Insurance Coverage


Protect your hard work with business property insurance.

Business property insurance is an important investment which ensures the future of your business. This type of insurance should cover damages to the company’s structure and contents. Business owners should ensure that their insurance provides the sufficient amount of coverage.

Business Owner’s Policy (“BOP”), is a general liability package policy available to most small or medium-sized businesses. Companies that sell this type of business insurance combine property and liability risk protection all in one package. Some BOP’s include:

1) Liability Protection
This covers the legal responsibilities of your business for the harm it may cause others. Such harm can result from an employee failing to do business operations that lead to bodily injury, service errors, property damage, or faulty installations.

2) Property Insurance
Covers all contents and buildings owned by the business. Most companies offer two forms of insurance, standard and special, which differ in the inclusiveness of coverage.

3) Business Interruption Insurance
Covers the loss of income resulting from catastrophes that disrupt business operations. It may include the additional expenses of working from temporary location.

Note that BOPs and general liability insurance do not protect your business in the event that a client alleges that you cause errors or negligence. You will also need separate insurance to cover your services, employees and vehicles.

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As one of their largest investments, consumers should protect their homes, possessions, and liabilities with a homeowner’s insurance policy. This type of insurance combines both property and liability coverage, and a single premium is paid for all risks. For each policy offered, there are five classifications of coverage: dwelling, other structures, personal property, additional living expenses, and additional coverages (such as debris removal, collapse, identity theft charges, etc).

Property Damage Coverage (Dwelling & Personal):

Property Damage Coverage pays for damages to homes and personal property. This will include covering the loss of household furniture, clothing, and other belongings. Other structures, such as sheds, detached garages, or other buildings on your property are generally covered for 10% of the amount of coverage on your house. You will be paid the actual cash value of your belongings, or the amount of cash that your items are valued at the time of loss.

Personal Liability Coverage:
Homeowners Insurance not only protects your home and belongings, but helps settle conflicts over accidents that take place on your property. Personal Liability Coverage steps in when you are deemed liable for injuries or damage caused to others on your property, whether intentionally or not. This coverage will pay the claims and cover the services of a lawyer in the event of a lawsuit.

Additional Living Expenses:
If you must temporarily move into a hotel or apartment in the event of damages on your home, your insurance company reimburses these costs for up to 20% of the policy limit on your dwelling. Additional living expenses often include hotel and restaurant bills, transportation expenses, etc.

Home Business:
Make sure that your home businesses, whether full or part-time, are insured. Do not assume that your homeowner’s insurance policy will cover your home business. Some homeowner’s policies may provide coverage, but only at a maximum of $2,500 for equipment in the home and $250 away from the premises.

Note: The most important tip is to research each policy thoroughly to make the best decision for insuring your home.

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