Businesses may often have exposures beyond what can be found in a typical Business policy.
Fortunately, many options and endorsements can be added to a Business policy to protect against gaps in coverage and to ensure you are properly covered for these special exposures. Some commonly added options and endorsements are:
- Accounts Receivable -- Coverage for loss of dollars due to the
insured that are uncollectible because of damage to accounts
receivable records. $5,000 of coverage is generally provided
under the basic policy.
- Barber/Beauty Professional Liability -- Coverage applies to damages the insured is legally obligated to pay because of bodily injury or property damage arising out of the 1) Rendering or failure to render professional service and/or, 2) Sale or distribution of goods and products in connection with the insured's profession.
- Building Ordinance or Law -- Coverage is provided for the consequential loss resulting from the enforcement of laws or ordinances resulting in 1) Loss of value of undamaged portion of the building, 2) Cost of demolition of the undamaged portion of the building, 3) Increased cost to replace or repair the damaged property.
- Directors and Officers Liability -- Coverage applies to the insured's legal liability resulting from wrongful acts committed by directors, officers, and committee members.
- Employee Dishonesty -- Coverage applies to accidental direct physical loss to business personal property, money, and securities caused by dishonest acts committed by employees.
- Exterior Signs -- Coverage applies to accidental direct physical loss that is not excluded to exterior signs on the described premises owned by the insured. $500 of coverage is provided under the basic policy.
- Mechanical Breakdown -- Coverage applies to accidental direct physical loss to covered objects (boilers, pressure vessels, and air conditioning units) caused by an accident.
- Money and Securities -- Coverage applies to the loss of business money and securities caused by theft, disappearance, or destruction from the described premises, a bank, or savings institution.
- Property of Others -- Coverage applies to accidental direct physical loss that is not excluded to personal property of others (other than personal effects) that is in the insured's possession. This coverage should be considered for dry cleaners, laundries, and television/VCR/electronic/appliance repair and installation occupancies.
- Temperature Change -- Coverage applies to loss of merchandise on the premises caused by temperature change resulting from specified losses. This coverage should be considered for any business in which temperature control is vital.
- Valuable Papers -- Coverage applies to the expense to research, replace, or restore the lost information on valuable papers and records, including those that exist on electronic or magnetic media, for which duplicates do not exist. $5,000 of coverage is provided under the basic policy.
