Business Insurance

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.

Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

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It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of a loss. If a business owner does not feel he or she has the ability to effectively assess business risk and the need for coverage, they should work with a reputable, experienced and licensed insurance broker.


Umbrella Policy

Insurance policy providing additional liability coverage over a basic insurance liability policy.

Commercial General Liability form (CGL)

Liability coverage section of a  Simplified Commercial Lines Portfolio Policy (SCLP) . Provides for separate limits of coverage for general liability, fire legal liability, products and completed operations liability, advertising and personal liability, and medical payments. An  aggregate limit of liability is in force for the general liability, fire legal liability, advertising and personal liability, and medical payments claims. When total claims for all of these areas exceed a given annual aggregate limit of liability, the policy limits are said to be exhausted and no more claims for that year will be paid under the policy. There is also an aggregate limit of liability in force for products and completed operations liability claims.

Commercial Package Policy (CPP)

Insurance policy that is  commercial lines in orientation and is composed of two or more of the following coverages:  commercial property,  business crime,  Business Automobile,  boiler and machinery,  Commercial General Liability form (CGL),  inland marine insurance and  farmowners and ranchowners insurance and  ranchowners insurance.

Commercial Property Policy

Coverage for business risks including goods in transit, fire, burglary, and theft.

Business Auto Coverage Form

Type of  commercial form that provides coverage for business vehicles regardless of whether they are owned, leased, hired, or borrowed. The form’s coverages are divided into the following sections: Section I-covers vehicles that are identified according to any one of nine symbols:Symbol #1-any vehicle Symbol #2-owned vehicle only Symbol #3-owned private passenger vehicles only Symbol #4-owned vehicles other than private passenger vehicles Symbol #5-owned vehicles subject to no-fault insurance Symbol #6-owned vehicle subject to compulsory uninsured motorists laws Symbol #7-specifically described vehicles (only those listed are covered) Symbol #8-hired vehicles only Symbol #9-non-owned vehicles only Through the above forms, the business may select only the coverages desired, thereby minimizing its insurance costs. For example, if the business desired the most comprehensive coverage, symbol #1 would be selected. Section II-liability coverage in the event the business’ negligent acts and/or omissions result in bodily injury or property damage to a  third party as the result of operating a vehicle. Section III-physical damage coverage for property damage to the business’ covered vehicles under three classifications: Comprehensive-pays for all physical damage to the business’ vehicles regardless of cause with the exception of collision with another object or in the event the vehicle overturns. Specified causes of loss coverage-pays for physical damage to the business’ vehicle only resulting from fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief, or vandalism; or sinking, burning, collision, or derailment of any conveyance transporting the business’ vehicle. Collision-pays for physical damage to the business’ vehicle resulting from contact with another object. Section IV-conditions that describe the insured business and the insurance company’s obligations if a loss should occur. Section V-definitions discussing the critical terms in the vehicle form such as the meanings of accident, insured, vehicle, or suit

Personal Injury Protection (PIP)

Coverage to pay basic expenses for an insured and his or her family in states with  no-fault automobile insurance . No-fault laws generally require drivers to carry both  liability insurance and personal injury protection (PIP) coverage to pay for basic needs of the insured, such as medical expenses, in the event of an accident

Uninsured Motorist Insurance

form of insurance that covers the policyholder and family members if injured by a hit-and-run motorist or driver who carries no liability insurance, assuming the driver is at fault. In most instances, reimbursements of costs of property damage and medical expenses resulting from the accident will be rewarded. The premiums for uninsured motorist coverage are usually rather modest, and are included as part of a regular auto insurance policy

Products and Completed Operations Insurance

coverage for an insured manufacturer for claims after a manufactured product has been sold and/or a claim results from an operation which the manufacturer has completed.

Fire Legal Liability Insurance

coverage for property loss liability as the result of negligent acts and/or omissions of the insured that allows a spreading fire to damage others’ property. Negligent acts and omissions can result in fire legal liability. For example, an insured through negligence allows a fire to spread to a neighbor’s property. The neighbor then brings suit against the insured for negligence. In another example, a tenant occupying another party’s property through negligence causes serious fire damage to the property

Premises Medical Payments Insurance

supplemental coverage written into or endorsed onto many business and personal liability policies. Covers medical costs and loss of income of persons injured on an insured’s property, regardless of whether the insured was at fault in causing those injuries. This coverage enables the insured to volunteer to pay these medical costs and income losses when doing so serves the insured’s business purposes or preserves personal relationships.

Garage Insurance

coverage for bodily injury, property damage or destruction, for which the insured garage and/or its representatives become legally liable resulting from the operation of the garage. For example, negligent repair to a customer’s automobile brakes cause them to fail, thereby injuring the driver. The garage faces a liability suit for perhaps three types of damages: special, general, and punitive.The Best Way to Take Sildenafil Citrate. Part 2