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Business Insurance

Questions regarding a bill that you receive from the insurance company should be directed to the customer service / billing department of your insurance company (click here for a listing). They will be able to quickly and accurately answer questions about payments received, outstanding balances, payment options, etc.

You may request changes to your policy by either calling our office (410-377-2111) during normal business hours or 24 hours a day, 7 days a week through email (click here for contacts). Please note that for a change to be effective, we MUST confirm the information with you in writing or over the phone. No coverage can be bound, changed or cancelled by leaving a voicemail, email or fax message. We will process your request within 24 business hours and send you a confirmation of the change.

Fire legal liability coverage provides coverage to for you if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.

Replacement Cost is the current cost to replace property with materials of like and kind quality. Actual Cash Value is the replacement cost less depreciation. Neither of these is the Selling price, purchase value or mortgage amount.

Insurance companies require that you insure at least 80% of the property’s value in order to collect the full amount of a partial loss. The rates are based on insuring to full value. If you underinsure, you may not be paid the entire value of your partial loss.

Other people may drive your vehicle with your permission. It is important that they be listed on your policy if they are regular drivers of the vehicle.

At the end of the policy term, the insurance company will review the policy and either charge or credit the policyholder based upon an audit of estimated figures provided at the start of the policy. Examples of estimated auditable items include sales and payroll. Audits can be performed onsite by an auditor or via mail, email or telephone.

An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors’ certificates of insurance will prevent you from being charged for their exposure. Aside from the hard costs, it is always a good idea to have sub-contractors provide you with evidence of insurance coverage as well as “Additional Insured” status when it applies. Call us for details on putting a good sub-contractor risk management process in place.

General Liability provides coverage if you are liable for damages to other individuals arising from your premises, general operations (ongoing and after completion) and products manufactured or sold. Sometimes called “Public Liability” it responds to covered Bodily Injury and Property Damage claims involving third parties.

Products/Completed Operations refers to the liability coverage for damages caused by your operation or products after the point at which you no longer have control of them.

Business Interruption/Extra Expense coverage provides protection for income loss and the additional expenses (e.g. establishing a temporary site during repairs) due to damages related to a fire or compensable loss.

Named Insureds are those listed by name in the relevant section of the policy’s declaration pages  (front pages of the policy with specific information). Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple named insureds may be included.

First Named Insured is the first “named insured” listed on the policy declarations. This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured is also responsible for payment of the premiums.

Additional Insured is an entity to which a policy’s coverage is extended. An additional insured must be added to the policy prior to a claim being paid. There must be a relationship between the additional insured and named insured. Being an additional insured on another’s policy does not eliminate the need for someone to have his/her own Commercial General Liability policy.

← F.A.Q.’S