Commercial Property and Liability Insurance

If you’re a business owner or manager, you understand risk. But that doesn’t mean that you have to take on all the risk yourself. You’ve invested your time, energy and money to make it succeed. You don’t want to lose it in a freak accident, catastrophe or lawsuit. That’s where insurance comes in.

Most businesses carry the following kinds of insurance coverage:

Property Insurance protects your tangible assets from catastrophic loss. Products range from the Business owners Policy (BOP) and Contractors’ Package Policy for smaller businesses to the Commercial Package Policy for larger ones.

Liability Insurance is your defense against legal judgement for accidental injury that you may cause to people or their property. If someone slips and injures themselves in your parking lot, or if you knock over a client’s stereo system while doing installation work, this is insurance protects you. More important, if you are sued, it covers the expense of legal fees.

Commercial Auto Insurance protects your business from liability judgement as the result of an auto accident. In Maine, every commercial vehicle must be protected by liability coverage. If you choose, it can also cover physical damage to your own business vehicles. You can also purchase “hired and non-owned auto” coverage, which provides liability protections for vehicles you rent for business, or for employees’ use of their own vehicles for your business.

The strangely-named Inland Marine Insurance covers mobile equipment and tools, cargo in transit, contractor materials prior to installation, transmission equipment and other unique assets not properly covered under a regular property insurance policy.

Business Interruption Insurance is one of the most important, yet overlooked coverages for a business. It is estimated that nearly 50% of businesses that suffer a catastrophic property loss (fire, hurricane, etc.) subsequently fail. They may have had insurance to rebuild the building and replace the stock, but they had no income for the time it took to do so. Business Interruption Insurance provides coverage for lost revenues and continuing expenses between the time you suffer a property loss and the time your business can fully recover.

Ocean Marine insurance protects those businesses that do business on the water: boat yards, cargo shippers, and boat rental operations, for example.

For answers to these and hundreds of other commercial property and liability insurance questions, call Noyes, Hall & Allen Insurance at 207-799-5541. We’re independent and committed to you.

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