Business Insurance and Business Insurance Just what Type of Business Insurance Do I Need to Obtain for My Business Insurance Needs?
Depending on the individual risk characteristics associated with your business, the broker-agent will show you with different business insurance coverage choices for purchasing business insurance. A broker-agent’s proposal is just that, a proposal. When all is said and done it is your responsibility
to make an educated choice and choose the business insurance that best fits your business insurance plan. The partnership that you build with a broker-agent is incredibly important in this critical decision making process. A seasoned broker-agent has dealt with hundreds of businesses similar to your own. Given that business insurance can be complex, you must feel free to discuss any terms, conditions, or concepts that happen to be unclear to you with your broker-agent. It is a broker-agent’s obligation to answer your questions and to help you understand the business insurance coverage you are purchasing. Even while your business may not need all business insurance lines, it is a wise decision to possess a basic understanding of the types of business insurance coverage obtainable. While your business changes and grows you will have the necessary knowledge to purchase insurance coverage
as new exposures arise. The following business insurance lines
cover broad areas of exposure present with most business operations or business insurance needs:
Property Insurance
Commercial Property
Inland Marine
Boiler and Machinery
Crime
Casualty Insurance
Commercial Automobile
Commercial General Liability
Commercial Umbrella
Workers Compensation
Business Insurance – Commercial Property:
Coverage Sections, Limits of Insurance, and Coinsurance Structures you own or lease as an element of your business, your business personal property, and the personal property of others make up the basic coverage sections of commercial property insurance. Commercial property insurance could be sold separately as an individual line policy (known as a monoline policy), or it may be offered as part of a Commercial Package Policy (CPP), which
includes 2 or more commercial coverage components such as commercial property, general liability, and commercial auto. Building coverage includes buildings or structures and any completed additions, which are outlined on the declarations page of the commercial policy. Permanently installed fixtures, machinery, and equipment may also be insured as an element of building coverage. The
limit of business insurance is the projected amount needed to rebuild your
building as well as replace permanently installed fixtures, machinery,
and equipment in the event of a total loss. You are required under the insurance policy to fully insure the value of your structures.
If a building isn’t insured to value, you may be subject to a monetary penalty at the time of a loss. This kind of penalty is commonly referred to as “coinsurance.” It is very important to read and fully understand the coinsurance clause of your commercial property policy and to
discuss any kind of questions with your broker-agent.
Get additional information on different business insurance options available @ Monument Commercial Insurance Agency. We will also be publishing additional parts regarding the topic Business Insurance within the next few days, so keep watch. And thanks for reading.
