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Commercial insurance is one of the most important business decisions you can make to protect your assets and business. Commercial insurance gives you liability coverage, property coverage and many optional coverages that we can customize to fit your business.
A commercial package policy does nothing except bundle up all selected coverages into one convenient policy. There are neither coverages added nor extra coverage benefits offered to the insured, BUT there is only one policy and one policy number and that can add a lot towards convenience. There may be a pricing advantage in some situations. BUILDING AND PERSONAL PROPERTY COVERAGE FORM: Business personal property coverage may be written to cover all contents and personal property belonging to the insured, located as described, for a specified amount of insurance. Tenants improvements and betterments are included unless specifically insured or indicated to be excluded. Any of the following categories of personal property may be covered by endorsement as a separate item: stock; contents except stock; machinery and equipment; furniture; fixtures; tenants improvements and betterments. Personal property of others in the insured's care, custody or control is basically covered up to a set limit (such as $5,000) with the insured's personal property, when an 80% or higher coinsurance clause applies. When the exposure is substantial, however, it may be covered for a specific amount, or blanket with the property of the insured. All commercial ventures of every type need to be liability conscious. Merely by their formation, commercial risks incur a liability exposure in our modern litigious society. Protection for third-party bodily injury and property damage claims may be insured under a Commercial General Liability Coverage Policy which includes coverage for both premises and products-completed operations exposures. Guarantees that a business specialty will perform his/her obligations under contract for the benefit of the owner. It covers whatever obligations the contractor assumes in the contract, in accordance with the plans and specifications that are a part of the contract, for an agreed sum of money to be paid to the contractor by the owner, whether public or private. Bonds are issued for many different professions to satisfy requirements of contracts, etc. ERRORS AND OMISSIONS INSURANCE: Protection against claims by clients alleging pecuniary loss due to errors or omissions in the performance of work for them is available for a growing list of semiprofessional and service type pursuits. These include adjusters, data processors, advertising agencies, hearing aid service offices, insurance agents and brokers, real estate agents, stockbrokers, surveyors, telephone secretarial services, title abstractors, and travel agencies. Insurance for the latter, a recent innovation demonstrating the need for protection for mistakes by an increasing number of for-profit activities, indemnifies the insured for breach of duty claims arising out of any negligent act, error or omission in the advising or arranging of transportation, hotel or motel accommodations or special tours for clients. Errors and omissions insurance must be considered for numerous service type businesses emerging in a service-oriented economy. Notable examples are electronic data processing companies, computer software developers, employment and temporary help agencies, marketing and direct mail companies. The concern is the potential for economic loss incurred by a client as a result of dependence on service performed by the insured. This policy is designed like a commercial homeowners policy. It provides property, liability, inland marine, crime and hired/non-owned auto in one neat package. While customization is permitted the options are fairly limited when compared to the commercial package policies. Eligibility, pricing and coverages included vary considerably by company. Key areas of comparison are coverages included, coverage extensions, premium calculation and limits. Most associations are eligible for businessowners although eligibility varies by company. It could be an attractive alternative for many associations, provided all necessary coverage is included in the product offered. EMPLOYMENT PRACTICES LIABILITY (EPLI): Covers lawsuits brought by employees (past, present or prospects), or governmental entities against the insured employer, alleging wrongful discharge, discrimination or certain types of harassment. Associations have experienced many claims of harassment. It is often difficult to draw the line between innocent fun and malicious abuse. This coverage is important along with regular procedures and processes to help everyone understand what can and cannot be allowed. Provides all of the coverages that the insured should need if he/she owns, leases or hires vehicles. It also covers the insured for the non-owned usage of a vehicle when an employee or volunteer uses their vehicle on company business. The schedule allows the insured to sculpture the coverage as needed by the use of symbols. The policy can cover all owned, leased, hired and non-owned autos or can be more selective. |
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