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PROPERTY AND CASUALTY INSURANCE
Property and Casualty (P & C) or general insurance consists of all types of insurance other than life and health insurance. The main parts are:
- Automobile insurance which is the largest single class of property and casualty insurance and premiums exceed all other classes combined
- Property insurance which includes habitational and business properties is the second largest class
- Liability insurance is needed when insureds are responsible for injury and damage. This is the third largest class
Depending on your business, you may want additional specialized coverages. Listed below are some of the different types of business insurance:
Malls, trade shows, and most public functions usually require this type of insurance. Most exhibitions require booth/display/exhibitor insurance and the certificate is usually posted at the display area. More malls are requiring this type of insurance for volunteer committees as well as commercial displayers.
Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as "equipment breakdown" or “mechanical breakdown coverage,” provides coverage for the accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses. For example, this coverage would cover fire damage to computers.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Commercial leases often require tenants to carry a certain amount of insurance. A renter's commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Liability insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks, including customer injuries on your premises. More specialized varieties of liability insurance include:
Errors and Omissions Insurance
Errors and omissions (“E & O”) insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts.
Directors' and Officers' Liability Insurance
This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
If you have a fleet or group of vehicles and you want a competitive price with quality service, give us a call. We will ask the questions and provide a quote based on the information you give us.
If you are in a partnership, we know that you and your partner are important to the business. By buying insurance on key members of the organization, you can protect the future of the business by providing an insurance payout for one of the partners, should they die prematurely. This allows the surviving partner to purchase the business from the spouse of the deceased partner without creating financial hardship for anyone involved.