Extended Coverage
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Business Insurance |  |
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Contact us today for a no-obligation assessment of your insurance needs and a completed explanation of the following options. |
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Depending on the size of your business and the nature of your business operations, there may be extended coverages that you should consider and possibly incorporate into your total insurance package. The following summary will be helpful.
Builders' Risk
This policy provides coverage for buildings in the course of construction. Your policy can provide coverage for the full value of the finished building, or on the incremental value of the building on a monthly basis. Coverage is also available such as a "contractor's automatic builders' risk", which provides automatic protection for thirty days on new construction projects.
Business Interruption
This “rider” covers loss of earnings of the business as a result of damage to or destruction of property. This coverage generally provides reimbursement for salaries, taxes, rents, and other expenses plus net profits which would have been earned during the period of interruption, up to the limits of the policy.
Inland Marine
Written primarily to cover property in transit; i.e. from warehouse to warehouse, as well as property in the custody of bailees such as dry cleaners, laundries and other processors, etc. This type of insurance may also be used to cover such things as sales samples, contractors' equipment, patterns, exhibitions, and live animals.
Glass
Coverage may be purchased to provide "all risk" coverage for glass breakage. Insureds with large amounts of plate glass may want to buy this coverage to provide protection for damage otherwise excluded under most commercial property policies.
Commercial Crime
Coverages may be purchased to cover your stock and fixtures in the event of burglary and robbery, to protect money and securities, or to protect against counterfeit currency or employee dishonesty.
Machinery Breakdown
Insurance provides protection for damages caused by the equipment which keeps the business in operation, and basically insures against the three major exclusions found in most property insurance policies: (1) boiler explosion; (2) mechanical breakdown; and (3) electrical arcing. Almost any type of equipment that controls, transmits, or uses mechanical or electrical power can be insured under a machinery breakdown policy.
Fidelity Bonds
Cover business owners for losses due to dishonest acts by their employees. Bonds can be purchased to cover specific individuals or specific positions, or blanket bonds can be written to cover all employees of the organization.
Earthquake
Insurance is usually available through an earthquake extension endorsement which, for an additional premium, extends coverage to damage caused by earthquakes and volcanic eruption. This is generally written with a deductible which is a percentage of the value of the property insured.
Terrorism
Terrorism insurance is purchased by business owners to cover their potential losses and liabilities that might occur due to terrorist activities. These disruptive activities could interrupt production or supplier deliveries, which in turn stops production and/or the ability to conduct normal business.
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