The Businessowners Policy is a comprehensive package policy designed to address the property and liability exposures of small to medium-sized businesses. Some of the types of businesses that may be written on a Businessowners policy include contractors, offices, retail stores, restaurants, and service and processing businesses, just to name a few. This specialized policy provides coverages essential for quality protection at an affordable price.
The Businessowners Policy Automatic coverages:
Building, which includes…
- Exterior Building Glass
- Attached Signs
- Completed Additions
- Fixtures
- Permanently installed machinery and equipment
Business Personal Property, which includes...
- Property owned by the insured and used in the insured's business
- Property of others in the insured's care, custody, or control (Actual Cash Value)
- Tenants improvements and betterments
- Leased personal property which the insured has a contractual responsibility to insure
Business Liability, which includes...
- Premises/Operations
- Products-Completed Operations
- Personal Injury
- Advertising Injury
- Medical Expenses
- Fire Legal Liability for Damage to Rented Premises
Time Element Coverage, which includes...
- Business Income - actual loss sustained (net income and continuing normal operating expenses) for up to 12 months
- Extra Expense - necessary extra expenses incurred, for up to 12 months
- Ordinary Payroll Expenses - 60 days
The Businessowners Policy Optional Coverages:
- Additional Insureds
- Computer Coverage
- Computer Fraud
- Condominium Commercial Unit Owners Loss Assessment
- Condominium Commercial Unit Owners Miscellaneous Real Property
- Directors and Officers Liability(claims made) – Condominiums
- Earthquake
- Employee Benefits Liability (claims made)
- Employee Dishonesty
- Employers Liability (Stop Gap) Coverage (where required)
- Exterior Building Glass – Tenants Coverage
- Interior Building Glass
- Hired Auto Liability
- Liquor Liability
- Mine Subsidence (where available)
- Non-Owned Auto Liability
- Ordinance or Law
- Outdoor Signs
- Professional Liability – Barbers and Beauticians, Funeral Directors, Optical and Hearing Aid Establishments, Printer's Errors and Omissions, Veterinarians
- Spoilage
- Tenants Liability
- Utility Services – Direct Damage
- Utility Services – Time Element
- Water Back-up