Insurances!
Property insurance has come to take on many specialized forms of insurance policies. Boiler and Machinery Insurance, Debris Removal Insurance, Builder’s Risk Insurance, Glass Insurance, and Inland Marine Insurance are among the most specialized types. But, parsed even more, there may be a need for Ordinance/Law Insurance, covering the costs associated with having to demolish and rebuild to code when a building that you own has been partially destroyed–typically half or more destroyed. This would covers just the replacement value, not any necessary or voluntary upgrade.It may take several different forms: Contingent Business Interruption; Extra Expense Form; Gross Earnings Form; Profits and Commissions Form; Tuition Form; or the now-most-used Business Income Coverage Form.
There are also more specialized types of insurance. Errors and omissions (E & O) insurance covers the costs associated with inadvertent mistakes or failures that cause harm to a third party. Malpractice insurance is routinely carried by doctors, dentists, accountants, real estate agents, and architects. This provides funds to pay for losses that result from injuries to third parties due to a professional’s conduct falling below the profession’s recognized standard of care. Directors’ and Officers’ liability insurance covers the costs of lawsuits against the directors and officers of a corporation or nonprofit organization. And the familiar auto insurance is also considered a type of commercial insurance.It’s probably easy to see that in today’s highly litigious climate, having commercial insurance is or should be a high priority for any professional. If you are concerned about getting commercial property insurance, just fill out the form to find the affordable rates that you need.
