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STANDARD BUSINESS INSURANCE COVERAGES
DIFFERENT TYPES OF COMMERCIAL INSURANCE
FINANCIAL RESPONSIBILITY (SR22) INFORMATION
CONTACTING NH DIVISION OF MOTOR VEHICLES
What losses may be covered? How will my claim be handled and what are my repair options? We want to help you get answers to all your questions…from understanding how to report a claim, what’s covered, the claim handling process, all the way to getting your property repaired or replaced. To get the answers to these questions please give us a call at 603-524-0753 so we can help. In the event of a claim, please give us a call and we will take some information and explain the process to you. We may have you contact the company directly or we may file the appropriate forms for you. Our goal is to help you recover.
All the companies we offer use the Direct Bill method of payment. This means that the company bills you the customer, directly, and the payment is then made directly to the company. Payments do not need to be brought in to Maheu Insurance, for this does not insure quicker payment to the company though customers and friends are always welcome in our office.
Some companies use a credit score to evaluate insurance policies. Certain information from credit reports is one factor among many others that companies consider to more accurately determine the risk presented by a given customer. The information has proved an effective predictor of insurance losses. Many companies actual experience confirms the connection between credit report information and the likelihood of experiencing a loss.
Click HERE to view information on Credit Scoring in insurance.
Click HERE to view some Frequently Asked Questions regarding the use of credit score and insurance.
Bodily Injury Liability Coverage
Provides protection for damages you're legally obligated to pay because
of injuries you cause to others in a covered accident. This coverage also
provides for legal costs associated with defending claims and lawsuits
against you or your company, that arise out of accidents for which you
may be liable.
Property Damage Liability Coverage
Provides protection for damages you're legally obligated to pay because
of damage you cause to the property of others in a covered accident.
Medical Payments Coverage*
Provides payment for the reasonable and necessary medical treatments you
or your employees incur as a result of a covered accident.
Uninsured Motorist Bodily Injury Coverage**
Provides protection if you or your employees are injured in a covered
accident caused by an uninsured driver. Coverage will vary by state.
Uninsured Motorist Property Damage Coverage
Provides protection if you or your employees are injured in a covered
accident caused by an uninsured driver. Coverage will vary by state.
Collision Coverage
Pays for damage caused to your commercial vehicle resulting from a covered
accident with another car, or a covered collision with most anything else
(such as a tree).
Comprehensive Coverage
Pays for damage to your commercial vehicles for covered losses not caused
by collision or from the auto being overturned. This may include, among
other things, fire, theft, hail, flood or vandalism.
Non-Owned Auto
Provides liability protection for your business, for injuries or damages
that your employees are responsible for if they get into an auto accident
involving their own vehicle while they are ”on the clock.”
Hired Auto
Provides liability coverage for you, as the business owner, when you rent
vehicles for use in your business on a short-term basis. For an added
level of protection, you may also consider Hired Auto Physical Damage
Coverage, which provides comprehensive and collision physical damage protection
to the vehicles you rent on a short-term basis.
Loading and Unloading
Provides liability protection for damage resulting from the handling of
property during the loading onto or unloading from your covered vehicle.
Additional Insured
Provides liability protection for other entities you may work for or lease
vehicles from.
Rental Reimbursement
If you have a covered comprehensive or collision loss as an insured person,
this coverage typically reimburses you for the cost of renting vehicles,
up to the dollar amount limit per day shown on your policy.
Drive Other Car
Provides liability and physical damage coverage protection if you or your
employees rent private passenger cars on a short-term basis, even when
there's no personal auto liability policy in force.
Audio, Visual and Data Electronic Equipment
Provides protection for equipment that receives or transmits audio, visual
or data signals and that is not designed solely for the reproduction of
sound. Equipment must be permanently installed in the vehicle or removable
from a housing unit that is permanently installed in the vehicle, using
the vehicle's electrical system for power.
DIFFERENT
TYPES OF COMMERCIAL INSURANCE
The most common types of commercial insurance are property, liability and workers' compensation. In general, property insurance covers damages to your business property; liability insurance covers damages to third parties; and workers' compensation insurance covers on-the-job injuries to your employees. Depending on your business, you may want additional specialized coverages. Listed below are some of the different types of business insurance.
PROPERTY INSURANCE Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including: Boiler and Machinery Insurance
BOILER AND MACHINERYINSURANCE, sometimes referred to as "equipment breakdown" or "mechanical breakdown coverage," provides coverage for the accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses. For example, this coverage would cover fire damage to computers.
DEBRIS REMOVAL INSURANCE Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding, but not of removing the debris.
BUILDER'S RISK INSURANCE Builder's Risk Insurance Builder's risk insurance covers buildings while they are being constructed. For example, a Builder's risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
GLASS INSURANCE Glass insurance covers broken store windows and plate glass windows. Inland Marine Insurance Inland marine insurance covers property in transit and other people's property on your premises. For example, this insurance would cover fire-damage to customers' clothing from a fire at your dry cleaning business.
BUSINESS INTERRUPTION INSURANCE Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
ORDINANCE OR LAW INSURANCE Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). For example, your three-story building is 100 years old. A flood destroys the basement and first two stories. Because more than 50 percent of your building has to be rebuilt, a local ordinance requires that the building be completely demolished and rebuilt according to current building codes. Property insurance covers only the replacement value, not the upgrade.
TENANTS INSURANCE Tenant's Insurance Commercial leases often require tenants to carry a certain amount of insurance. A renter's commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
CRIME INSURANCE Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
FIDELITY BONDS A bond company covers losses due to a bonded employee's theft of business property and money.
LIABILITY INSURANCE Liability insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks, including customer injuries on your premises. More specialized varieties of liability insurance include:
ERRORS AND OMISSIONS INSURANCE Errors and omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts. For example, an E & O policy would cover damages arising from an insurance agent failing to file policy applications, or a notary forgetting to fill out notarizations properly.
MALPRACTICE INSURANCE Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional's conduct falls below the profession's standard of care. For example, if a doctor makes a mistake that other doctors of his specialty would not have made, his patient might sue him. A malpractice policy will pay his defense costs and any judgment or settlement. Malpractice insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.
AUTOMOBILE INSURANCE Commercial automobile policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property.
DIRECTORS' AND OFFICERS' LIABILITY INSURANCE This type of insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.
WORKERS' COMPENSATION INSURANCE Workers' compensation insurance covers you for an employee's on-the-job injuries. Businesses with employees are required by various state laws to carry some type of workers' compensation insurance. In most cases, workers' compensation laws prohibit the employee from bringing a negligence lawsuit against an employer for work-related injuries.