COMMERCIAL MULTI-PERIL POLICIES
If your business involves real estate ownership, retail sales, restaurants, auto service facilities, offices or trade contracting, and if you are involved with low-to-moderate risk of loss, a Commercial Multi-Peril (CMP) policy could help meet your needs for property and general liability insurance.
A CMP policy can be either a Businessowners policy or a Commercial Package policy. A CMP policy can provide coverage for real property, business personal property, and loss of income after a covered property loss. Covered property perils typically include fire, vandalism, theft, water damage, equipment breakdown, and other unexpected losses, unless specifically excluded. A CMP policy traditionally also covers general liability losses resulting in bodily injury or property damage to the public as a result of accidents arising out of your business premises, your operations, the products you sell, or your completed work.
A CMP policy is flexible. Limits within the policy can be tailored to meet the specific needs of most businesses. Packages of additional coverages with discounts can be added to take the guess work out of coverage selection. There are, however, some limitations based on the type and size of business ownership experience and loss history.
COMMERCIAL AUTOMOBILE POLICY
Automobiles are used in businesses for many reasons. Your business may deliver products or pick up supplies. It may transport employees, tools, and equipment to job sites. It may own trucks that have expensive equipment attached. You probably have vehicles to call on customers. You may require your employees to use their own cars in your business. If you are in the auto service or repair business, your employees may test drive customer vehicles. Regardless, motor vehicle accidents present significant potential for serious financial loss to a business.
A Commercial Automobile Insurance Policy can provide coverage for auto liability, medical expense, uninsured motorist, and physical damage coverage (comprehensive and collision). Additional coverages are available to meet the specific needs of the business and should be discussed with your agent.
The commercial insurance needs of an automobile dealership can be met by combining a Garage Auto Policy with a separate Commercial Property Policy. The Garage Auto Policy provides a dealership with legal liability protection should a member of the public be injured in an accident arising from the business’ premises, operations, products or completed operations. The policy can also provide legal liability coverage for the operation of automobiles that are used as demonstrators, loaners, and service vehicles. Auto comprehensive and collision coverage can be added for vehicles held in inventory and other owned vehicles. Garagekeepers coverage can be added to provide comprehensive and collision coverage for vehicles owned by customers while in the dealership’s custody for service work. There are several additional endorsements that can tailor coverage to the needs of a dealership.
A Commercial Property Policy can provide coverage for loss to business property from a multitude of causes including fire, theft, burglary, theft, equipment breakdown and other causes of loss.
COMMERCIAL UMBRELLA POLICY
To round out an account, an Umbrella Policy could be used to provide higher liability limits than can be provided by a Business Owners, Garage Auto, General Liability or Commercial Auto Policy. Many classes are eligible for an Umbrella, and limits start at $1,000,000.