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Commercial Insurance Buyers Guide

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Insurance Considerations Help Type of insurance Help Comments Help
Building or leasehold improvements Property insurance “All risk” or named perils. Make sure you insure the property value to 100% so you avoid possible coinsurance penalties. Can be written on replacement cost basis or actual cash value.
Business personal property and inventory Property insurance “All risk” or named perils. Can be written on replacement cost basis or actual cash value.
Business equipment Scheduled property floater “All-risk” coverage at any location including while-in-transit items is scheduled. Coverage should be extended to cover leased equipment.
Loss of use of the premises Business income Provides coverage for lost rents or income as the result of damage by an insured peril, or extra expense of occupying other quarters.
Steam boiler, pressure vessel, air conditioning unit, air compressor and other identified equipment Boiler & machinery Limits should be adequate to protect against all perils.
Loss of data programs and systems Electronic data processing equipment coverage Covers expenses involved in repairing programs, data, etc.
Crime Money & securities This coverage applies to loss of money, securities or other negotiable instruments from burglary, robbery or theft. (loss of other business property and inventory is covered under “All risk” forms of insurance)
Burglary Forgery Property Crime Covers forged checks and intake of counterfeit money
Employee dishonesty Fidelity bond Covers loss of money and property caused by employee dishonesty. May be written on a “blanket” basis covering all employees or on a scheduled basis naming specific employees or positions.
Automobiles Business automobile A variety of coverages are written on the same policy including liability, uninsured/underinsured motorist, no-fault (in applicable states), medical payments, non-owned liability and rental reimbursement.
Injury to employees Workers’ compensation and employer’s liability Statutory requirements vary in each state.
General liability claims Commercial general liability Provides liability coverage for claims against the insured for damages arising from his or her business premises or operations.
Accounts receivable records Accounts receivable Coverage protects you from direct loss resulting from the liability to collect money due from customers because of destruction or damage to your accounts receivable records.
Loss of damage to records Valuable papers and records Pays for reconstruction of vital records. Coverage is “all risk”.
Product liability claims Product general liability Covers liability for damages caused by an accident and arising out of goods or products manufactured, sold, handled, or distributed by the insured or others trading under his or her name. The accident must have occurred after possession of goods has be relinquished to others, and away from premises owned, rented or controlled by the insured.
Liability for damage to reputation or public embarrassment of employees or others Personal injury general liability Includes coverage for libel, slander, malicious persecution, invasion of privacy, wrongful eviction, etc.
Fire damage to rental premises Fire legal general liability Protects an insured if sued by a landlord for negligence in causing fire damage to a rented building.
Alcoholic beverages Host liquor general liability Provides protection for claims resulting from serving alcoholic beverages at sponsored gatherings for those not in the business of manufacturing, distribution or selling of alcoholic beverages.
Loss of revenues and profit from business shutdown Business interruption Coverage available under several options. Continues business income if a fire or other insured peril forces you to close.
Advertising activities Advertising injury general liability Covers claims for libel, slander, violation of a person’s right of privacy, copyright infringement, etc. resulting from the policyholder’s advertising activities.
Liability of administrators of employee benefit plans under ERISA Fiduciary liability Protects administrators of employee pension and other benefit plans for fiduciary responsibilities.
Liability for properly advising employees of their rights Employee benefits liability Protects employer against improper advise concerning benefits and termination options.
Inventory being transported and inventory at job sites Inland marine (transit) installation floater Must be specifically described.
Exterior glass Plate glass “All-risk” coverage not normally provided on other policies insuring buildings or leasehold improvement.
Exterior signs Sign coverage Requires specific description of signs to be covered. Coverage is “All-risk”.
Contracts Contractual general liability Covers liability of others assumed under contract (hold-harmless and purchase order agreements).
Damage to buildings and business property due to flood Flood Written with large deductible. Deductible may be covered by U.S. Government Flood Insurance Program (through licensed insurance agents).
Catastrophic liability claims Umbrella Provides excess coverage over and above primary limits on your comprehensive general liability policy, auto liability policy and other scheduled primary coverages
Cost of continuing business after destruction of premises or equipment Extra expense Pays extra expenses for temporary premises and equipment replacement.