Commercial Property Insurance Classifications

Commercial property insurance covers risks of damage to your business premises. It is an ideal coverage for commercial establishments looking to protect their buildings and other property from any financial loss.  Classification of this type of insurance is based on the risks involved. This means that different businesses have different equipment and buildings to carry out their business operations. You thus need to protect the furniture, buildings, equipment and other content in the business premises. The damage can be due to fire, floods and vandalism, among other malicious activities. This damage can be initiated by the employees or other third party. The cost of replacement and repair for such property might be unbearable for you to meet. A commercial property insurance is thus a must have.

Commercial property insurance classifications have been categorized in terms of the nature of business you are involved in. In the clothing industry, the property insurance you take out is different from that of the shoe industry. There are common risks that come with this type of insurance policy. However, there are additional risks depending on the nature of your business. When taking out the property insurance cover, you should consult your insurance company to accommodate the additional coverage. This will be according to the needs of your business. Safepro provides such services to its customers, when writing this type of insurance. We understand that businesses need to protect their property for the smooth running of operations.

The amount of premiums paid by different businesses covering risks against the property insurance coverage, vary. This will depend on the value of property being insured and the number of risks. In that case, you need to disclose all the relevant information about the property being insured to the insurer. This will help the insurance broker to calculate the amount of premiums to pay. The higher the value of the property being insured, the higher the premiums you will pay. This also applies for the case of the extent and number of risks insured. Failure to disclose the vital information can lead to lack of compensation at the time the covered risk occurs.

Expansion of a business premises is inevitable, if the business is at a going concern. This means the products, buildings and furniture, among others, are increased in terms of size and number. When this is the case, you need to review the terms and regulations of the policy with your insurer. The amount of premiums you initially paid will be increased due to the increase in the number of risks. You insurance broker will, however, carry out a risk analysis of your business before concluding to the amount of premiums to pay.

Get in touch with us on the best insurance option to meet the needs of your business. We offer commercial property insurance services to learning institutions to cover their dormitories and boarding houses, among others. We also provide insurance cover to wholesale and retail stores, which deal with different kinds of products. The commercial property insurance cover is thus essential when it comes to covering your losses.

Commercial General Liability Insurance Classifications

General liability insurance for business aims to cover risks of damage or injury to third parities. However, this type of insurance policy varies in a number of ways among different types of businesses. This is due to their difference in business operations. An insurance broker will advice you to take out a general liability insurance that will best fit the needs of your business. It is thus advisable to carry out an analysis of the risks in your business, to determine the best policy to cover the available risks. Classification of general liability is based on the operations and products that particular businesses deal with. Businesses that deal with similar products take out the same general liability insurance. This is because they share the same types of risks.

The amount of premiums also varies with a variation in business operations. Some businesses are exposed to more risks than others. This means that, they will pay more premiums. Safepro understands that commercial establishments are faced with such different risks. In that case, it accommodates these different risks faced by establishments. Safepro deals with businesses in the automobile industry, aerosol industry, abrasive industry and clothing industry, among others. It is thus essential that you inform your insurance broker on the nature of your business operations. This will help them to calculate the amount of premiums you will pay for the coverage of the risks available in the policy.

Changes in the ways of doing business can increase or decrease the risks. This involves expansion of the target market or change of product. This will call for the review of the policy to cover more risks or exclude some risks already indicated in the policy. Commercial general liability insurance will vary depending on the changes made in the business. Talk to your insurance company on the risks covered. In doing so, you will know the available options to adopt to prevent any liability loss. Lawsuits against your business can result to its liquidation. This is due to the heavy financial impact in terms of losses. In that case, a commercial general liability insurance is a must have.

Clothing and automobile businesses do not share the same risks. This means that, their commercial general liability insurance cover differs. It differs in terms of the amount of premiums they pay, the number of risks covered and the nature of risks. It is thus ideal to seek an insurance agent that has customized the general liability insurance for your business. This will help to cover losses due to damage of property or injury to persons. In the end, your business will be fully covered, which means coverage for your losses.

Contact us to get a long list of businesses we cover for the commercial general liability insurance. We will carry out a risk analysis of your business operations to determine the amount of premiums you will pay. We have the best staff that are conversant with the current trends in the field of insurance. Our experience in the insurance industry is unquestionable. With the many clients who have had to work with us, we boast of being the best in the industry.

