Business Policies combine protection from all major property and liability risks in one package. Packaged policies are created for businesses that generally face the same kind and degree of risk. Larger companies may purchase a commercial package policy or customize their policy to meet the special risks they face.
Business Policies typically provide coverage for:
- BUILDINGS AND CONTENTS OWNED BY THE COMPANY: There are two different forms, standard and special, which provides more comprehensive coverage.
- BUSINESS INTERRUPTION INSURANCE: Covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.
- LIABILITY INSURANCE: Covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.
Business owner policies do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You will need separate insurance policies to cover these subjects.