Property Insurance

Building Coverage safeguards your business property, including the building structure itself, against various perils such as fire, theft, vandalism, storms, and natural disasters.

In the event of covered property damage, Building Coverage helps cover the costs of repairing or rebuilding your business premises to their pre-loss condition.

Building Coverage often includes replacement cost coverage, which compensates you for the full cost of replacing the damaged building without deducting for depreciation.

Depending on your policy, Building Coverage may extend to cover additional structures on your property, such as garages, fences, or signage.

Some policies may include coverage for improvements and betterments you have made to the building, as well as coverage for detached structures or property in the vicinity of the building.

It's important to understand any exclusions or limitations stated in your policy. Certain perils, such as floods or earthquakes, may require separate coverage or endorsements.

This insurance coverage safeguards your business assets, including furniture, equipment, inventory, and supplies, against various perils such as fire, theft, vandalism, and natural disasters.

Business Personal Property Insurance typically offers replacement cost coverage, which means that it compensates you for the full cost of replacing the damaged or stolen items, without deducting for depreciation.

In addition to covering your business premises, Business Personal Property Insurance can extend to off-premises locations, such as when you transport equipment or have items temporarily stored elsewhere.

This coverage extends to your inventory, ensuring that you are protected financially in case of damage or loss to your stocked goods.

Some policies may include business interruption coverage, which provides compensation for lost income and additional expenses if your business operations are temporarily disrupted due to a covered peril.

It's important to understand the policy limits and deductibles associated with your Business Personal Property Insurance. Ensure that the coverage limits are sufficient to fully protect your assets and consider your deductible amount when determining the financial impact of a claim.

Business Interruption Coverage provides compensation for the income your business would have earned during the period of interruption caused by covered perils, such as fire, natural disasters, or other unforeseen events.

This coverage also helps cover fixed expenses that continue to accrue even when your business operations are temporarily halted. These expenses may include rent or mortgage payments, utilities, employee salaries, and loan payments.

In addition to income loss and fixed expenses, Business Interruption Coverage may include coverage for extra expenses incurred to minimize the impact of the interruption, such as relocation costs, equipment rentals, or advertising campaigns to regain customer attention.

The coverage typically extends until your business can resume normal operations or until a predetermined restoration period, allowing you time to recover and get back on track.

Business Interruption Coverage is typically triggered by physical property damage caused by a covered peril. It's essential to review the policy language and understand the specific triggers and waiting periods involved.

Some policies may include contingent business interruption coverage, which protects against income loss resulting from disruptions to your key suppliers or customers' operations.

Review the coverage limits and periods specified in your policy to ensure they adequately reflect your business's financial needs and potential time required for recovery.

EDP Coverage helps safeguard your electronic data and computer systems from perils such as fire, theft, power surges, computer viruses, and other technological hazards.

This insurance typically covers physical damage to your computer hardware and equipment, including servers, laptops, routers, and peripherals. It may also extend coverage to essential software programs and data storage devices.

In the event of data loss or corruption, EDP Coverage may provide coverage for the costs associated with data recovery and restoration. This can include expenses for data retrieval, restoration services, and even the recreation of lost data.

EDP Coverage often includes business interruption coverage, compensating you for lost income and additional expenses resulting from a covered event that disrupts your electronic data processing operations.

While EDP Coverage focuses on physical damage and business interruption, it's important to evaluate your cyber liability exposures separately. Cyber insurance policies specifically address data breaches, privacy violations, and related liabilities.

Review the policy limits and sub-limits of your EDP Coverage to ensure they align with the value of your electronic data processing systems and the potential financial impact of a covered event.

Equipment Breakdown Coverage applies to various types of equipment critical to your business operations, including boilers, electrical systems, HVAC systems, refrigeration units, production machinery, and more.

This coverage protects you from financial losses caused by unexpected breakdowns, malfunctions, or failures of covered equipment due to mechanical or electrical issues.

Equipment Breakdown Coverage can extend to cover expenses related to business interruption, spoilage of perishable goods, and additional costs incurred as a result of the equipment breakdown.

Regular inspection and maintenance of your equipment may be required to maintain coverage. Ensure you have proper maintenance records and adhere to any inspection requirements stipulated by the policy.

In the event of equipment breakdown, it is crucial to promptly repair or replace the damaged equipment to minimize downtime and avoid further financial losses. Equipment Breakdown Coverage helps cover the costs of these repairs or replacements.