Commercial property insurance pays for physical damage to the things a business uses to operate, such as its building, its equipment and goods, and sometimes items that customers have left with it. A package policy puts several kinds of business insurance into one policy, but only the kinds the business chose.
About 19 minutes
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Recommended first: Calculate deductibles, limits and coinsurance, Contract formation and the policy map, Who and what is covered—and what changes it. Suggestions, not required steps.
Open lesson →When a fire damages a business, it causes two kinds of harm. The first is broken property, such as a ruined oven or a burned wall. The second is the money the business loses while it cannot operate. Business income coverage pays for that second harm. It replaces the earnings a business loses, and certain bills it keeps paying, while it is shut down because of covered property damage. Extra expense coverage pays the additional costs a business takes on to keep operating, or to reopen sooner, after that damage.
About 19 minutes
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Recommended first: Read a loss scenario: peril, hazard and cause, Commercial property: build the package, classify the loss. Suggestions, not required steps.
Open lesson →A business can buy several kinds of coverage together instead of buying each one separately. There are two main ways to do that.
About 19 minutes
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Recommended first: Commercial property: build the package, classify the loss, Business income and extra expense: trace the interruption. Suggestions, not required steps.
Open lesson →When a business machine stops working, it is natural to ask, "What broke?" For insurance purposes, a better question is: "What made it stop?"
About 16 minutes
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Recommended first: Commercial property: build the package, classify the loss, Business income and extra expense: trace the interruption. Suggestions, not required steps.
Open lesson →A finished building is insured as one fairly stable thing. A building under construction keeps changing. On Monday it is a concrete slab, and lumber is stacked beside it. By Friday that lumber is a wall frame, and a rooftop air-conditioning unit is waiting on a pallet.
About 20 minutes
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Recommended first: Commercial property: build the package, classify the loss. Suggestions, not required steps.
Open lesson →A single cyberattack can cost a business money in two separate ways.
About 24 minutes
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Recommended first: Commercial property: build the package, classify the loss, Business income and extra expense: trace the interruption. Suggestions, not required steps.
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