The primary feature of excess / umbrella protection is an additional amount of liability insurance, that is excess over underlying policies such as general liability, professional liability, automobile liability, and employers' liability. An umbrella policy provides additional coverage when the limits of insurance on an underlying policy are exceeded. For instance, if you have $1,000,000 coverage under General Liability and you have a claim settlement for $1,500,000, the umbrella policy would pick up the additional amount.

 

Replacement cost or actual cash value Increased Extra expense

Business income coverage Employee dishonesty coverage Equipment breakdown coverage

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Property insurance protects a person or business with an interest in physical property against its loss or the loss of its income-producing abilities. Property coverage has multiple parts including Building coverage, Business Personal Property and Loss of Income coverages:

• Business Personal Property: Traditionally known as "contents," this term actually refers to furniture, fixtures, equipment, machinery, merchandise, materials, and all other personal property owned by the insured and used in the insured's business.
• Business Income Coverage Form: A commercial property form providing coverage for "indirect losses" resulting from property damage, such as loss of business income and extra expenses incurred. It has replaced earlier Business Interruption and Extra Expense forms.
• Business Interruption Insurance: A type of policy that pays for loss of earnings when operations are curtailed or suspended because of property loss.

 

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