Marketium Business Property Insurance is coverage designed to protect the real and personal property of a business owner in the event of a covered loss. Whether you own your building, lease your workspace or work from home, property insurance is a critical coverage.
Depending on your policy you may be covered for direct damage from fire, lightning, explosion, windstorm/hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, glass breakage, falling objects, weight of ice/snow/sleet, water damage resulting from bursting of pipes, collapse, theft, or other covered losses. All policies contain exclusions and vary by policy type and carrier. Coverage for some of the excluded types of losses may be purchased by an endorsement or separate policy.
Marketium Insurance Services can assist you in evaluating your needs and understanding the coverage options available to you. One of the most important investments in ensuring the future of your business is purchasing property insurance.
Boiler & Machinery
Boiler & Machinery insurance is also known as Equipment Breakdown coverage and is not just for boilers but any equipment that generates electrical power or any machinery including pressurized, production, electronic equipment and electrical systems.
If your building has a boiler, you need boiler and machinery insurance. Your building insurance does not cover damage caused by boiler explosion or the resulting loss of income and extra expense. Many building owners do not realize that a boiler explosion can cause extensive damage to a building. Only boiler and machinery insurance covers loss due to boiler explosion.
Boiler and machinery insurance can also be used to insure sudden and accidental breakdown of other types of equipment including oil, gas, or electric furnaces, air conditioning equipment including chillers and compressors, circuit breaker boxes, hot water heaters, emergency power generators and other building service equipment.
Equipment Breakdown can also cover sudden and accidental breakdown of equipment. You should review your lease to determine if you are responsible for building service equipment such as the heating and air conditioning, circuit breaker boxes, or hot water heater. Coverage can also be purchased for virtually any electrical or mechanical device or production equipment you use in your business including telephone and photocopying equipment. Coverage extends to loss of income related to the breakdown.
What causes boiler and machinery losses?
Sudden and accidental losses occur from a variety of causes including:
•Old or fatigued equipment and electrical panels
•Lack of proper maintenance
•Machinery/circuits used beyond capacity
•Lack of safety devices
•Operator error
•Dirty or dusty operating environment
To help prevent such losses, business owners should routinely inspect equipment and provide continuous education to employees who operate or maintain machinery.
Your business equipment is an important part of your business operations. Protecting your equipment, telephones, computers and electrical systems along with other equipment that are vital to your success should not be overlooked. Buildings and Other Property It is extremely important to have an adequate limit of insurance for a building. Considerations include the cost of removing the debris, architectural fees, zoning and permits, the cost and availability of the same type of materials used in the old building, and the escalation of building costs that frequently occurs after a major storm. Does your current coverage have a coinsurance clause? If so, inadequate building values may cause you a severe penalty even for a partial loss. OTHER PROPERTY INLAND MARINE BUSINESS INCOME & EXTRA EXPENSE
Marketium Insurance Services can review your insurance needs and assist you in determining if the coverage you have is adequate to rebuild your building. The best method to determine the reconstruction cost of your building is to obtain an appraisal from a reliable appraiser, contractor or architect.
A significant exposure for building owners to consider is the effect of Building Ordinance and Laws on the cost of rebuilding. Often zoning laws will not allow a damaged structure to be repaired or rebuilt unless it meets current building codes, which may include requirements for sprinklers, elevators, additional stairways, fire resistive materials, and handicapped access. Building codes also frequently require the demolition of the undamaged portion of a structure that is more than 50% destroyed by a covered loss.
An inland marine policy (also called a Floater) is designed to insure property that may be moving from location to location; off premises at new/temporary locations or work sites; or subject to unique circumstances that are not covered by a conventional property policy. It can also include coverage for property under construction and bridges, roads, piers, etc. Examples of items commonly insured on an inland marine policy include accounts receivable, fine arts, signs, tools and equipment, and valuable papers.
Business Income coverage protects against the loss of net income that would have been earned and continuing normal operating expenses incurred (including payroll) when a business is forced to discontinue operations due to a covered loss. Extra Expense covers the expenses incurred over and above normal operating expenses that reduce your business income loss.
Cargo Insurance
Regardless if you import, export or transport you have a need for Cargo Insurance and should not rely on others for coverage. Cargo Insurance you purchase to protect your property is generally broader than the coverage than coverage provided from another party transporting your property.
Transportation of property can be insured by different forms of insurance which we provide to our clients depending on their needs including:
Commercial Crime Insurance Every company, regardless of size, is a potential target for crime. Experts acknowledge that this is one of the fastest-growing, most prevalent problems facing businesses today. The changing economic environment, advancements in technology and international expansion make the threat of loss more ominous than ever before. A comprehensive Commercial Crime policy is an absolute necessity for any business concerned with protecting their company's assets today and in the future. Crime losses can cause financial havoc and destroy a business and its credibility. You can take preventative measures through the implementation of a comprehensive risk management program, which should also include Commercial Crime coverage. The Commercial Crime policy can provide coverage for the following: •Employee Dishonesty (Fidelity): Losses of money, securities and other property caused by theft or forgery by an employee. Third Party Employee Dishonesty coverage is also available and provides protection against theft of a third parties property by an employee. •Forgery & Alteration Coverage: Losses resulting from instruments which have been fraudulently drawn against the company's accounts by a third party. •Premises Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities within or from your premises by third parties (burglary and robbery). •Transit Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities outside your premises by a third party, while being conveyed by you or any authorized person for your business. •Computer Theft/Fraud: Losses resulting from the fraudulent taking of money or securities through the use of a computer.
Motor Truck Cargo
Transportation
Warehouse to Warehouse
Funds Transfer Fraud Coverage: Losses resulting from the fraudulent taking of money or securities through fraudulent instructions to a financial institution to transfer, pay or deliver money or securities.
Investigation Cost Coverage: Reasonable expenses incurred in establishing the existence and amount of any covered crime loss.
(713) 937-3173
info@marketium.com