Certificate of General Liability Insurance cover

When you buy commercial general liability insurance, you need to have proof of this type of insurance. A certificate of general liability insurance is a legal document issued by the insurer as proof of the insurance policy. In this document, the insurer indicates the terms and regulations as contained in the policy. A certificate of general insurance is essential as you will be required to produce it whenever it is required. It might be required by financial institutions, your business associates or even state authorities, among others. This certificate contains everything that you need to know about the policy that you have bought with a particular insurance company. Safepro provides this type of document to businesses or individuals who take out the general liability insurance with them.

Who needs a certificate of general liability insurance? Every contractor or business which has taken out the general liability insurance should be in possession of this document. Most state authorities will not provide you with a permit to work on a project, if you do not have proof of insurance against risks of damage or property and bodily harm on third parties. In that case, it is a must have when undertaking to work on a project, for contractors. With this document, you will be able to prove that you are adhering to the requirements of insurance that you have purchased. You can ask for the certificate of general liability insurance from your insurance broker.

A certificate of general liability insurance is issued by the insurer at no extra charge. However, for any additional coverage on the policy, there might be extra charges to it. This document is ideal when you want to know what is covered under the policy. It will contain the name of the insured and the insurer. In case there are many policy holders, their names will also be included. It will also indicate the date when the policy took effect and the expiring date. As the policy holder, you need to review your certificate of general liability occasionally. This will help you to keep track of the duration your policy. It contains limits and the requirements of the policy you have purchased. These limits are essential during the time of filing for a claim. They will help you to determine whether you qualify for compensation or not, when the risks covered occurs.

Critically analyze the contents of your certificate of general liability insurance to understand the risks covered. Talk to your insurance broker and find out what is not covered. At Safepro, we will help you to interpret some of the technical terms in the certificate of insurance. You will realize that, you need to take out additional coverage for your business. Some insurance companies are limited to cover some risks. You should thus study the policy before taking out the insurance policy. Also in the process, carry out a through risk analysis of your business to determine the insurance policy that accommodates the needs of your business. This will help you to meet insurance needs in covering the risks of damage or injury to third parties.

Occurrence and claims made options of the commercial general liability

Commercial general liability insurance is detailed in terms of the risks covered under the policy. It provides different options to meet the needs of your business. With that said, there are two types of insurance options under this type of insurance. There is the occurrence option, and the claims made option of the commercial general liability. When you decide to take out this type of policy for your business, you need to ensure that major risk areas are covered. This will help to compensate for the loss suffered due to damage of property and injury to persons. When taking out this policy, you should have knowledge of the two available options as their coverage is different.

Occurrence option

Coverage for this type of policy takes effect when the risks occurred before the expiry of the policy, irrespective of when the claims were made. Such claims are made when the third party or your employee suffers any form of injury or property damage. In that case, if your commercial general liability is written on the occurrence form, you will be able to receive compensation even after the expiry of the policy. However, the risk covered had to have occurred when the policy was still active. This option, on the commercial general liability, is effective as you will have time to file your claim. For example: if you are involved in car dealership business where you supply private vehicles and public vehicles to individuals and companies. You sold a truck to a customer on 1st January, 2013. The policy that covers risks of damage or injury to persons expires on 1st January, 2014. However, in the course of the business operations with the truck, the customer realizes that the truck has a faulty engine on 3rd July, 2013 but makes a claim for the loss suffered on 6th January, 2014. This claim will still take effect and the customer is liable for compensation under this option.

Claims made option

Coverage for this type of policy applies when the risk covered occurs within the duration of the policy and the claim is also made within the same duration. These conditions have to be met for you to be covered on the loss suffered. Your clients can file lawsuits due to any type of malfunction to the product you sold them. Lawsuits will be covered by the policy if it is written under the claims made form. However, depending on your insurance agency, there are special options available for this type of coverage. There are extended reporting periods which covers the risks irrespective of the time the loss occurred. There are also restrictions for this type of policy. Coverage for claims made, due to a retroactive date of occurrence, of the risks covered, is not compensated.

Safepro writes such options in the commercial general liability insurance. You will thus be able to get advice on the best option to include in your policy. This will come in handy when making claims against the covered risks, when they occur.

Commercial General Liability Insurance

Commercial general liability insurance coverage is designed to offer coverage for both business operations and premises. It thus covers risks such as advertising liability, damage of property by fire or vandalism and bodily harm or injury to persons, among others. It provides full coverage to your business or establishment. For advertising liability, the commercial establishment is liable for any type of injury caused to third parties, due to false advertising. This is negligence on the part of the business, whose products were advertised. This means that, the commercial establishment will be liable to compensate the injured party. On the other hand, injuries caused to employees or third parties are covered under the commercial general liability insurance. Medical expenses in this case are taken care due to the injuries suffered.

