An insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that results from the property damage
- Business Property Coverage – This coverage protects your buildings and contents physically, because of a covered peril
- Business Auto – This coverage protects vehicles used during business operations. From one vehicle to a fleet of tractor trailer trucks, this will cover the businesses auto assets.
- Uninsured/Underinsured Motorist – This is coverage is for the policy owner. It is an often-misunderstood coverage. This coverage covers the insured if another person is at fault and harms the insured and their passengers. Example – You are driving from location A to location B. A passenger vehicle rear ends you and send 2 family members to the hospital. One member is taken by ambulance. The at fault party (not you) has state minimum limits of $15000/$30000/$25000. Which equates to $15,000 bodily injury per person. $30,000 per accident (that is all that will be paid out toward the injured), and $25,000 property damage. This will hardly cover the ambulance ride, much less the hospital bills if the injury is significant. If you carry Uninsured/Underinsured Motorist, this insurance then picks up and pays the remainder of the expense.
- Medical Payments
- Business Personal Property – This coverage A business, like a person or a family, can have personal property. The types of property that a business owns is slightly different from that of an individual. Personal property for an individual or business is property owned by that person or business which is movable and is not affixed to or associated with the land. Basically, personal property is everything except real property (land and buildings).
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