Business and Commercial Insurance

Business Property

PROPERTY INSURANCE: designed to protect your company's buildings, property, and contents. It protects against loss from perils including: fire, lightning, hail, windstorm, explosion (except when caused by boiler), civil commotion, riot, aircraft, vehicles, smoke, volcanic eruption, sprinkler system leakage, sinkhole collapse, vandalism, or malicious mischief. The above is referred to as basic insurance coverage and can be broadened to include other perils.

BUSINESS PERSONAL PROPERTY:  traditionally known as "contents", this term actually refers to furniture, fixtures, equipment, machinery, merchandise, materials, and all other personal property owned by the insured and used in the insured's business.

COINSURANCE: clause that applies to building and personal property coverages. The coinsurance clause protects an insurance company when a property is underinsured. If a policy has a coinsurance clause, a coinsurance percentage will appear on the Declarations page of the policy. The insurance company uses this percentage in a formula to determine how much to pay for the property in the event of a loss. The insurance company will not pay the full amount of the loss if, at the time of loss, the value of the covered property times the coinsurance percentage exceeds the limit of insurance for the property.

BUSINESS INCOME INCLUDING EXTRA EXPENSE:  net income (net profit or loss before income tax) that would be earned and continuing normal operating expenses (including payroll).

DEDUCTIBLE:  the amount of loss which an insured must pay before the insurance company will pay its portion of the loss.

GENERAL LIABILITY:  provides protection against damages for bodily injury or property damages for which the insured is legally responsible. The policy provides coverage for liability arising from personal injury and advertising injury. Coverage for medical expense is also provided. The policy provides supplemental payments for attorney fees, court costs and other expenses associated with a claim or the defense of a liability suit.

GENERAL AGGREGATE:  the most money the insurer will pay under certain coverage for all claims occurring during the policy term.

EACH OCCURRENCE:  considered to be an accident, which could include sudden events, a long series of events, or continuous or repeated exposure to the same harmful conditions.

PREMISES/OPERATIONS:  provided for damages arising out of ownership or occupancy of the insured premises. This also covers damages arising out of operations performed by the insured business.

PRODUCTS/COMPLETED OPERATIONS:  provided for damages arising out of products manufactured, sold, handled or distributed by the insured. Completed Operations covers damages occurring after operations have been completed or abandoned, or after an item is installed or built and released for its intended purpose.

MEDICAL EXPENSE LIMIT:  pays medical expenses resulting from bodily injury caused by an accident on premises owned or rented by the insured, or when caused by the insured's operations. These payments are made without regard to the liability of the insured.

FIRE DAMAGE LIMIT:  provides coverage for fire damage caused by negligence on the part of the insured to premises rented to the insured.

PERSONAL INJURY:  provides coverage for injury (other than bodily injury) resulting from libel, slander, false arrest, malicious prosecution, detention or imprisonment, the wrongful entry into, wrongful eviction from and other acts of invasion, or rights of private occupancy of a room.

ADVERTISING INJURY:  coverage for damages done by oral or written advertisement that libels or slanders another’s goods, products or services but is provided only if the offense occurs during the course of advertising the named insured's own goods, products or services.

PROFESSIONAL LIABILITY INSURANCE:   liability insurance to indemnify professionals, doctors, lawyers, architects, etc. for the loss or expense resulting from claim on account of bodily injuries because of any malpractice, error or mistake committed or alleged to have been committed by the insured in their profession.

UMBRELLA LIABILITY: provides excess liability coverage over several of the insured's primary liability policies. Most umbrella liability policies provide coverage that is broader than the insured's primary policies. An excess liability policy may be what is called a following form policy, which means it is subject to the same terms as the underlying policies; it may be a self-contained policy, which means it is subject to its own terms only; or it may be a combination of these two types of excess policies. Umbrella policies have three functions: (1) to provide additional limits above the each occurrence limit of the insured's primary policies; (2) to take the place of primary insurance when primary aggregate limits are reduced or exhausted; and (3) to provide broader coverage for some claims that would not be covered by the insured's primary insurance policies, which would be subject to the policy retention. Most umbrella liability policies contain one comprehensive insuring agreement. The agreement usually states it will pay the ultimate net loss, which is the total amount in excess of the primary limit for which the insured becomes legally obligated to pay for damages of bodily injury, property damage, personal injury, and advertising injury.

Your contact information:
Full name:
Email address:
Telephone number:
Your interests:
Send info about:	General Liability Business Qoute Workmen's Comp Commercail Auto Professional Liability
Comments:
Other Information