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Property Insurance
Property insurance protects
against the loss or damage to the physical location of a
entity including the entities contents.
The property is insured in two ways: Open Perils and
Named Perils-
Open perils will cover all losses not excluded in the
policy. Common exclusions on open peril policies include
earthquakes, floods, nuclear incidents, acts of terrorism and
war.
Named perils are required to be listed in the policy.
Named perils may include fire, lightning, explosion and theft.
Property coverage
can cover owned,
leased or rented property as well as property of others in your
control.
Liability or
Casualty
A casualty is a liability or loss resulting from an accident.
Casualty coverage is concerned with losses caused by injuries
to persons or their property. A legal liability may occur
and therefore most entities acquire this type of coverage.
Commercial Auto
A commercial auto policy is
purchased to protect an entity in case of accident, theft,
injury damages involving business vehicles, and staff while
driving business vehicles owned and insured or rented by the
company.
Commercial auto covers, high liability
limits
for a business. Commercial auto is needed if the
entity
transports
goods or people,
operates heavy vehicles or transports high cost
merchandise.
Workers Compensation
Workers compensation is a system where the employee is not
allowed, by law, to sue an employer for an on the job injury.
Workers
compensation is a form of coverage providing wage replacement
and medical benefits to employees injured in the course of
employment in exchange for the right to sue.
Coverage for pain and suffering, along with punitive damages for
employer negligence, are usually not found in workers
compensation plans.
Business Interruption
Business interruption covers the loss of income that a
entity loses due to a disaster. It is designed to put a
business in the same financial position it would have been in if
no loss had occurred.
This type of coverage only available as an add on to the entity property policy and it only pays
if the cause of the loss is covered by the property
policy.
Usually covered under this policy
are: profits that would have been earned - financial statements
needed, expenses and other costs still being incurred by the
property, moving to as well as operating costs of a temporary
location.
Health Insurance
Known as group health
insurance this coverage will reduce adverse selection by
creating a pool of people.
Premium costs for group health insurance participants are the
same amount for all the insured's.
Life and Disability Insurance
This coverage is basically a will for
the business. It provide vital protection for the entity,
insuring against the
death or disability of owners and/or key employees. It can buy
the shares from other owners or fund the cost of hiring a new
key employee.
Related Examples:
TermLifeAmerica.com- Lewis Fink is licensed as an insurance
agent offering Life Insurance in the following states:
Alabama,
Arkansas,,
California,,
Colorado,,
Connecticut,,
Delaware,
District of Columbia,
Florida
,
Georgia,
Idaho,
Illinois,
Indiana,
Iowa,
Kansas,
Kentucky,
Louisiana,
Maine,
Maryland,
Massachusetts,
Michigan,
Mississippi,
Missouri,
Montana,
Nebraska,
New Mexico,
New Jersey,
New York,
North Carolina,
North Dakota,
Ohio,
Oklahoma,
Pennsylvania,
Rhode Island,
South Carolina,
South Dakota,
Tennessee,
Texas,
Utah,
Vermont
,
Virginia,
and
Wisconsin.
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