Business Insurance

Property Coverages

Property Insurance for Building and Contents: Most businesses have the need to lease or own an office building, office equipment, furniture, fixtures, computer equipment, phone systems, fax/copy machinery, tools, supplies, valuable papers and other such property. It is important these items be insured against perils such as fire, theft, vandalism and other covered incidents. Insuring these valuables for "replacement cost" on an "open perils form" will provide the best protection, ensuring your business will be reimbursed properly for a covered loss.

Business Interruption Insurance: In addition to direct loss or damage to your building and contents, loss can occur as a consequence of the direct damage. Such indirect losses are financial in nature and result from the loss of use of the property directly damaged. Business Interruption Coverage generally consists of two parts: Business Income and Extra Expense. Business Income will pay for lost earnings during a total or partial suspension of your business caused by direct physical damage to your premises. Extra Expense will provide reimbursement for the extra costs you incur that are necessary to continue business operations during the period of restoration.

Contractors Equipment Insurance: Mostly purchased by contractors, this coverage is used to insure valuable tools and equipment while they are being stored on premises, in-transit, at temporary locations, or at job sites. Typically, each piece of equipment is “scheduled” on the policy with a specific value. Endorsements that may also be purchased to enhance this coverage include, but are not limited to:

• Employees Tools Coverage: Extends coverage to protect the tools of your employees while being used on a job;
• Equipment Leased, Rented or Borrowed From/Loaned To Others: Provides automatic protection for unscheduled equipment that is leased, rented, or borrowed to or loaned from others as specified in the form;
• Equipment Rental Reimbursement: Offers reimbursement of expenses you incur to rent substitute equipment when such rental is made necessary by loss or damage to an insured item caused by a covered peril.
  

Valuable Papers Insurance: Certain firms, such as accounting and engineering organizations, have in their possession important documents that would prove very costly to replace in the event they were destroyed. Such documents can include books, maps, films, drawings, abstracts, deeds and manuscripts. Valuable Papers Coverage, if purchased, would cover the actual cost of materials (and any additional expenses) necessary to reproduce these records. Such coverage can be written on a “scheduled item” or “blanket” basis.

Builders Risk Insurance: Provides coverage for your interest, as well as the interests of others, in buildings during the course of construction. It protects the “property” it takes to build, renovate or repair a building, such as building supplies, construction equipment, scaffolding, and the structure itself.

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