Coverage Options

Standard Coverage Options

Your Orr Insurance Broker is a business person who has seen a wide variety of operations and mishaps. Whether you own, lease or rent your premises and equipment, she or he will comb the market to find the right provider, policy and coverages for your operations.

Restaurant and Bar Insurance

Retail Insurance

Office Insurance

Building Owner’s Insurance

Manufacturer’s Insurance

Contractor’s Insurance

 

Optional Coverages

Insurance can be written for specific Named Perils that you can foresee, or as an All-Risks policy. In an all-risk policy, your business is covered for damages caused by any type of occurrence except for ones that are specifically excluded in the policy – if a loss isn’t excluded, it’s covered.

Business Income

Losses from Crime

Builder’s Risk Insurance

 

Restaurant and Bar Insurance

Policies typically provide coverage for the building(s) you own, with or without inventory, against physical loss or damage. For instance, if you lose power and the contents of your walk-in refrigerator or freezer spoils, your policy would pay to replace the food. If you lease and there is a fire, water damage, collapse, or any other insurable loss, and you are forced to close your doors, Business Income coverage can cover lost revenue during repairs. If you are the landlord and have tenants running a restaurant or bar, insurance will cover the loss of rent you are not collecting during rehabilitation.

 

Retail Insurance

This type of Commercial Insurance covers the building where it is owned by you or your business. For business owners who rent or lease their space, property insurance includes improvements to the space, business inventory, furniture, fixtures and other business property. Policies can also include mechanical system breakdowns that damage the store or contents, including HVAC systems, refrigeration, humidifiers or water filtration systems. Business Income coverage can cover lost revenue while your store is repaired or rebuilt. 
 

Office Insurance

Insurance can be taken out for an office building owned by you or your business. For business owners who rent or lease offices, property insurance provides coverage for improvements to the space, business inventory, furniture, fixtures and other business property.
 

Building Owner’s Insurance

As you might guess, this covers a building you own, but Loss of Income coverage can also cover lost rental income if your building becomes uninhabitable for a period of time.

 

Manufacturer’s Insurance

This provides coverage for the buildings that you own, and/or business property and inventory against physical loss or damage. Coverage can also include the breakdown of mechanical systems that damage to the building or its contents – including production machinery, computer-controlled equipment, electrical systems, boilers, air conditioning, refrigeration or other systems. Business Income coverage can cover lost revenue or extra expenses to continue operating elsewhere while your property or equipment is being repaired or rebuilt. 

 

Contractor’s Insurance

This is coverage for your office contents, contractor’s equipment and tools. Business Income coverage can cover lost revenue while your business is not operating due to an insured peril.

 

Optional Coverages

Insurance can be written for specific Named Perils that you can foresee, or as an All-Risks policy. In an all-risk policy, your business is covered for damages caused by any type of occurrence except for ones that are specifically excluded in the policy – if a loss isn’t excluded, it’s covered.

Due to a dramatic increase in incidents, additional coverage for flood, earthquake, and sewer back-up is optional.

Property insurance pay for damages or loss in two ways:

Actual Cash Value (ACV): Your loss or damage is valued at the value of the property at the time of loss – Replacement Cost less Depreciation.

Replacement Value: You are reimbursed the amount necessary to replace the item or structure when it is lost.

 

Business Income

Property insurance can be combined with Business Interruption coverage to provide cash flow while your are temporarily shut down because of a loss. There are a few different options you can choose:

Gross Earnings: This covers lost gross earnings while a business is shut down, but only until the insured property is replaced or repaired.

Profits: Insurance will pay benefits until your business resumes its normal, pre-interruption level, up to your specified policy limits.

Extra Expense: This is for when it is critical for a business to temporarily relocate and keep running while damage is repaired. It covers moving and renting temporary quarters, or outsourcing work.

Gross Rentals or Rental Value: Landlords can buy coverage to replace lost rental income, including anticipated rents, during repairs.

Actual Loss Sustained: This covers the total value of what was lost, versus normal cash flow.

 

Losses from Crime

Crime coverage can be added to a property policy to protect your business from losses due to:

Employee Dishonesty: Loss of money, securities, and other property resulting from fraudulent or dishonest acts by an employee, such as forging a signature to transfer or withdraw money.

Loss of Money and Securities Inside: Loss of money and securities by destruction, disappearance, or wrongful abstraction (misleading records) within the premises, such as money stolen from a cash register.

Loss of Money and Securities Outside: The destruction, disappearance or abstraction of money and securities outside the premises by a third party, while being conveyed by the insured or authorized person, or within the living quarters of a messenger or custodian.

Counterfeit Paper Currency and Money Order: Losses where the insured accepts in good faith, and in the ordinary course of business, either counterfeit currency or a money order supposedly issued by the post office but refused upon presentation.

Depositor’s Forgery: This protects you if your bank accepts stolen business cheques used for fraudulent purposes.

Credit Card Forgery: Losses from the forgery or alteration of written instructions by a third party required in connection with a credit card issued to the business, an employee or partner.

Computer Fraud: Losses resulting from taking or transfering money, securities or property by a third party via a computer network and facilities either owned and operated, or leased and operated, by the business.

 

Builder's Risk Insurance

This is a special type of property insurance covering damage to buildings while they are under construction. Builder's risk insurance is "coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure, should those items sustain physical loss or damage from a covered cause.” Builders typically use this only during construction until completion and the property is ready for use or occupancy – then regular property insurance is advisable.