COMMERCIAL PROPERTY & GENERAL LIABILITY INSURANCE
Commercial Property Insurance: This term is used to define property, land, structures, etc. that is used for business use such as a store front, vacant warehouse, offices, etc.
Business Personal Property: This coverage covers all of the property that is not part of the building or fixed into the foundation of a commercial property risk. This coverage would cover property such as desks, equipment, office supplies, etc.
Business Income & Extra Expense: BI & EE is an important coverage for all business owners. There is two parts to this coverage. Business Income is the loss of income that resulted from a covered peril. Extra Expense coverage will cover the expense to keep the business operating. An example of extra expense would be paying rent at a new location until the covered location is back in working condition.
Water Back-Up: Here is a common coverage that we see a lot. This coverage covers an insured's damaged property in a scenario that the sump-pump or drains fail to work. The damage that was caused by the water would be covered.
Garage-Keepers Coverage: Covers the physical damage caused to a customer's vehicle, boat, motorcycle, ATV, etc. This coverage is most common with automobile repair shops, marina's, motorcycle repair, and other similar industries.
Garage Liability: Is similar to General Liability but is more focused towards repair shops, body shops, auto & boat dealers, etc. In most cases, insurance companies classify each risk as Division I or Division II. Division I covers owned, hired, and non-owned automobiles (ex. Auto Dealers). Division II covers hired and non-owned automobiles (ex. Auto Repair Shops).
General Liability: GL is a broad coverage used for most commercial risks. General liability would cover the costs incurred due to a law suit, bodily injury caused by negligence at a covered business location, and also, in some cases, damage to property of others.
For More Details on Commercial Insurance Coverage, Please contact a Jacob Insurance Service Agent at