HOW DO I KNOW IF A BUSINESSOWNERS POLICY IS RIGHT FOR ME?
The Businessowners Policy offers comprehensive property and liability coverage along with coverages specifically designed for your special business needs. In addition to protecting your company’s buildings and business personal property, the policy also covers the actual loss of income your business would sustain if you needed to to temporarily close due to damage.
What are the coverages automatically provided in the policy?
- Buildings and business personal property scheduled on the policy
- Liability and Medical Expenses
- Business income actual loss sustained (within the terms of the policy)
- Equipment breakdown
- Reward payments
- Necessary inventory expenses in the event of a claim
- Lock and replacement key
- Necessary security guard charges in the event of damage to your building
- Others' property in your care, custody or control
- Liability of newly acquired organizations
- Data Breach – first and third party
- Cyber Extortion
- Exterior building glass
What other coverages are recommended or can be added?
- Employment practices liability
- Employee benefits liability
- Blanket additional insured
- Increased cost of loss and related expenses for green upgrades
- Identity restoration
- Hired and non-owned auto liability
- Accounts receivable
- Employee dishonesty
- Valuable papers
Are there any specialized coverages specifically for contractors?
Optional enhancements can be added. These specialized coverages for contractors are available:
- Non-owned tools and equipment coverage
- Employee tools
- Higher limits on installation and tools and equipment available
- Designated construction project(s) general aggregate limit
- Per project general aggregate limit (all projects)
- Pesticide or herbicide application
- Snow plow products – completed operation hazards coverage
- Contractors Errors and Omissions**
- Jobsite Pollution Liability **
Is worker’s compensation included in the policy?
Worker’s compensation coverage is not part of our Businessowners Policy, but can be written separately. Most businesses are required to purchase worker’s compensation insurance. Worker’s compensation provides medical expenses and indemnity payments in the event of a work-related injury. A local Indiana Farm Bureau Insurance agent can provide the appropriate coverage to protect your business and your employees.
Do you offer an umbrella policy for my business?
A Commercial Umbrella Policy can be added to protect your business from a large liability loss. An Indiana Farm Bureau Insurance agent can show you how an umbrella policy can extend the limits of your current Businessowners Policy. This can protect you from the high cost of jury awards, out-of-court settlements and legal fees.
Can I obtain coverage for my work vehicle?
Coverage for your business vehicle is not included in our Businessowners Policy; however we do offer a commercial auto policy that can be tailored to your business' needs.