Business Owners Insurance
Madison Avenue Insurance Group places business owners’ insurance coverage for retail and service type businesses.
Common coverages include building or tenant improvements and betterments, furniture and equipment, supplies, computers, inventory, customer’s goods, signs, fencing, and loss of business income due to property claims.
Business owners policies provide financial reimbursement to help recover the cost of items damaged, lost, or destroyed from fire, theft, vandalism, burst pipes, explosion, and more. Flood and earthquake coverages are available, although you will need separate policies for that.
Cyber and Employers Practices Liability Coverages are always recommended additional coverages.
We have experienced account managers to walk you through a coverage needs analysis. We offer competitively priced programs that can protect your business with the coverage your business needs.
Coverage Offerings
- Business Owners Liability
- Business Contents and Equipment
- Employee Theft
- Business Health Plans
- General Liability
- Liquor Liability
- Tenant Legal Liability
- Business Cyber Attack Insurance Coverage
- Employers Practices Liability (For employee or customer discrimination)
- Auto Liability (Hired/Non-Owned and/or Delivery)
- Loss of Business Income
General Liability insurance covers claims made against your business by someone who has experienced or claimed to have experienced, bodily injury or property damage. It can also provide coverage for injuries sustained from your product, claims for libel, slander or defamation, and claims filed by your employees or other 3rd-parties.
Coverage includes legal and defense costs.
Tenant Legal Liability Coverage provides coverage if you damage your rented or leased space.
For example: If your computer caught fire in the night and destroyed your leased space as well as your neighbors leased space, your general liability would pay for your neighbors’ damages and your tenants legal liability coverage would pay to repair your leased unit.
The landlord may or may not carry building coverage (This would be outlined in your lease) to repair the damages, however, is their insurance carrier pays for the repairs, they will likely be asking you to re-pay them for the damages you caused.
Employers & Customer Discrimination Coverage
First party Employers Practices Liability coverage protects you from discrimination, harassment or wrongful rental/eviction type claims brought on by your employees.
Third party Employers Practices Liability coverage protects you from claims brought by your customers, vendors, or suppliers.
Coverage includes can include legal costs which can add up quickly.
Loss of Income Coverage covers the loss of income due to damage to a company’s physical property. While property insurance covers physical damage, business income coverage pays for lost revenue during the restoration period. Coverage includes costs to relocate while repairs are being made.