Property Insurance

Property insurance can cover the buildings that you own and/or business property and inventory against physical loss or damage. If a storm, fire, theft or other event damages your building, its contents, or any outdoor fixtures, your business confronts consequential hardship.

Even if you don’t own your building, you will still need contents coverage. In the most policies, property insurance for business contents covers furniture, fixtures, inventory, office tools and equipment and other supplies stored at your facility and off-premises, such as a fence, landscaping and exterior sign.

You may insure those items for replacement cost or for actual cash value (ACV), which pays only for the depreciated value of the property. Replacement cost policies have higher premiums, however they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.

At Koram,

We offer a wide range of business property insurance options to provide you the flexibility to cover what you need in order to protect your business. We work hard to help ensure your livelihood wouldn’t be jeopardized if your personnel is insured or your tools/equipment are damaged. Any setbacks won’t stand in the way of your business success.

Liability Insurance

Liability insurance is designed to protect the business against losses even if they are negligent or liable for damage, injury or loss to another’s property, reputation, or health. Typically, damages, legal defense fees and settlement charges are paid by the insuring company when a claim is filed against the business.

  • Bodily Injury — Liability coverage may pay the affected person or firm for the cost of care, the loss of services and restitution for death that results from an injury.

  • Property Damage — In the event your business causes damage to, or causes the loss of use of someone else’s property, property damage coverage may pay for the value of the physical damage to the property; or the loss of use of that property, products and completed operations.

A policy may provide coverage for your company’s completed products or services. If an injury occurs due to the use of your products or services provided, the policy would pay for the resulting damages and any legal expenses up to the policy limits.

General Liability coverage extends to any liability you may assume by entering into a variety of different types of contracts such as a building lease. Contractual Liability is also known as “contract protection insurance.” It provides insurance protection and covers claims for bodily injury and property damage that arise out of business operations, premises and products on behalf of someone else, as a result of liability assumed by contractual agreement.

Contractual Liability

If you are in the business of manufacturing, distributing, selling, serving or furnishing alcoholic beverages, the policy may protect you in case someone claims you are legally liable for a liquor-related accident.

Since a basic General Liability policy excludes liquor liability coverage for businesses who generate a profit from alcohol, liquor liability insurance is designed to either be added as an endorsement to a General Liability policy or purchased separately.

Businesses that typically need liquor liability insurance coverage include:

  • Restaurants

  • Bars

  • Taverns

  • Caterers

  • Breweries

  • Wineries

  • Grocery stores

  • Liquor stores

Liquor liability insurance can help cover:

  • Third-party bodily injury

  • Third-party property damage

  • Legal costs (Settlements, Court costs and Attorney’s fees)

  • Additional claims (Assault and Battery)

Liquor Liability

If someone is injured by you, from business activities or at your business site, the policy may pay for medical and funeral expenses incurred, up to policy limits, within one year of the accident. For instance, if a customer tripped and fell on your premises and had to be hospitalized, medical payments coverage comes in to play as a part of the Commercial General Liability policy.

Medical Payments

Personal Injury

Most General Liability policies provide coverage if you are accused of:

  • Publishing inaccurate information that slanders or libels a person or organization;

  • Publishing material that violates a person's right of privacy;

  • Falsely arresting, detaining or imprisoning someone;

  • Maliciously prosecuting someone;

  • Wrongfully evicting someone;

  • Advertising Injury

In the course of advertising your company’s own goods, products or services, this policy will provide valuable liability protection against advertising injuries resulting from:

  • Publishing inaccurate information that slanders or libels a person or organization;

  • Publishing material that violates a person's right of privacy;

  • Copying some other company's advertising ideas or style of doing business;

  • Infringing on another company's copyright, title or slogan