At InsureChampaign, we specialize in many types of commercial insurance coverage and are able to write all lines of property and casualty commercial insurance. Here is an overview of terms and coverages we see on a daily basis:
Property Insurance:
Protects you companies’ buildings, property and contents. It will protect against losses from perils which include: fire, hail, lightning wind, explosion, civil commotion, vandalism, collapse, riot, malicious mischief or smoke. Coverage can be broadened to include other
causes of loss as well.
Business Personal Property:
All property owned by the insured’s business. Coverage can include: equipment, machinery, furniture and materials used in running the insured’s business.
Deductible:
The amount of a loss that the insured pays.
Business Income Including Extra Expense:
Average net income that would have been earned over the time of a loss as well as normal operating expenses including payroll.
General Liability:
Gives protection for damages to bodily injury or property damage to which the insured is legally responsible to pay.
General Aggregate Liability:
The total amount of money the insurance company will pay for all claims during a certain policy term.
Hired Auto Coverage:
Coverage for hired, borrowed, leased or rented auto used for the insured’s business.
Non-Owned Autos:
Coverage for autos that are not owned or could be classed as hired autos. This includes employees of the insured while they are working for the named insured.
Umbrella Liability Coverage:
Gives liability coverage in excess of the primary liability limits. An umbrella generally sits over all of the primary liability policies and gives coverage that is much broader than the those primary coverages.
