BUSINESS INSURANCE DEFINED
Managing your small business can be complex, selecting the right Business Insurance for your unique operation doesn’t have to be. As Farmers agents, no matter the type of business, we can help you customize an insurance package to reduce your risk and protect your investment.
The Business Insurance industry loves its jargon. And unless you’re around it every day, as we are, there is a strong possibility it may leave you scratching your head, so here is a brief overview of the primary types of Business Insurance coverage.
Pays for losses sustained to property, including:
- Direct, physical loss to your building, including any completed additions, fixtures, permanently installed machinery and equipment, and personal property used to maintain or service the building or structures, such as fire extinguishing equipment, outdoor furniture, floor coverings, and appliances.
- Direct physical loss of your property used in the business, the property of others in your care, custody or control, and if you’re a tenant, improvements, and betterments that you make.
- The actual loss of business income due to necessary suspension of your operations during the time it takes to restore operations after a covered loss.
Provides coverage for Employee Dishonesty, Money & Securities, Forgery/Alteration, and Counterfeit Paper Currency
Provides coverage if you become legally obliged to pay damages as a result of business operations
Provides coverage for a variety of vehicle types you may use in your business, including passenger vehicles, trucks, and vans.
Provides additional coverage above the liability limits of your underlying policies such as your Business Owners Liability, General Liability, Business Auto Liability, and Employers Liability policies. Affords broader coverage than primary policies for some risks and under some circumstances.
Addresses the medical and financial aspects of employment-related injuries, providing medical and disability benefits. It also includes Employers Liability coverage.
ADDITIONAL BUSINESS INSURANCE COVERAGES
CYBER LIABILITY AND DATA BREACH EXPENSES
Provides third-party liability coverage for information security and privacy coverage, regulatory defense/penalties, and privacy-breach response services.
EMPLOYMENT PRACTICES LIABILITY
Covers allegations of discrimination, harassment, inappropriate employment conduct and associated defense costs. You may also be able to add coverage for punitive and third-party claims. (Not available in all states)
Covers electrical, mechanical and pressure system accidental breakdowns on equipment such as boiler/pressure vessels, phone/security systems, and heating/cooling systems.
Covers direct physical loss or damage to property in your care, custody, or control.
COMPUTER AND DATA
Pays for direct physical loss or damage to electronic data processing equipment.
ORDINANCE OR LAW
Three separate coverages are provided with this policy:
- Coverage 1: Covers loss in value of the undamaged portion of the building due to demolition pursuant to a building ordinance or law.
- Coverage 2: Covers the cost of demolition and removing of debris of the undamaged portion of the building if demolition is required by building ordinance or law.
- Coverage 3: Covers the increased cost to repair, reconstruct or remodel damaged or undamaged parts of the building to comply with a building ordinance or law.
Pays for damage to your personal property (normally food) because refrigeration equipment has failed or broken down.
VALUABLE PAPERS AND RECORDS
Covers direct physical loss or damage to valuable papers and records caused by a covered cause of loss.
HOST LIQUOR LIABILITY
Cover the amount you are legally obligated to pay as damages for injury due to the selling, serving or furnishing of any alcoholic beverage (subject to policy exclusions).
Pay reasonable medical expenses of persons other than employees, owners, and officers, for injuries sustained on the insured premises.
BUSINESS INSURANCE DISCOUNTS
You may be eligible for a variety of discounts that may help to lower your business insurance premium.
- Up to $500 discount when we write your business owner policy along with your home and personal auto
- A 5% discount when we write your business owners policy along with your worker’s compensation policy
- A 5% discount on your business auto when we write it along with your business owners policy
* Discounts apply to selected coverages, perils and policy types. Eligibility and actual percentage of discounts may vary.
Request a Quote
Managing your small business can be complex, selecting the right Business insurance for your unique operation doesn't have to be. No matter the type of business, a Farmers agent can help you customize an insurance package to reduce your risk and protect your investment. Request a Business insurance quote today to get started.
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