Commercial general liability insurance is wide in terms of coverage. It is available in two options. They include the claims made and the occurrence options of coverage. Claims made option is designed to cover risks due to damage of property and injury caused to persons, when reported to the insurance agency, once they occur. On the other hand, occurrence option of coverage covers risks due to damage or injury after they have occurred regardless of the time the claim is made to the insurance company. All these options apply when the risks occur during the period of the policy. If this is not the case, then compensation will not be provided, unless there is an additional coverage that compensates for such risks.

Safepro provides such additional coverage for commercial establishments seeking to increase their coverage options. This additional polices come in two forms. There is the prior acts coverage which entails coverage of claims that occur before the period of the policy begins. On the other hand, there is the run off coverage option that covers claims made on the risks that occur after the expiry of the insurance policy. This will guarantee full protection of your business in case the covered risks occur at any particular period. However, for these options to take effect, you must report the incident, of the occurrence of the risk, to your insurance broker. Commercial general liability insurance will be a perfect insurance cover for your establishment against the risks that pose a liability loss to your business.

Commercial general liability insurance comes with restrictions and exclusions on the extent to which it offers coverage. If the covered risks occur to a faulty building or equipment in the business premises, you will not receive any form of compensation from your insurance company. It only covers risks that are not caused due to faulty equipment. The insured might assume that since the policy covers risks of damage of property and bodily harm to persons, they will receive compensation despite the state of the building. This is not the case with commercial general liability insurance. You should thus review the policy in depth to check on the terms and conditions stated. It is also advisable that you disclose the condition of the property you want to insure against damage. This will help the insurer to provide you with the right insurance cover for your business.

Commercial Property Insurance

Commercial property insurance is designed to cover risks that cause property damage, in case they occur. It covers both the direct and indirect risks on the damage of your property. These risks include loss due to vandalism, fire and any other malicious damage on your property.  The fate of your physical assets like buildings, furniture and equipment is uncertain. In that case, the commercial property insurance cover is a must have. The cost of replacing or repairing these assets can be too high to meet. On the other hand it can result to a great financial loss to your business. In today’s world of business, your business will be disadvantaged in terms of competition.

Who should take out the commercial property insurance cover? Any business that has a business premises will require this type of insurance policy. Some commercial establishments invest heavily in property such as buildings, furniture and equipment. Damage to these assets can be a major set back in terms of development and expansion of their market. It is thus advisable that they take out the commercial property insurance to cover such risks. You can take precautionary measures to ensure that some risks like burglary and robbery in your premises are minimized. However, risk of fire can not be ignored. This is due to the extent to which such risk can cause damage to your property. Being insured against such a risk will ease the loss of property that you will incur in case the risk occurs. Individuals in the restaurant business and any other types of businesses should take out this insurance policy.

Safepro offers this type of insurance cover to individuals with business establishments. It comes with different options that will fit the needs of your business. In the commercial property insurance, it accommodates two types of coverage options. They include the actual value coverage and replacement cost coverage, when risks covered occurs. In the actual value coverage, the policy compensates for the cost of replacement of the property that suffered the loss covered. However, the value of depreciation is excluded from compensation of the loss suffered. On the other hand, the replacement cost cover fully compensates for the cost of replacing the property that has suffered the loss. In that case, the property will be replaced as new.

Different commercial property insurance covers, differ from state to state. However, there is the general coverage for this type of insurance. This is coverage for fire, malicious damage or vandalism among others.  There is additional coverage for the commercial property insurance depending on the regulations set in different states. Some of these include property damage by water, snow and sprinkler, among others. In that case, you should talk to your insurance company on the options available for your business. Restrictions for the commercial property insurance are also stated in the insurance policy. You should thus read the agreement in detail, while you interpret each clause of the contract. If you are unable to interpret some clauses in the contract, you should seek help from your insurance broker who will offer the necessary assistance.

Commercial Auto Collision Insurance Cover

Commercial Auto Collision insurance covers your vehicle against financial losses due to collision with vehicles or objects. It complements the auto comprehensive insurance coverage that does not cover losses due to collision. This insurance cover is not a requirement by the state authority. However, it comes in handy in case of any form of damage due to collision. It covers the damages on your vehicle and that of third party. This will save you the cost that comes with repair and replacement. It also covers damages when a vehicle rolls or overturns after a major collision.

