Builder’s Risk Added to a policy for a one-year minimum term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. Cancellation is allowed on a pro rata basis upon project completion; however, midterm cancellation will result in a short rate penalty. A reporting form or renovations form allows coverage to be …
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Underwriting Process Insurance companies decide the types of risks they will accept. This is referred to as underwriting and is the process by which an insurer selects and classifies risks according to their degree of insurability. Premiums The premiums charged for business insurance vary widely from company to company. It pays to shop around to obtain the best value for …
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Liability insurance offers certain protections to a small business owner. For example, if someone falls while visiting your business premises or a customer is hurt by a product your business sells, a liability policy can protect your business. Liability insurance, also called Commercial General Liability (CGL), covers four categories of events for which you could be held responsible: bodily injury; …
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