Risk can’t be eliminated so best to be prepared. Protecting your property from physical damage and your business from negligent acts is vital, Paramount can assess your business needs and develop coverage with policies that offer the most value. We also offer Excess Liability to assure your financial strength is secure.
Business property
Business property includes furniture, computers, tools, equipment and supplies. Basically, all physical property used for business operations can be protected. Policies typically pay the cost to repair damaged items or, when necessary, replace them with like kind and quality.
A policy with replacement cost coverage means you can recover the full cost of replacing with a new item. Actual cash coverage means you will receive a depreciated, or the current actual value, for an item. Policies pay up to a specified limit; and there may be sub-limits for certain type property or for property located away from the business premises. Business property insurance protects what you or the business own, it typically does not protect the property of others. Coverage can be included for tenant improvements and betterments when a workspace is leased. Commercial real estate coverage is required for businesses. Risk can’t be eliminated so best to be prepared. Protecting your property from physical damage and your business from negligent acts is vital, Paramount can assess your business needs and develop coverage with policies that offer the most value. We also offer excess liability to assure your financial strength is secure.
Business general liability
Business general liability protects against negligent acts to others. This typically includes bodily injury, property damage, personal injury (libel or slander, etc.) and advertising injury (copyright infringement etc.). When necessary, policies cover finished goods (manufacturing) or completed operations (construction). In addition to paying for actual damages such as replacing/repairing property and medical bills, a general liability policy will pay for the legal cost to defend a lawsuit and any settlements or judgements for which you are obligated. The cost for general liability insurance depends on the type of industry, business experience and specified limit of coverage. It is important to select a limit of liability that adequately protects your business assets.
Excess liability
Excess liability is a separate policy that provides an additional limit of coverage after a primary underlying policy has reached its liability limit. For example, if your business general liability is $1 million, you may obtain a $2 million excess liability policy to have more protection; $3 million total. Excess liability may sometimes offer protection for two or more underlying policies. Because it pays only after the primary underlying policy limits are exhausted, it is an affordable option for higher levels of protection. Like primary general liability, the cost depends on the type of underlying risks with certain businesses having more exposure.