Should you take out a Commercial Auto Collision insurance cover? For private motorists, your car might be the only mode of transport with the comfort that you need. Taking this type of insurance for your vehicle will offer protection through collision. On the other hand, for individuals involved in auto business, this insurance policy comes in handy. This involves businesses in rents, leases, car dealership and trucking business operations. Commercial Auto Collision insurance is, however, purchased with other insurance policies that do not cover damages through collision like, the comprehensive auto insurance. If your vehicle is on a lease, you should ensure that you have purchased the Commercial Auto Collision insurance. For additional coverage, talk to your insurance broker on the available polices that will guarantee full protection.

The value of your policy will depend on the amount you set for the deductible. For the insurer to set the premiums for you to pay, they first need to carry out a thorough risk analysis of your business. From there, you need to select the amount of deductible to pay once the risks insured occur. The deductible provides you with an option of lowering the value of your insurance policy. To lower the value of your policy, you need to set the deductible at a higher amount. This can, however, hurt you financially, in case the risk insured occurs. It is thus advisable to balance the deductible with the premiums you will pay.

Commercial Auto Collision insurance comes with restrictions and limits. Coverage for this type of policy is limited to collision with other objects or vehicles. In that case, any financial loss suffered due to other factors will not be compensated. You should also disclose all information pertaining to the risks covered in the policy. This information should be disclosed to your insurer to help them calculate the amount of premiums you will pay. Failure to disclose essential information may lead to the contract being declared null and void. As a result, you will not receive compensation in case of the occurrence of the risks covered.

With Safepro, your vehicle is fully protected from any type of damage or injury due to collision. Having being in service for many years, we have experience auto insurance policies. We understand the risks that threaten to bring down your business. Our qualified staff will advice you accordingly on the additional insurance cover that will meet the needs of your business.

Commercial Auto Comprehensive insurance cover

This type of auto insurance covers your vehicle against risks of fire, theft, vandalism and explosion. These risks are common depending on the type of business you are involved in. It is thus essential to take out the Commercial Auto Comprehensive insurance cover for this reason. Talk to your insurance broker on the available risks you should take out for your vehicle. There are many risks that pose a threat to your vehicle. You should also opt for additional coverage to get full coverage. This will be achieved by an arrangement with your insurer. Protect your vehicle from such risks by getting the right insurance cover.

Do you need a Commercial Auto Comprehensive cover? It is designed for every business or individual who own a vehicle. It is ideal in the protection of your automobile, from any type of damage or loss. Your car is exposed to many dangers of theft and damage by fire. This constitutes to a grave financial loss on your part. In most cases, it might be difficult, if not impossible, to meet these costs. If you want to protect your vehicle from these perils, then you need to purchase Commercial Auto Comprehensive insurance. In the process, you will find it cost effective as compared to repairing or replacing your vehicle in case the risks covered occur.

Selecting the deductible amount is another technicality in Commercial Auto Comprehensive insurance policy. The deductible is the amount which you are supposed to produce once the risk insured in the policy occurs. The insured is the one who is responsible for setting the amount of deductible he or she should pay. You should, however, be careful when doing this as it comes with certain effects. When you set the deductible amount to be high, you will pay a lower amount of premiums. However, you might not be able to come up with this amount, when the risks insured occur. On the other hand, when you set the amount to be low, you will be financially strained in the payment of premiums, as they will be high. In that case, you need to balance on the amount of deductible you set for your insurance cover. Set a deductible that will be convenient for you to pay at any particular period, within the duration of the policy. You can also consult your insurance agency on the issue.

Commercial Auto Comprehensive insurance comes with limits in terms of coverage. As it covers losses due to theft and fire, among others, it does not cover damage to other vehicles. It does not cover damage due to collision with other vehicles. In that case, you should take out an additional coverage to cater for this. It also excludes the coverage of bodily harm to persons involved in an accident. Safepro provides the additional coverage to protect you from any financial loss suffered. Contact us on variety of auto insurance polices available to cover all the risks in your business. We have in mind the needs of any type of business and as such, we offer the best services that guarantee safety for your business.

Commercial Auto Uninsured Motorist Insurance cover

This type of insurance coverage is a requirement in most of the states. It is designed to cover risks of injury or damage to a driver or vehicle, due to an accident caused by uninsured driver or vehicle. Due to the requirement by the state authorities, you will be required to talk to your insurance agency. This will give you more information on other auto insurance requirements to take out. Commercial Auto Uninsured Motorist Insurance is thus ideal for any individual or business involved in the auto business. Having the right coverage for your business will help you to overcome most challenges that face businesses. It is thus a must have for anyone looking to gain a higher competitive advantage in the auto business.

