Business Property & Liability Insurance
Protection from liability and loss of assets is the core of any adequate business insurance coverage plan. Any business can be affected by physical vulnerabilities, ranging from damage to buildings or machinery from hazards such as fire or weather events to theft, vandalism, or accidental damage. Liability risks, such as customer lawsuits or covering the medical expenses of injured employees, are also among the concerns that insurance products can help make more manageable.
The categories of commercial insurance described below are among those that are of most frequent relevance to a wide range of businesses, but our associates can also connect you with other coverages to meet more specialized needs.
Commercial Property Insurance
Commercial Property Insurance covers not only your commercial plants, offices, utility buildings, and other physical structures, but also the assets inside, such as industrial and business equipment, computers, business supplies, and more. This coverage gives you the peace of mind of knowing that funds will be available to help your business recover from events like fire, weather damage, water damage due to a fire protection system malfunction, and other scenarios. The cost and limits of your coverage are determined by factors such as the value and type of your physical premises and of the items inside or on-site, as well as the level of deductible you are willing and able to cover in the event of a loss.
General Liability Insurance
A variety of factors can subject businesses to liability risks. General Liability protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations, or your employees.
Business Income Insurance
Also often called “business interruption insurance,” Business Income Insurance can help keep your company financially sound while it recovers from an incident that stops or slows operations. For example, if a fire in a manufacturing plant destroys equipment essential to production, Business Income Insurance will help replace revenue that will be lost until replacement equipment is operational.
Commercial Inland Marine Insurance
If you’re not yet familiar with Inland Marine Insurance, you may find the name of this insurance category to be somewhat confusing. The inland marine definition has evolved over time to cover a wide range of property, equipment, and materials. This is generally covering property that may move from one location to another.
Commercial Umbrella Insurance
Policies in the various categories of commercial liability insurance, such as your general commercial liability policy or your commercial vehicle liability coverage, specify maximum coverage amounts. Sometimes, however, actual losses may exceed those limits. For example, a person injured at your facility may incur medical expenses that exceed the limit of your general liability coverage. Commercial Umbrella Insurance can help fill the gap, providing a significantly higher top limit to protect your business from a potentially devastating loss.