Business Auto
Insurance /
Commercial Auto
Insurance
Commercial Auto
Insurance or
Business Auto are
commercial insurance
policies written to
cover vehicles used
during the course of
business. Most
of the time the
vehicles are owned
by the company
purchasing the
commercial auto
insurance policy.
WORKERS COMPENSATION
Workers compensation
is designed to cover
employees for
accidents or
illnesses that
occurs while on the
job. Many
states make it
mandatory to have
workers compensation
coverage if you have
even just one
employee (be sure to
check your specific
state as the
requirements vary
greatly from state
to state.
Coverage's provided
to a worker vary
depending on the
incident and range
from simple doctor
bills to total
rehabilitation and
death benefits.
GENERAL LIABILITY
Business Liability
Coverage applies to:
Premises liability
arising out of the
ownership, maintenance
or use of the premises;
Products liability for
goods and products
manufactured, sold or
distributed;
Completed operations
liability for services
provided or work done
for others;
Personal injury
liability and
advertising injury
liability of the
insured; and
Medical payments
coverage.
There two basic
coverage forms to choose
from.
CG 00 01, is the
"occurrence" form. It covers
losses where the injury or
damage occurs during the
covered policy period,
regardless of when the
insurance company is
notified of the loss or
claim. The key to this
coverage approach is the
date of loss or the period
of time when the loss
occurs.
CG 00 02 is the
"claims-made" coverage form.
With this form, coverage is
triggered by the actual
filing date or receipt of
the claim, in addition to
the date or period of time
in which the loss or injury
occurs. This form handles
any covered loss or claim
filed during the policy
period, regardless of when
the actual loss or injury
occurred. This is subject to
the retroactive date
indicated on the
declarations. While the
retroactive date can be any
date, for complete
protection it should be the
first date that claims-made
coverage was applied to the
risk. This is because an
occurrence coverage form
applies to any loss or
damage before that date.
Claims-made coverage applies
only to covered losses
occurring after the
retroactive date.
BUSINESS PROPERTY
Business Property
policies can provide
coverage for
buildings, contents
and Tenant
Improvements &
Betterments.
If you lease / rent,
you would most
likely want Business
Personal Property
Coverage to insure
your equipment,
desks, pc's etc.
You can get the
coverage on a RC
(replacement cost,
what it costs to
replace it, not what
it is actually worth
at the time of the
loss) or on ACV
(Actual Cash Value,
the value the
insured item is
worth at the time of
loss regardless of
what it would cost
to replace it).
