For some, Business Insurance may be something complex but those who have our Business Insurance know how simple it is. You can get your business covered in minutes with Kiefer & Colbourne Business Insurance.
We offer customized Business Auto Insurance options specifically created for companies like yours. We understand that every business is unique and thus we provide specialized Business Insurance quotes and advice.
You just need to fill in the form below and we would come up with a specialized insurance cover for your business.
An overview of business owners insurance
Whether you own your location, lease it or work from home, business owners insurance protects you and your business in many types of unexpected situations involving your business premises and the personal property owned by your business. This summarizes key information on a Business Owners Insurance, including:
- Buildings and structures at the premises
- Business personal property
- Other ways you’re protected
- What may not be covered
- Optional protection you can buy
- How to file a claim
Business Personal Property such as furniture, shelving, stock and other contents are typically covered.
Your Building is covered under your policy and includes additions under construction and materials, equipment and supplies, plus temporary structures at the premises.
Business Liability Protection helps protects you if someone is injured on your property and sues you for damages.
Your buildings and structures are protected.
Business owners insurance can help protect your business property whether you own or rent your office space. The property section of your policy includes two basic types of protection:
Building Protection covers the building and other structures attaché to it, such as completed additions, if you own the building where your business is located.
Structures at the Premises helps cover additional structures at your business as described in your policy Declarations, including completed additions and fixtures, such as outdoor fixtures and permanently installed machinery and equipment.
If your commercial building is damaged, your business owners insurance can help you repair or replace it
Business owners insurance covers a range of perils
Business owners Insurance typically cover a range of perils. Below are some of the most common.
Theft, falling objects, vandalism, fire and smoke, freezing of plumbing, sprinkler leakage, windstorm or hail, car crash into your business and explosion
What if your commercial building is too damaged to do business in?
If you temporarily cannot do business at your location due to damage from a covered loss, you may have to pay to rent a workspace until your building is rebuilt or repaired. This could be financially challenging if you’re still paying the mortgage on the building that’s damaged.
Business Income helps to replace net income that would have been earned if a loss had not occurred. It can also help cover ordinary payroll expenses for your employees. This covers the time required to either repair or replace your business premises, up to a maximum of 12 months or the policy limits.
Extra Expense can help by reimbursing you for reasonable increases in expenses when a loss that’s covered by your policy makes your premises uninhabitable, whether you own your building or rent a portion of a building that gets damaged. If you become unable to do business from your location due to a covered loss, your policy includes payment toward the cost of a temporary location and other related expenses.
Most of your business contents are covered, too.
Business owners Insurance includes coverage that can help you pay for losses that occur at your business like burglary or fire. It can even help protect your property from losses away from your business, such as at a client’s office. Keep in mind that a deductible will apply.
Business Personal Property Protection covers theft or damage to the things your business owns.
If your business personal property is stolen or damaged away from your business, your policy can help you replace it.
If your business personal property is stolen from your business or destroyed by fire, your policy can help you replace it.
There are limits on the coverage of some contents.
Some categories of business Personal Property Protection coverage have a maximum dollar limit that will be paid to a policyholder in case of damage or loss. Within these categories, there may also be a limit per single item.
Eg: A business owner has a 2500 limit for all of the outdoor property they own, with a $500 limit per single item.
You can increase your limits
You can increase the limits on many of the coverage’s in your policy, and you can add other coverage’s to suit your business needs. Talk with your Kiefer & Colbourne Agent at 410-546-9388.
If you’ve already added increased protection for your business personal property, it will be listed on your Policy Declarations under Coverage and Applicable Deductibles, or on an additional coverage form.
Replacement Cost Provision typically means your contents are covered for the amount it would take to replace them at the time of the claim. Premiums are usually higher for this coverage.
Here’s how the Replacement Cost Provision works:
- First we give you a check for the Actual Cash Value of the item.
- When you replace the item, we then issue a separate check for the remaining amount needed to make the purchase.
How to review what you’ve chosen.
You can review which type of coverage you’ve purchased by looking at your Policy Declarations under Business Personal Property. With either coverage, a deductible will apply.
A deductible is your share of the cost
When you file a claim for a covered loss, you may be responsible for a set amount, called a deductible, to repair or replace whatever is damaged or stolen.
More about deductible
- Not all coverage’s have a deductible. However, a deductible will always apply to Building, Other structures and Business Personal Property coverage’s.
- The amount of any deductible will be shown on your Policy Declarations.
- In most cases, you choose the deductible from a range of options. A higher deductible usually means a lower insurance premium.
Your business owners insurance can help in case of an accident
Business owners Insurance include General liability and Medical Protection to help protect you from loss in other situations, too.
For example, let’s say you spill some water on the floor, but before you can clean it up, someone slips on it and falls. You may be found negligent for not cleaning up the water fast enough and therefore be legally responsible to pay for the injured person’s medical bills and lost wages.
General Liability Protection can help protect you from financial loss if you’re legally obligated to pay for another person’s injuries or damage to another person’s property.
If someone injures himself on your property due to your negligence, your business owners insurance may help pay for their injuries and any legal costs.
This coverage also helps protect you and your employees while you do business away from your premises. For example, say you visit a client’s office, set down your briefcase, and someone trips over it while carrying a laptop. You may be responsible for that person’s injuries, as well as any damage to the computer. If so, Business owners Insurance can help.
What if a client is injured at your business?
If a client has an accident at your business, and it’s not covered by general liability insurance, your business owners insurance may help cover medical expenses.
Business owners insurance doesn’t cover everything
Business owners insurance protects your business from accidental and sudden losses. However, some losses aren’t covered.
Equipment breakdowns in the business.
Basic equipment maintenance and repairs are not covered. However if equipment is damaged due to a covered loss, your policy would pay to fix it. For example, if your copier breaks down due to an artificially generated current, its repair would be covered.
Floods, earthquakes and water backup
Floods, earthquakes and water backups are typically excluded from business owners insurance. If you want to purchase additional insurance to cover these events, talk to your agent at Kiefer & Colbourne.
Need more protection
Below are just a few of the optional coverage’s you may be able to purchase as add-ons to your Business owners Insurance or as a separate policy. Coverage’s may not be available in all States and limits may vary.
Available as add- ons to your policy
Outdoor signs- Cover outdoor signs owned by your business at the described premises.
Money and Securities- Provides coverage for money and securities used in your business, either at your premises or outside your premises.
Identity Theft Restoration and Data Compromise- If your identity or your clients’ information gets stolen; this coverage can help with legal work and phone calls.
Employee dishonesty- Helps cover damages resulting from dishonest acts committed by your employees.
Home based business- Protects businesses that are run out of the home and gives coverage for off- premises activities, as well as credit card coverage.
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