Business Insurance Coverage

Business insurance is a broad description that can be broken down into a list of nine types of insurance policies and here I will briefly explain the coverage and expand on these as individual topics. For now, these are general descriptions so that we are talking about the same thing when I use these terms in later articles.

Business Property Insurance

Property insurance provides coverage in case of loss or damage to the business and its contents. You can choose to cover some risks and not others (eg. a fire insurance, flood insurance, earthquake. You can also insure machines, inventory, or other items that belong to suppliers or others, but that are under your care, custody, and control.

Property insurance needs to be reviewed at least annually as your inventory, equipment, or other contents are generally changing all the time. You may also want to review the deductible as your business grows and can assume more risk.

One Stop Shopping

It is easy to fall into the trap of taking insurance coverage for granted. You purchase a policy for auto or homeowners and keep sending the premium payments without much thought. After all, making a change in your insurance seems like a huge task. Who will you use? How will you really know if the new policy is better or worse than the one you have now? If it costs less, is it because you are getting less coverage? If it costs more, is there a benefit that makes the cost increase worth it? 

Not only is there the question of which agent to use, but then you want to be sure that the insurance company is fair in its policies and financially sound so that you will get your expected benefits when you have a claim. 

Finally, your circumstances are always changing, and those changing circumstances may dramatically effect the coverage you should have for your family or business. What is the best way to make sure that you have the best coverage with the best companies for your circumstances as they change over time?

When you use an independent agent like Jaffe Insurance Agency, the management and staff will be able to keep track of all the issues that matter to you and your situation across all policies. The insurance professionals at Jaffe Insurance Agency regularly review all your coverages and asks pertinent questions about changes in your life and your assets, to help ensure you are properly protected. Since Jaffe has access to the finest and strongest insurance companies in the US, and multiple companies for each kind of policy, they can help you to select the best policy and company for each kind of coverage. Everything done by one agency. It only makes sense to have Jaffe handle all of your insurance needs.

Call or Email now to discuss a complete package with Jaffe Insurance Agency. 

Casualty Insurance
 

Casualty insurance insures against loss or damage to the business in ways that are not covered in the property insurance coverage. Property and casualty insurance are commonly packaged together, and may also include liability coverage.

• Flood Insurance - Plumbing leaks are covered by property insurance, but floods are covered under casualty insurance.

• Political Risk or Government Liability - This is a very specific type of policy for businesses with overseas exposure in countries that have the potential for business damages resulting from a sudden political change in a country or withdrawal of a contract as a result of a political decision without recourse.

• Terrorism Coverage - Insurers now specifically exclude acts of terrorism from the basic property insurance, and require the purchase of a separate terrorism policy if you wish that coverage.

• Employee Theft - If your employees have access to company funds, inventories, or equipment, or if they handle cash you will likely need this coverage.

• Surety Bonds - A special type of casualty coverage is referred to as a "bond." A surety bond is one type. It insures a client or partner that you will complete the contract. This type of bond is commonly used in construction and with some types of government contracts

• Other Types - Identity theft, Cyber-Liability, Cyber Fraud