Business Insurance Policy’s and Coverage’s – Peter Green Has Access To More Than 90+ Insurance Carriers, Enabling Us To Find You A Business Insurance Policy Price That Fit Your Requirements.
All Business Is Not The Same – We Take Time To Understand Your Needs, And When Necessary, Custom Craft Insurance Coverages For You and Your Business.
An Independent Insurance Agent Who Works For You – The Most Preferred Choice When Buying Business Insurance Is An Independent Agent. One Application, One Agency. Searching To Obtain Multiple Offers From Insurance Companies That Want Your Business.
|Business Policy’s and Coverage’s||Business Policy’s and Coverage’s|
For Whatever Insurance You Require, Call Peter, 714-430-0035, You’ll Be Glad You Did!
Business Insurance Coverage Explained –
Brief Overview and Partial List of Business & Property Insurance Coverage*
– Covers buildings against direct physical damage, subject to standard policy exclusions. Valuation based upon Replacement Cost or Actual Cash Value.
- Business Personal Property
– Covers personal property and contents against direct physical damage subject to standard policy exclusions. A valuation can be based upon Replacement Cost or Actual Cash Value.
- Loss of Income
– This is perhaps the most important part of any insurance policy. Covers loss of income less non-continuing expenses due to the necessary suspension of business operations during restoration. Interruption was due to damage at the site and caused by a covered peril. There are several options to the loss of income form, you can choose to include payroll for certain employees or choose to insure only the net income. One of the best forms of coverage you can find is Actual Loss Sustained for 12 Months (ALS). This coverage pays your real loss of income for up to 12 months.
- Loss of Income from a Dependent Source
–Covers loss of income from a business or source of materials that your business relies upon to sell your products or services. An example would be if your business manufactured computer boards and chips that were only made by company XYZ. If company XYZ were to suffer a loss preventing the production of their chips, your company could also suffer a loss. This endorsement protects your business from just such a loss.
- Loss of Rents
– Covers the loss of anticipated gross rental income, all transferred charges, back to you the insured which are the legal obligation of the lessee and the fair rental value of any part of the property occupied by the insured.
- Extended Loss of Income Coverage
– Most forms of business income coverage pay you the lost income for the period the business is not able to operate. In some cases, it may take your customers extra time to find out you have once again opened your doors. Consequently, your income after re-opening is less than normal. By purchasing this endorsement you can buy coverage to pay the difference in income for a short amount of time, usually 3-6 months. Very necessary for restaurants.
- Extra Expense
– Covers the necessary extra expenses and charges incurred to continue as nearly as possible the normal conduct of business following a covered loss. Examples would be the extra costs to rent a temporary facility and equipment to keep your business functional during a loss.
Call 714-430-0035 or (800) 350-5647 toll-free
– Covers against direct physical damage caused by an earthquake, subject to standard policy exclusions.
- Earthquake Sprinkler Leakage
– Covers against direct physical damage caused by leakage of your fire sprinkler equipment due to an earthquake.
- Fire Legal Liability
– Covers rented or leased building against direct physical damage due to Insured’s negligence that results in Fire Damage Only. It is important for the insured to have the fire legal liability limit equal to the amount it would cost to rebuild the structure you rent in the event of a full fire loss.
- Personal Property of Others
– Covers the personal property of others in your care, custody or control. Examples, dry cleaners, repair shops, auto repair shops, etc.
- Building Ordinance
– Covers the enforcement of any building, zoning, or land use law to the undamaged part of the building caused by ordinances or laws that require demolition or regulate the construction, repair, zoning, or land use. Coverage is included in the building limit.
Increased Cost to Re-Construction.
– Covers the cost to demolish a building or other structure due to enforcement of a building ordinance.
- Off-Premises Power Failure
-Covers direct and consequential loss to the insured premises or business due to a power failure caused away from the insured premises. An example would be if the local power company has an outage causing your restaurant to close down for lunch causing you an income loss.
- Boiler and Machinery
- Mechanical, Electrical Pressure Equipment – Covers sudden & accidental mechanical breakdown of refrigeration & air conditioning equipment, pressure vessel, pressure boilers, etc., including processing and production equipment.
- Consequential damage – Covers loss due to the spoilage of property from lack of power, light, heat, steam, or refrigeration, resulting from a covered cause of loss.
An important consideration is to think about what will cause a loss you want to be covered. This will determine whether or not damage or loss is covered under the insurance policy.
*Disclaimer: This is a summary only and is provided as a courtesy overview of some typical policy coverages. You must refer to the provisions found in your insurance policy for the specific detailed limits, coverages, terms, conditions, definitions, exclusions and related items that apply in each instance. By reference herein, no term or description will be made a part of any policy or to imply your specific situation would be applicable.
Peter Green, CIC, an independent agent with Shorepoint Insurance Services headquartered in Costa Mesa, Orange County, Ca.
Serving Individuals and businesses throughout California, Washington, Arizona, Nevada.