COMMERCIAL PROPERTY INSURANCE
Commercial property coverage is one of the most basic forms of business insurance and comes standard in most business policies. But what exactly does it cover? Each policy from various insurance carriers will differ in terms and conditions, exclusions and limitations. Below is a list of general items that are likely to be covered, however, you should check with your agent or insurer for the specifics of your unique policy.
•Personal property: This includes contents owned by the business, which may include furniture, merchandise, fixtures/artwork, raw materials etc.
•Equipment breakdown: Covers the expenses associated with repairing or replacing equipment following mechanical breakdown, including air conditioners, boilers, phone systems, break room appliances etc.
•Property of others: Protects you against damages or loss to the property of customers that is in your business’ possession, such as computer equipment undergoing repairs by your business.
•Business income: Offers reimbursement for a loss of earnings resulting from a covered loss or damage to your property. It can also cover higher costs of continued operations after a covered claim.
•Money and securities: Covers money and securities used in your business if they are lost, stolen or damaged.
We can help you select a policy that has the coverages your business needs for optimal protection of its assets. Don’t miss the chance to work with a professional agent in finding the right policy at the right price.
Give us a call and ask us about how to properly insure your business.
or call us at (323) 571-0127
Commercial Package Policies
There are many different types of risks that a business owner might be exposed to and each requires its own insurance policy. When buying individual insurance policies to cover each risk, it can get confusing, which is why there are commercial package policies available to help business owners organize the insurance policies they need to protect their business into one convenient package. Often, this package can also afford an insured some discounts which makes it even more advantageous.
Not every type of insurance can be offered in a commercial package policy, however. Business owners can create their package using any of the following:
•Inland marine coverage
•Professional liability coverage
While the policy package may have some limitations, it is not cookie cutter. You individual package may have declarations, endorsements and conditions specific to you and the needs of your business. For instance,
•Each package will have what is called a common policy declaration, which spells out the details of who and what is covered. It will include the insured’s name, the date of coverage start and end, a description of the nature of the business covered and the premiums.
•Another package-wide spec is the common policy conditions, which spell out the responsibilities and obligations of the insured that is named first on the declaration. This ensures that, in the case of a business with multiple owners who are all named on the policy, one individual owner is responsible for making premium payments and responding to inquiries rather than having each business owner assume that another is handling it when none of them are. This is also the only individual on the policy with the power to cancel it. In order to do so, he or she must send the request in writing to the insurer. If the first named insured wishes to transfer these responsibilities to another, the request must also be made in writing and must be approved by the insurance company.
In this type of package policy, it’s also important to note that the insurance company is generally permitted to audit the insured company’s books and records at any time while the policy is in-force and for up to three years after it is canceled. They can also make an inspection or survey any time while the policy is in-force.