Commercial Insurance
Insurance > Services: Commercial

Listed below are brief descriptions of common Commercial Insurance coverages.

Commercial Property Coverage
Property Insurance is any type of insurance that indemnifies an insured who suffers a financial loss because property has been damaged or destroyed. Property is considered to be any item that has a value. Property can be classified as real property or personal property. Real property is land and the attachments to the land, such as buildings. Personal Property is all property that is not real property. The Building and Personal Property coverage form is used to insure almost all types of commercial property. The insuring agreement in the Building and Personal Property coverage form pays for physical loss or damage to covered property at the premises described in the policy when caused by or resulting from a covered cause of loss.

Commercial General Liability Coverage
The Commercial General Liability Policy provides insurance protection to pay damages for bodily injury or property damages for which the insured is legally responsible. The policy provides coverage for liability arising from personal and advertising injury, coverage for medical expense is also provided. The policy also covers accidents occurring on or away from the premises. Coverage is provided for injury or damages arising out of goods or products made or sold by the named insured. The insured is the named insured and the employees of the named insured. However, several individuals and organizations, other than the named insured, may be covered, depending upon certain circumstances specified in the policy. In addition to the limits, the policy provides supplemental payments for attorney fees, court costs and other expenses associated with a claim or the defense of a liability suit.

Commercial Automobile Coverage
The liability coverage of the commercial auto policy provides protection against legal liability arising out of the ownership, maintenance, or use of any insured automobile. The insuring agreement agrees to pay damages for bodily injury or property damage for which the insured is legally responsible because of an automobile accident resulting from the ownership, maintenance, or use of a covered auto. The insuring agreement also states that in addition to the payment of damages for which the insured is legally liable for, the insurer also agrees to defend the insured for all legal defense cost. The insuring agreement states that the insurer will pay all reasonable and necessary medical and funeral expenses incurred by an insured because of bodily injury caused by an accident. The insured is the named insured, the insured's employees and guests, and any other person occupying a covered auto. These payments are made without regard to fault. Comprehensive coverage provides protection against loss or damage to a covered auto resulting from loss other than a collision or upset. This coverage also provides supplemental payments for transportation expenses in the event of total theft of a covered auto or a non-owned auto. Coverage begins forty-eight hours after the theft.

Umbrella Liability Coverage
Umbrella liability insurance provides excess liability coverage over the insured's primary liability policies. Most umbrella liability policies provide coverage that is broader than the insured's primary policies. Umbrella policies have three functions: (1) To provide additional limits above the each occurrence limit of the insured's primary policies; (2) To take the place of primary insurance when primary aggregate limits are reduced or exhausted; and (3) To provide broader coverage for some claims that would not be covered by the insured's primary insurance policies, which would be subject to the policy retention. Most umbrella liability policies contain one comprehensive insuring agreement. The agreement usually states it will pay the ultimate net loss, which is the total amount in excess of the primary limit for which the insured becomes legally obligated to pay for damages of bodily injury, property damage, personal injury, and advertising injury.
Thoroughly reading your policy is the only way to know precisely what is covered and what is excluded. Not all Commercial Insurance policies will cover exactly the same causes of loss. This is due to vast number of endorsements and forms that can be added to a policy, every policy will differ depending on what business or operation it covers.

Commercial Insurance is complex with many coverages, forms and endorsements. Contact Sonnenberg Agency, LLC for further information regarding Commercial Insurance.