We live in a changing world, and your business insurance needs to be changing as well. In order to keep your commercial insurance up to date you need to have the ability to change and update your insurance program on a regular basis. The industry has developed a number of innovative insurance products that your business may just need.
Business Interruption Insurance covers the loss of income that a business suffers after a covered loss (fire, windstorm, etc.), while its facility is shut down or in the process of being rebuilt.
Tenant’s Insurance is needed if a commercial lease requires a 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.
Directors and Officers Insurance is needed even if you are a privately held business. Directors and officer’s liability Insurance protects your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claim for damages.
Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire. Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.
Faulty Workmanship is a new and unique endorsement that provides a specific limit to protect against claims arising out of faulty workmanship, materials or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
Equipment Breakdown coverage offers extra protection for electrical, mechanical, or digital equipment used by your business, including heating, cooling, and refrigeration systems; computers and communication equipment; and more. It can pay for the cost to repair or replace the damaged equipment in the case that there is physical damage, as well as cover the cost of service interruption.
Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding, but not of removing the debris.