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Commercial Insurance Options

Commercial Insurance Options
What is Commercial Insurance?

There are three major parts of a Commercial Insurance Plan, which are the following:  General Liability, Business Personal Property and Inland Marine Coverage.

General Liability

For any business owner, the most important commercial insurance coverage is General Liability.  General Liability is going to cover the business owner for any claims brought against that person while conducting business on behalf of a client.  In most cases, a business owner will carry at least $1 million/$2 million limits of liability coverage.  This means that an insurance company will spend up to $1 million on any one claim and that the insurance company will spend up to a total of $2 million on any combination of claims during a 12 month policy period.

Business Personal Property

Every business owner is going to spend money on items that he or she will need to run their business.  These items that are purchased will become Business Personal Property.  Let’s take a portrait studio for example that has $50,000 of camera equipment, supplies and office equipment they use to run their business and that they’re robbed of everything.  As long as the business owner elected to have at least $50,000 of Business Personal Property coverage, the owner could have everything replaced minus the policy deductible.

Inland Marine Coverage

Most business owners that are a contractor or a tradesman will have tools with them on every job site.  Unless the business owner has elected to carry Inland Marine coverage, there will be no coverage for any tools that are stolen or damaged while working on a job site.  With this coverage you can have your tools replaced minus the policy deductible.

For questions regarding commercial insurance coverage, please contact Eric Ainsworth at, 480-967-7535.