worldwide presence, significant public exposure. |