Yes. The chance you could suffer a loss begins with the first day of business. You can't get the insurance coverage for a loss after the loss has occurred. You must be prepared for the risks inherent in any business and the losses they can cause.

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Every business has some property. When you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. Your business is your source of income and you need protection from the potential loss of that income.

Generally, there are two types of insurance - property and liability. Property insurance covers damage to or loss of your property. If someone sued for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit would be covered by your liability insurance (subject to policy terms/conditions and exclusions).

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Your business may not possess all the following types of property, but you can use this list to make sure that you have considered all the property categories and any insurance coverage that may be warranted:

• Buildings and other structures (owned or leased)
• Furniture, equipment and supplies
• Inventory
• Money and securities
• Records of accounts receivable
• Improvements and betterments you made to the premises
• Machinery
• Boilers
• Data processing equipment and media (including computers)
• Valuable papers, books and documents
• Mobile property such as automobiles, trucks and construction equipment
• Satellite dishes
• Signs, fences and other outdoor property not attached to a building
• Intangible property (good will, trademarks, etc.)
• Leased equipment

We can help you review the types of property you own and their uses to establish the amount of insurance you need on each. Some of these items are covered in the basic policies. An endorsement or rider can add other coverage. Some may not be covered by a standard commercial policy and may require a separate policy.

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The best thing to do is to take a complete inventory of all your business property, determine their value and decide if each is worth insuring. Check to see if the items on the inventory list are included in the basic business property policy and covered for the correct amount. If not, we can help you in purchasing additional coverage to meet your needs.

Some common additional coverages for business property include (although this list is by no means all-inclusive):

Builders Risk Coverage

Covers buildings in the course of construction. Depending on the policy, this coverage can be for either the building's value at the time of loss or its full value at the time of completion.
 

Business Interruption Insurance

Covers the loss of earnings as a result of damage or loss of business property. Reimbursement for salaries, taxes, rents and other expenses plus net profits that would have been earned during the period of interruption can be included.
 

Commercial Crime Coverages

Covers money and securities, stock and fixtures against theft, burglary and robbery both on and off the insured premises and from employees and outsiders.
 

Fidelity Bonds

Covers business owners for losses due to dishonest acts by their employees.
 

Glass Coverage

Provides coverage for glass breakage such as store windows and plate glass on office fronts.
 

Inland Marine Insurance

Primarily covers property in transit as well as other people's property left on your business premises.

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Property insurance can be purchased on the basis of the property's actual value, on its replacement cost, or on an agreed amount. The differences between the three are:

Actual Cash Value

The replacement cost of the item minus depreciation.
 

Replacement Coverage

The cost of replacing an item without deducting for depreciation. The item must be replaced for this to apply.
 

Agreed Amount

Art objects, antiques and other unique items are usually insured at an amount agreed upon when the policy is being written. An appraiser values the goods to be insured and the business owner and the insurer agree upon an amount the insurer will pay if the goods are destroyed due to a covered peril.

Check your policy. If you prefer replacement coverage and do not already have it, this coverage can be added to your policy.

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No business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to paying damages but also to the attorneys' fees and other costs involved in defending against the lawsuit.

The standard businessowners policy provides liability coverage, as does a separate policy known as a commercial general liability insurance policy. Generally commercial liability insurance will cover bodily injury, property damage, personal injury or advertising injury. The medical expenses of a person (other than employees or the insured) injured at the business or as a direct result of the operations of the business are also covered.

Usually excluded from both types of liability insurance policies are suits by customers against a business for nonperformance of a contract and by employees charging wrongful termination, racial or gender discrimination or harassment.

Professional Liability coverage is usually not provided under a Commercial General Liability policy. Injuries to employees are excluded from this policy.

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Yes. Whether you have one vehicle or several, you will need a business automobile policy. Such a policy covers any motor vehicle used in your business including cars, vans, trucks, and trailers pulled by trucks, and offers coverage if they are damaged or stolen. It also covers liability if the business vehicle is in an accident and the driver is at fault. This policy is not for truckers or commercial garages. They have special liabilities and must secure special policies that deal with their different needs.

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It can on a very limited basis. Even if your business is a sideline such as a craft studio, these limits may be too low to cover all the equipment and materials you have accumulated. It is important to know that no business liability coverage is included in a standard homeowners policy. We can help you ascertain what, if any, additional coverage you need. This additional coverage may be added to your homeowners policy or found in a separate commercial policy.

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