Property & General Liability Insurance
Safeguard Your Reputation & Business Assets
Property and General Liability insurance is necessary for every business. Property insurance includes coverage for fire, theft, and vandalism, plus many other coverages. General liability insurance, on the other hand, can help cover claims that your business caused bodily injury or property damage.
An example of a general liability insurance claim would be if a patient, client, or vendor slips and falls in your office and is injured. General liability insurance provides coverage for the injured person to obtain medical attention or defend the business if the injured person sues the company.
Property and liability insurance is typically required if you have a lease, mortgage, or other contract.
InsureGen Brokers is here to assist you to determine if specific wording or insurance limits are required to comply with your contracts.
How Do I Determine Which Deductible I Should Have?
A deductible is the amount of money the business is responsible for; the insurance company pays the rest up to the policy limit.
For example, if you have a deductible of $1,000 for each claim and $5,000 worth of business property is stolen, you would pay $1,000. The insurance company would pay the remaining $4,000 of the claim.
Discounts are given on the policy premium for having a deductible. The higher the deductible, the greater the discount. However, the discount for having a high deductible may not be significant enough to be worth it.
To determine your property's value, we recommend using Replacement Cost. Determine how much it would cost to replace the building, furniture, or equipment with another of like kind and quality.
In the case of building insurance, this is not the market value of the building or how much you would get if you sold it. If there were a catastrophic fire, you would still have the land; therefore, the cost to replace the building is different from the market value.
Why Is Property & Liability Insurance Essential
Property & general liability insurance for when the unexpected occurs.
Property insurance protects your business from:
Unforeseen Events
Property insurance provides financial protection against losses or damages caused by fire, vandalism, natural disasters, or other covered perils. It ensures you can restore your business premises to its pre-loss condition, minimizing the financial impact of unexpected events.
Business Interruption
If your business is temporarily shut down or experiences a slowdown due to a covered claim, your property insurance policy will reimburse you for lost revenue during the interruption. This coverage helps to offset the financial losses, ensuring your business can continue to meet its financial obligations and recover from the incident.
Stolen or Damaged Property
Coverage is provided for stolen furniture, equipment, and other business property, as well as broken windows or damage caused by theft or attempted theft. This coverage helps you replace or repair damaged items, ensuring your business operations continue without significant disruptions.
How Is the Premium Determined?
The premium for property and general liability insurance is based on several factors, including:
Protect Your Business With Comprehensive Liability Insurance Coverage
Whether you lease or own your property, we can help you find the most appropriate property and general liability coverage for your business. We partner with several carriers to find the best fit for you.
