Different Business Insurance Policy Options

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Business Insurance and Business Insurance Just what Kind of Business Insurance coverage Do I Need to Obtain for My Business Insurance Needs?

With regards to the individual risk characteristics of your business, the broker-agent will present you with various business insurance coverage options for purchasing business insurance. A broker-agent's proposal is simply that, a proposal. When all is said and done it is your responsibility
to make an informed choice and select the business insurance that best fits your business insurance plan. The relationship that you build with a broker-agent is incredibly important in this specific critical decision making process. An experienced broker-agent has handled hundreds of businesses much like yours. Given that business insurance can be complex, you need to feel free to discuss any terms, conditions, or concepts that are unclear to you with your broker-agent. It is a broker-agent's service to answer your questions and to help you understand the business insurance coverage you are purchasing. Even while your business may not require all business insurance lines, it's a good idea to have a basic knowledge of the kinds of business insurance coverage obtainable. While your business changes and expands you will have the necessary knowledge to purchase insurance coverage
as new exposures develop. The following business insurance lines
cover broad areas of exposure common to 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 Buildings 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 can be offered separately as an individual line policy (known as a monoline policy), or it could be offered as part of a Commercial Package Policy (CPP), which
includes two or more commercial coverage components such as commercial property, general liability, and commercial auto. Building coverage consists of buildings or structures and any completed additions, which are listed on the declarations page of a commercial policy. Permanently installed fixtures, machinery, and equipment will also be insured as an element of building coverage. The

limit of business insurance is the actual projected sum required to rebuild your
building and to replace permanently installed fixtures, machinery,
and equipment in the event of a total loss. You will be required under the insurance policy to fully insure the value of your respective structures.

If a building is not 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 go through and fully understand the coinsurance clause of your commercial property policy and to
go over any concerns with your broker-agent.