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Commercial Insurance can provide valuable protection against such things as theft, property damage and liability. It can also provide coverage for business interruption and fidelity (employee dishonesty).
A business owner who chooses to operate a business without insurance puts his enterprise at risk of losing money and property in the wake of an unfortunate event. In some situations, a business owner may even place personal money and property at risk by failing to secure adequate commercial insurance.
To remain safe in the knowledge that your assets are covered, make sure to contact us for the best deal in the market!
The most familiar types of commercial insurance are property, liability and workers' compensation. Property insurance covers damages to your business property, liability insurance covers damages to third parties and workers' compensation insurance covers on-the-job injuries to your employees. Depending on your business you might need additional cover.
Listed below are some of the different types of business insurance available:
Boiler and Machinery Insurance also referred to as equipment breakdown or mechanical breakdown coverage provides cover for the accidental breakdown of boilers, machinery and equipment. This type of cover usually reimburse you for property damage and business interruption losses.
Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example a fire burns your building to the ground, before you can start rebuilding the remains of the old building have to be removed. Your property insurance will cover the cost of rebuilding, but not removing the debris.
Builder's Risk Insurance covers buildings while they are being constructed. For example, if the wind takes down your partially constructed roof, the builders risk insurance would cover the loss.
Glass Insurance covers broken store windows and plate glass windows.
Inland Marine Insurance covers property in transit and other people's property on your premises. For example, fire damage to a customer's clothing from a fire at your dry cleaning business.
Business Interruption Insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents and net profits that would have been earned during the two-month period.
Ordinance or Law Insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50%). For example, your five-story building is 100 years old and a flood destroys the basement and first three stories. This caused more than 50% of your building to be rebuild. A local ordinance requires that the building be completely demolished and rebuilt according to current building codes your insurance will cover the replacement value and not the upgrade.
Tenant's Insurance covers the renter's damages to improvements that is made to the rental space and damages to the building caused by the negligence of your employees.
Crime Insurance covers theft, burglary and robbery of money, securities, stock and fixtures from employees and outsiders.
If you own a vehicle then insurance is something you will have to think about. It is not law to have vehicle insurance but it would certainly protect you against potential losses. Let us assist you in finding the most suitable cover to meet your needs and budget.
Home insurance is vital as potential losses caused by theft or accidental damage are very high. Homes are most likely our most valuable asset and therefore it is worth getting the right insurance to ensure that it stays that way. You can insure the contents of your home and/or the building. We can help you in finding the most suitable cover to meet your needs and budget.
Questions to ask when considering home contents insurance:
1. What does public liability mean?
2. Explain what average means.
3. When should I specify any valuable items under my insurance cover?
4. Do I need to take an inventory of all the contents in my home?
5. Does my cover include theft, weather-related claims, when visitors damage goods and other household accidents?
6. If I move house, will the content be covered when transported from the one home to the other?