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Business and Property Insurance Coverages
Brief Overview and Partial List of Business Insurance Coverage*
– Covers buildings against direct physical damage, subject to standard policy exclusions. Valuation based upon Replacement Cost or Actual Cash Value.
Business Personal Property
– Covers personal property and contents against direct physical damage subject to standard policy exclusions. Valuation can be based upon Replacement Cost or Actual Cash Value
Loss of Income
– This is perhaps the most important part of any insurance policy. Covers loss of income less non-continuing expenses due to the necessary suspension of business operations during restoration. Interruption due to damage at the site and caused by a covered peril. There are several options to the loss of income form, you can choose to include payroll for certain employees or choose to insure only the net income. One of the best forms of coverage you can find is Actual Loss Sustained for 12 Months (ALS). This coverage pays your real loss of income for up to 12 months.
Loss of Income from a Dependent Source
–Covers loss of income from a business or source of materials that your business relies upon to sell your products of services. An example would be if your business manufactured computer boards and using chips that were only made by company XYZ. If company XYZ were to suffer a loss preventing production of their chips, your company could also suffer a loss. This endorsement protects your business for just such a loss.
Loss of Rents
– Covers the loss of anticipated gross rental income, all transferred charges, back to you the insured which are the legal obligation of the lessee and the fair rental value of any part of the property occupied by the insured.
Extended Loss of Income Coverage
– Most forms of business income coverage pay you the lost income for the period the business not able to operate. In some cases it may take your customers extra time to find out you have once again opened your doors. Consequently your income after re-opening is less than normal. By purchasing this endorsement you can buy coverage to pay the difference in income for a short amount of time, usually 3-6 months. Very necessary for restaurants.
– Covers the necessary extra expenses and charges incurred to continue as nearly as possible the normal conduct of business following a covered loss. Examples would be the extra costs to rent a temporary facility and equipment to keep your business functional during a loss.
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– Covers against direct physical damage caused by an earthquake, subject to standard policy exclusions.
Earthquake Sprinkler Leakage
– Covers against direct physical damage caused by leakage of your fire sprinkler equipment due to an earthquake.
Fire Legal Liability
– Covers rented or leased building against direct physical damage due to Insured’s negligence that results in Fire Damage Only. It is important for insured to have the fire legal liability limit equal to the amount it would cost to rebuild the structure you rent in the event of a full fire loss.
Personal Property of Others
– Covers the personal property of others in your care, custody or control. Examples, dry cleaners, repair shops, auto repair shops etc.
– Covers the enforcement of any building, zoning, or land use law to the undamaged part of the building caused by ordinances or laws that require demolition or regulate construction, repair, zoning, or land use. Coverage is included in building limit.
Increased Cost to Re-Construction
– Covers the cost to demolish a building or other structure due to an enforcement of a building ordinance.
Off Premises Power Failure
-Covers direct and consequential loss to the insured premises or business due to a power failure caused away from the insured premises. An example would be if the local power company has an outage causing your restaurant to close down for lunch causing you an income loss.
Boiler and Machinery
- Mechanical, Electrical Pressure Equipment – Covers sudden & accidental mechanical breakdown of refrigeration & air conditioning equipment, pressure vessel, pressure boilers, etc., including processing and production equipment.
- Consequential damage – Covers loss due to the spoilage of property from lack of power, light, heat, steam, or refrigeration, resulting from a covered cause of loss.
It is important to also consider what causes of loss you wish to buy. This will determine whether or not damage or loss is covered under the insurance policy.
Peter Green Insurance Agency LLC is an independent agency headquartered in Orange County, California.
Serving iindividuals & business clients throughout California, Washington, Arizona, Nevada.
*Disclaimer: This is a summary only and is provided as a courtesy overview of some typical policy coverages. You must refer to the provisions found in your insurance policy for the specific detailed limits, coverages, terms, conditions, definitions, exclusions and related items that apply in each instance. By reference herein, no term or description will be made a part of any policy or to imply your specific situation would be applicable.