Here are some common definitions that may help you understand your insurance needs:
Business Personal Property
Replacement cost on equipment, inventory, fixtures and your building improvements - $500 standard deductible - 90% co-insurance.
The termination of a policy before the expiration date.
The specified amount of each loss that the insured must bear.
Insurtec offers substantial discounts that will lower your premium. Please give us a call to discuss the possibilities.
A form of insurance that protects the policy owner from acts of negligence and/or omissions resulting in bodily injury and/or property damage on the premises of a business.
This provides protection in the event the insured's alleged negligence causes bodily injury or property damage to others and the insured becomes legally obligated to pay damages.
Loss of Business Income
25% of Business Personal Property. The maximum amount you may recover in any 30 day period is 33% of this amount. The maximum recovery period 90 days.
Offers coverage for claims made if the event in question occurred during the policy period. The claim does not need to be reported during the policy period to be covered.
Typically covers invasion of privacy or verbal abuse.
Covers those sums that your business may be legally obligated to pay if your business is involved in a lawsuit. This includes claims such as someone tripping and falling or libel and slander.
The cost of insurance provided not including fee's and tax.
Covers any injury caused by a product used or sold in your business, such as lotion or accelerators.
Protects you against claims made by your customers who suffer an injury due to your professional service (ie. tanning, massage, esthetics, etc.).
Property Damage Insurance
This covers the building and contents owned by the business including everything from supplies to office desks.
A policy based on this would pay for the loss on the basis of replacement cost at the time of the loss, without reduction for depreciation. In other words, the policy would pay the full cost to repair or replace, not to exceed the policy limit.