usiness property insurance is one of the best ways to protect your business property, assets, and its operations from damage caused by inclement weather, fire, windstorm, hail or crime. Business property insurance consists of two insurance coverage categories: property, which covers your business’s building and business personal property, and business income which covers expenses and lost income.
Key components of a standard Business Property Insurance policy include (please note that not all coverages will be available for all business):
- Building and Business Personal Property:
- Coverage to help pay for the cost to repair or replace your property, including inventory, office furniture or fixtures damaged by fire or other covered losses.Computers and Media: Coverage for Physical loss or damage to your computer hardware, Loss of data or computer software.
- Business Income:
- Insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations during the time required to repair or replace the damaged property.
- Accounts Receivable:
- Makes sure you’re able to reconstruct lost or damaged records which will enable your business to reissue bills for clients with outstanding balances.
- Property in Transit:
- Helps to protect your business's personal property if damaged during shipment.
- Tenant Obligations:
- As a tenant, you may be responsible for damages to the building caused by a break-in, lease assessments, and damage to windows and glass doors. If so, our policy can help cover these added financial responsibilities.
Casualty or General Liability Insurance
No matter how careful you are, one day your company could be the subject of a lawsuit. A Business Liability policy will cover your business in the event of third party liability claims.
Key components of a standard general liability insurance policy include (please note that not all coverages will be available for all business):
- Bodily Injury and Property Damage Liability:
- Helps protect you against financial loss in the event your business is held liable for someone's injury or property damage.
- Products and Completed Operations:
- Helps protect for liability arising out of your products or business operations conducted away from your premises once those operations have been completed or abandoned.
- Personal and Advertising Injuries:
- Helps protect your business from claims of false arrest, malicious prosecution, libel, slander, wrongful eviction, discrimination or humiliation, or invasion of the right of privacy. We can also help protect you if others claim you infringed on their copyrights in your advertisements or that you copied their advertising ideas.
- Medical Payments:
- Pay for reasonable medical costs, regardless of fault if someone is injured on your premises and needs medical treatment.
- Damage to Premises Rented to You:
- Covers up to a specified limit when your lease makes you responsible for damages to the premises that you rent or occupy if the damages happen as a result of fire, lightening or explosion.
- Additional Insured:
- If a written contract requires you to name someone else as an additional insured, your policy can be tailored to meet the contractual obligation.
Please contact us or visit our Arlington branch location so we can learn more about your business and discuss your commercial Insurance needs.