Other Insurance Products
Coverage for owned, hired or borrowed vehicles:
- Uninsured Motorist
- No Fault (if required)
Do you or your employees use private passenger vehicles or vans in your business? Large retailers often require some type of commercial auto insurance when delivering to their sites.
If your company does not own vehicles you may only need Hired & Non-Owned Auto Liability coverage.
Inland Marine & Ocean Marine (Cargo)
Shipping goods from place to place requires more than just typical commercial property insurance. Most property insurance is location specific but not Inland or Ocean marine insurance.
Marin insurance was designed to insure property that moves from place to place. A valuable coverage for manufacturers, importers and exporters.
Relying on a common carrier to cover your loss? Many do but control of a claim is in the hands of the shipping company. Shippers do not often divulge the limits of insurance or coverage terms to their clients.
If your business owns or your lease requires you to carry building coverage the most critical decision is what limit of insurance to buy. Options include:
- Replacement Cost
- Actual Cash Value (replacement cost – depreciation)
Next choice is what causes of loss will trigger coverage (most coverage to least)
- Special Cause of Loss
- Broad Cause of Loss (no theft)
- Basic Cause of Losss (no theft)
Permanently installed equipment, for insurance purposes, becomes a consideration when choosing a limit of insurance.
Business Personal Property
Coverage for equipment (not permanently installed) and inventory used in your business. This type of coverage is not ideal for property moving from place to place.
Be sure to list each location with business personal property. Most policies give limited coverage for property located off the premise described in the policy.
Choices are similar to Building Coverage for valuation and causes of loss.
Business Income & Extra Expense
Believe it or not the loss of income (net profit + continuing normal expenses) and extra expense (expenses incurred above your normal expenses to minimize your income loss) are considered a property coverage. This area of coverage is often misunderstood and can have some very surprising limitations. This is your operations disability insurance and the lack of appropriate coverage can be the difference of surviving a major loss or not. Not sure how it works, put it on your To Do list, it is that important.
Manufacturers of perishable products should have this coverage. Breakdown of your manufacturing line can cause severe losses.
Refrigeration equipment is often insured with this coverage to protect inventory from a sudden loss in temperature.