As a business owner, NH insurance is a must. However, when it comes to making the purchase, business insurance can seem complex. With many add-ons to traditional policies, the process can quickly become overwhelming without the right guidance. Here, we are presenting ten optional coverages with a brief overview to guide you through the journey.
Optional coverages for NH business owner insurance
Insurance companies have designed package policies for businesses to cover all the major property and liability exposures under a single policy. You can add various coverages to the basic package for an additional premium through an endorsement, which amends or alters coverages to the insurance contract. Some common optional coverages for business property include:
Builders Risk Coverage –
This option covers buildings during construction. Depending on the policy, coverage can be for the value at the time of loss or the building’s full value at the time of completion.
Building Ordinance Coverage –
Building ordinance coverage provides coverage when a community has a building ordinance stating that if a building sustains damage (usually 50 percent), it must be demolished and rebuilt. The rebuild must be in accordance with current building codes. Special attention is required when establishing the amount of insurance.
Commercial Crime Coverage –
This coverage provides coverage for money and securities, stock and fixtures against theft, burglary and robbery both on and off the insured premises and from both employees and outsiders.
Errors and Omissions –
Errors and omissions coverage (E&O Coverage) protects your business against loss from a claim of alleged negligent acts, errors or omissions in the performance of your professional services. This coverage protects your business from potentially catastrophic claims.
Extra expense insurance –
This optional coverage pays the additional expenses incurred when preparing to reopen after a loss. Leasing another space, advertising, utility installations, and extra costs for rush shipments of new merchandise are a few examples.
Exterior grade floor glass –
This coverage refers to glass at the ground or basement level with exterior or outside exposure.
Money and securities –
The money and securities option provides all-risk coverage for valuables wherever they are, at the bank, at the business owner’s or another person’s home, on the business premises, or in transit between these places. You choose the coverage limits that you need.
Employee dishonesty –
The employee dishonesty option provides coverage for loss of business property, including money and securities, due to employee theft, embezzlement, fraud, or any other criminal act on the part of an employee. You choose the coverage limits that you need.
Mechanical breakdown –
This option provides the same kind of protection available under a separate boiler and machinery policy; specialized coverage for machinery and power-producing equipment. Coverage is provided for losses resulting from the breakdown of mechanical, electrical and pressure equipment ranging from boilers to refrigeration systems, engines, compressors, pumps, motors, transformers and other machinery.
Outdoor signs –
The BOP covers only signs attached to the building. The optional coverage applies to signs located on other parts of the building.
*This list is not complete as new add-ons are added frequently by the industry.
An important consideration when selecting these coverages is how much of any damage you can afford to pay yourself out-of-pocket, without filing a claim. For more information on optional business owner insurance NH, contact Morin Agency today at (603) 875-1200.
