Property & Liability Insurance
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.
|
|
