Business Commercial Insurance Terms

Here are some common Coverage’s available and what they cover.

Business Property – inventory, supplies and limit can be increased for seasonal fluctuations

Replacement Cost – if limit of insurance on damaged property or loss is 80% or more  of full replacement cost before loss, full replacement cost will be paid

Accounts Receivable – if loss occurs from covered cause, AR loss will be paid

Bailee Coverage – covers customer property damaged when insured has care, custody and control

Business Income – payment for actual loss of business income resulting from suspension of operations due to physical loss or property damage – can be extended also

Computer Equipment – covers Electronic Data Processing media and records

Fire Department Service Charge – pay fire response charges for service

Newly Acquired Buildings – covers new property bought or acquired until policy expires or 30 days after acquisition or start of construction – whichever occurs first, and value is reported to insurer

Outdoor Signs – covers signs not attached to building that is covered

Personal Property Off Premises – Cover Business Personal Property while in transit or at a premise not owned or leased temporarily

Pollution Clean Up – cover costs to extract pollutants from land or water on covered premise

Spoilage – covers food, liquid destroyed or damaged from loss or damaged equipment

Trees Plants and Shrubs – can cover up to $25,000 in landscaping

Arson Conviction – will pay for information leading to arson conviction in loss or damage of a covered premise or property

Valuable Papers and Records – covers loss or damage to valuable papers or records and cost to research lost information,

Fire Extinguisher Recharge – pays to recharge or replace extinguisher used to put out fire on premises

Equipment Breakdown – pays for equipment or machinery damaged from electrical current, explosion of steam boiler, mechanical breakdown or arcing – will cover loss of business income resulting from breakdown also

Backup Sewer and Drains

Tenants Liability – covers damage from fire or explosion to building not owned by insured

Lock Replacement – in event of theft of key, locks or tumblers will be replaced

Tenants Glass – some building owners require tenant to cover glass windows for breakage

Tenants Improvements and Betterments – covers additions or improvements to leased space that tenant will not remove upon moving out of premise, often less expensive to cover items this way versus business property

Employee Benefits Liability

Employers Liability – covers organization, directors and officers and employees for wrongful termination, discrination and sexual harassment

Liquor Liability – covers business who are liable for serving liquor at business or function

Pastoral Liability – covers pastors, preachers, clergy, teachers and other church personel Church Insurance


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