Commercial Auto Uninsured Motorist Insurance can be divided into uninsured auto motorist insurance, underinsured auto motorist insurance and uninsured auto property damage insurance cover. However, this depends on the regulations and requirements set by the state. Under the uninsured auto motorist insurance, it covers financial losses due to medical expenses as a result of injury, loss of wages and suffering. These costs are as a result of an accident by uninsured motorist or driver. It thus covers everyone in the vehicle including the passengers. Underinsured auto motorist covers injuries caused by an underinsured driver in case of an accident.

Underinsured, in this case, means that the policy that the driver has taken out cannot be able to sufficiently compensate for the injuries suffered. This insurance policy thus covers for any medical expenses incurred and loss of wages, among others. Finally, uninsured auto motorist property damage insurance covers losses due to damage of property, in case of an accident involving uninsured driver or vehicle. In such cases, where the driver or his of her vehicle is uninsured, it is mostly a hit and run. This means that, the uninsured vehicle or driver will not be available to compensate for the losses incurred. This insurance policy will take care of any damage to your car.

Commercial Auto Uninsured Motorist Insurance is a must have for anyone who owns a vehicle. This will protect you from motorists who are not insured. Although most states, stipulate that every motorist should take out an insurance cover for their vehicle, there are some who defy this law. To be on the safe side, you need to take out Commercial Auto Uninsured Motorist Insurance for your business or vehicle. There are many hit and run cases on the roads. Businesses that do not have this type of insurance cover end up paying hefty prices for the costs of repair and replacement. This can hurt your business in a bad way leading to a disruption of the business operations. To prevent such tragedy for your business, you need to insure your business with a Commercial Auto Uninsured Motorist Insurance.

Safepro understands the risk that come with uninsured and underinsured motorists for your vehicle. This is the reason why we provide Commercial Auto Uninsured Motorist Insurance cover for our clients in the auto business. This will guarantee full protection on the road, hence efficient.

Commercial Auto Liability Insurance cover

This insurance cover protects your business from any liability loss that comes up as a result of your business operations. You are liable to any type of damage or injury caused on a third party. This is achieved when your vehicle is involved in an accident with another motorist or third parties. In the process, damage of third party vehicle or property or injury can occur. The costs of repair or replacement will be your responsibility. There might be medical expenses incurred. This can be expensive in terms of compensation and lawsuits filed against your business. It is thus important that you take out the commercial auto liability insurance cover.

Who should take out the commercial auto liability insurance cover? Businesses that deal with auto operations should take out this insurance. Owners of vehicle rents and leases require this policy. It will cover your business against any type of liability loss. Companies that own vehicles, which their employees drive, are also prone to financial losses due to accidents caused by their employees. In addition to that, the car that you drive will require a commercial auto liability insurance coverage. Accidents can occur at any time and place. To be on the safe side, it is advisable to take out this insurance policy. This will save you the costs that come with repairs, replacements and medical expenses, just to name a few.

Commercial auto liability insurance is a requirement in most of the states. There is a minimum requirement by the state authorities for motorists to provide coverage for their vehicles. This is aimed to cover the uninsured, underinsured and third parties in case of an accident. In that case, you should consult your insurance broker on the available auto insurance covers. This will help you to take out a commercial auto liability insurance that accommodates the needs of your business. Carry out a risk analysis for your business before deciding on the best policy to take out. In doing so, you will know areas that are most prone to risks.

There are limits that come with the commercial auto liability insurance cover. You, therefore, need to talk to your insurance agency on any additional coverage available. This will constitute to full coverage, which means good for your business. Some additional risks include the commercial umbrella policy, which covers risk due to bodily harm or damage of property. This is less expensive as compared to the commercial auto liability insurance cover. Safepro is at the forefront in ensuring that the needs of your business are met. It provides minimum coverage, as required by the state authorities. This means that, you will fulfill all the insurance needs, hence smooth running of your business operations.

Contact us for the best available insurance covers. We have a dedicated staff that is familiar with different auto insurance policies that will be an advantage to your business. With the high competition in the auto business, it is essential that you take out the right insurance cover for your vehicle. To achieve this, you need a competent insurance agency that understands the risks in question.