- Liability Coverage: What type of protection is provided by this coverage?
- Property Coverage: What type of protection is provided by this coverage?
- Crime Coverage: What type of protection is provided by this coverage?
- Negotiating Coverage Issues: What information does an Underwriter consider when they determine your premium?
- Umbrella Coverage: Why is this coverage important?
1- What type of protection is provided by this coverage?
- Commercial General Liability: Provides liability coverage if your business is held liable for bodily injury and property damage that does not arise from professional service related activities. This liability can arise from:
- Premises Liability
- Operations Liability
- Products Liability
- Completed Operations Liability
- Personal Injury or Advertising Injury: Primary exposure being slander, libel or disparaging a person or organization ’s goods, products or services.
- Damage to Premises Rented to You: Covers property damage liability to space that is rented or leased by your business.
- Additional Insured Coverage: Includes persons or organizations that you agree to add in a written contract or agreement for non-professional services
- Blanket Additional Insured Coverage: Includes persons or organizations that you agree to add in a written contract or agreement for non-professional services.
- Blanket Waiver of Subrogation: Removes policy subrogation rights against any person or organization that is added as an Additional Insured arising from work in ongoing operations performed under a written contract or agreement that was made before and in effect when, a claim occurs.
- Primary and Non-Contributory Wording: Amends your policy to apply on a primary and non-contributory basis with any other insurance issued to a person or organization added as an Additional Insured, if you specifically agree so, in a written contract or agreement.
- Aggregate Limit Applies on a “Per Project” Basis: Revises the policy limit to apply separately to each of your projects, or each of your office locations listed on your policy declarations page.
- Non-Owned and Hired Automobile Coverage: Expands commercial general liability protection to include use of personal vehicles by employees, or rented vehicles.
2- What type of protection is provided by this coverage?
- Business Personal Property: Replacement of business property (and property of others, including leased property, in your care, custody or control) such as furniture, equipment, and material used to operate the business that are damaged or lost due to a covered event.
- Tenant Improvements & Betterments: Damage or loss of office fixtures that you permanently install and were not provided by the landlord; which cannot be removed when you leave. Examples include interior walls, cubicles, shelving/cabinetry, kitchens, internal wiring or plumbing.
- Computers & Media: Covers the replacement cost value of computers, peripheral devices (i.e., modems, printers, scanners), related component hardware/software that are damaged or lost due to a covered event.
- Electronic Data Processing Data & Media: Covers the cost to research/replace/restore lost electronic data stored on computers and media and the replacement cost of blank media. A sub-limit of coverage for damage caused by computer virus may also be available.
- Valuable Papers & Records: Includes the cost to research, replace or restore lost information for which duplicates do not exist. Examples include inscribed, printed or written documents, records or manuscripts; including specifications, drawings, films, card index systems, maps, abstracts, deeds, and books (except for money or securities, data stored on computers or media).
- Equipment Breakdown: Protects your firm’s office computers and data systems, printers, copy/fax machines, phone and security systems; which can be damaged by power surges, short circuits and other electrical fluctuations.
- Loss of Business Earnings and Extra Expenses: Loss of income and the extra expense to continue or resume operations due to a covered event.
- Accounts Receivable: Protects against loss of outstanding accounts that are not collectible due to lost or damaged records plus the expense of reconstruction and extra collection fees from a covered event.
- Earthquake Sprinkler Leakage Coverage (Optional): An endorsement that provides coverage for damage caused by leakage from an automatic sprinkler system as a direct result of an earthquake.
- ERISA Compliance Coverage: Protects against theft of funds from retirement plans, which is required by the Employee Retirement Income Security Act (ERISA).
- Employee Dishonesty: If an employee's dishonest acts - such as theft - cause your business loss or damage, your policy will offer coverage, even if the loss is to money or securities.
- Business activities and office location(s)
- Building construction type, age and recent update history
- Exposure to loss from other building tenant business activities (i.e., mercantile & restaurant focused upon)
- Security features, including door locks, window protection, alarm and sprinkler systems
- Liability and property insurance coverage limits and claim experience history
3- What type of protection is provided by this coverage?
4- What information does an Underwriter consider when they determine your premium?
Insurance company Underwriters evaluate several factors in preparing quotations, such as: