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Just what Type of Business Insurance Do I Need to Purchase for My Business?

Depending on the individual risk characteristics of your business, the broker-agent will present you with various insurance coverage choices for purchasing business insurance. A broker-agent’s proposal is just that, a proposal. When all is said and done it is your responsibility to make an informed decision and select the insurance coverage that best fits your business plan. The relationship that you build with a broker-agent is extremely valuable in this specific critical decision making process. A seasoned broker-agent has dealt with hundreds of businesses similar to yours. Since commercial insurance can be complex, you should feel free to go over any terms, conditions, or concepts that happen to be cloudy to you with your broker-agent. It is a broker-agent’s service to answer the questions you have and to help you comprehend the insurance coverage you are purchasing. While your business may not require all commercial coverage lines, it is a wise decision to possess a basic knowledge of the kinds of insurance coverage available. As your business changes and grows you
will have the necessary knowledge to purchase insurance coverage as new exposures arise. The following commercial lines of insurance
cover broad areas of exposure present with most business operations:
- Property Insurance
- Commercial Property
- Inland Marine
- Boiler and Machinery
- Crime
- Casualty Insurance
- Commercial Automobile
- Commercial General Liability
- Commercial Umbrella
- Workers Compensation

Inland Marine Business Insurance

Without having prior information of inland marine insurance, it is possible to assume that this particular kind of insurance line has something to do with boating transportation. In reality, inland marine insurance can certainly cover a variety
of transportation exposures; however, it does not protect boating transportation, which is covered under ocean marine insurance. Inland marine is really a specialized kind of property insurance which mainly protects damage to or destruction of one’s business property while in transport. Inland marine also protects the liability exposure with regard to the damage or destruction that could happen to property within your care, custody, or control during transport.

Covered Reasons for Loss Standard perils in Inland Marine may include fire, lightning, windstorm, flood, earthquake, landslide, theft, collision, derailment, and the overturn of the transporting vehicle, and bridge collapse.

Coverage Forms and/or Specialty Coverages Inland marine provides excellent versatility in covering many potential transportation risks. Some of the most common types of protection offered are accounts receivable insurance, consignment insurance,
equipment floaters (i.e., contractors equipment), installation floaters, motor truck cargo insurance, trip transit insurance, and valuable papers (records) insurance.

Boiler and Machinery Business Insurance

Boiler and machinery insurance may add an essential level to potential business insurance coverage. Boiler and machinery insurance is currently marketed under such names as “systems protector,” “systems breakdown,” and “machinery breakdown” insurance. Boiler and machinery business insurance covers business property, other property losses, and legal fees (if any) that could derive from the malfunction of boilers and machinery. Boiler coverage consists of covering the expenses of inspection and often maintenance of boilers. Machinery coverage can incorporate many different types of machines used in retail, office and manufacturing settings. Machinery coverage in addition includes major machinery systems typical to most commercial buildings, such as heating, ventilating and air conditioning systems. Since most commercial property policies don’t include losses from boilers and machinery, it is important to be familiar with any exposure your company may have and talk to your broker-agent.

Crime Business Insurance

Crime insurance provides protection for the assets of your business including merchandise for sale, real property, money and securities. It is deemed a property business insurance line. Based on the crime coverage that you purchase, it is possible to be protected for the
following reasons for loss: robbery, burglary, larceny, forgery, and embezzlement. Specialty coverage parts may be added based upon need andxposure to loss such as mercantile open-stock, burglary insurance, mercantile robbery insurance, mercantile safe burglary insurance, money and securities broad form policy, office burglary and robbery insurance, and storekeepers burglary and robbery insurance.

Casualty Insurance Business Insurance

Casualty business insurance offers

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