Insurance Alliance of
Central Pennsylvania
www.tiacp.com
What types of property do I need to insure? Although your business may not include all of these categories of insurable property, this list should at least give you food for thought:
 What is builders risk coverage? This type of coverage is intended for buildings in the course of construction – usually new buildings and additions being constructed from the ground up. What if someone sues my business? General Liability insurance coverage will protect your business in the event you become a defendant in a lawsuit alleging that your business did (or failed to do) something that caused injury to someone or damage to their property. General Liability coverage extends not only to paying damages but also to the attorney’s fees and other costs involved in defending against a lawsuit. Certain types of lawsuits are not covered by general liability insurance, such as allegations that you wrongfully terminated an employee, or that your product did not perform as promised. Other, more specialized, types of insurance are often available for allegations not covered under a commercial general liability policy. I just signed a lease to expand my business. Why does my insurance agent want to review my lease? Whether the lease is for equipment, for space within a building, or for space outside of a building, the terms of the lease agreement may have important insurance implications. Have you agreed to cover the structure itself, even though you don’t own it? Have you agreed to include the landlord as an insured on your insurance contracts? Have you agreed to waive your rights to subrogate against your landlord in the event the landlord was responsible for the damage to your property? Have you agreed to carry specific amounts (or types) of insurance as part of the lease agreement? Your agent will be able to identify changes that will need to be made to your insurance program to comply with the terms of your lease. I work out of my home. Will my homeowner’s insurance cover my business? You have no business liability insurance coverage under your homeowner’s policy. You have very limited business property coverage under your homeowner’s policy. In order to properly cover your business you need commercial property and commercial general liability coverage often written in the form of a package, sometimes referred to as a “Business Owner’s” policy. Can I do anything to lower my insurance premiums? Managing your risk may help you to reduce your premiums. Here are some things to consider:
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