Catering to your needs. If your business operations do not fit within one of our current packages, that’s not a concern. Our qualified insurance advisor will go over the nooks and crannies and assure we customize your policy to your specific needs.
We offer Contractor, Residential & Commercial Realty, Office, Bed & Breakfast, Church, and Home Based Business Packages. Each package contains a specific list of extensions and limits that are catered to the needs of that particular business operation. The limits can be increased if those already included are inadequate for your business requirements. Similarly, this can be done for coverages that are not included within the extensions but are required by your business. Amending each commercial policy with the necessary coverage and limits is always an option. Erie Mutual understands that each business can be different, we want your insurance policy to be uniquely you.
There are various types of business income coverage available and those provided are based upon your needs. Rental Income, Extra Expense, Gross Earnings, Profits Form, Contingent Business Income, and Actual Loss Sustained coverage are examples of some. If you’ve suffered a loss, we want to make sure you don’t also lose out on lost income.
Stock and Equipment
Protecting your property is the intent of Equipment and Stock coverage. Equipment is usually coverage under Replacement Cost form while stock is covered under Actual Cash Value. We’ll discuss with you to ensure proper limits are determined and in place properly.
Installation Floaters are normally required by Contractors and intended to provide protection to the items (stock) that is to be installed at your customer’s premises. Miscellaneous Floaters are intended to cover property that is away from any of the insured’s business locations that are listed on their policy. Whichever you need, we’ll have you covered.
Home Based Business
If the primary location of your business operation is out of your own home and primarily consists of business and professional services, we’ve provide the right insurance policy for you. There are various types of home based businesses, your insurance coverage is equally important as any large company.
Commercial General Liability
It not only provides you with protection against third party claims for bodily injury or property damage, but also includes defence costs under your policy. We represent your interests in court as part of your insurance contract with Erie Mutual.
Finding the Right Insurance Solution for You
Full commercial insurance protection should include your building, stock & equipment, necessary floaters involved in operations, coverage for loss of income and complete liability protection.
If you are in the real estate business, and regardless of whether you own many properties, or one single building, rental income is a must. It’s a business income coverage specific to providing you with the coverage you’ll need for lost rents. Regardless of any mortgage in place, you’ll be at a loss if a claim forces closure of a property for repairs or renovations.
You need to ask yourself in either situation, can I afford to not have that revenue coming in? How will I cover the mortgage, or if you do not have one, how will I cover whatever other commitments I have for which those rents contribute toward? If your property is a residential risk, and your tenant is forced to move out and find a new place to live because the repairs of your property will take longer than they can wait, your rental income will protect you and usually pay up to 12 months worth of lost rent. Some insurers will offer options to purchase up to as much as 24 or 36 months worth of rental income coverage.
The same Rental income coverage as the residential building occupancy would apply if you instead owned a commercial building with commercial tenants that had to permanently or temporarily re-locate due to damage by a covered peril (the cause) for which you suffer a loss. Keep in mind, the opposite can also occur to protect the tenant(s). In some instances, landlords require their tenant(s) within their lease agreement to cover the Rental Income on their insurance policy and name the landlord as the loss payee with respect to those rents, should a loss occur.
Ultimately, this coverage is designed to protect those parties with a vested interest and is something that should not be overlooked. We understand that coverage such as rental income can be complicated, but we’ll assess your insurance needs properly so that you’re fully covered.
Don’t be fooled by the size of your business, or that it’s only home based rather than in a large building in a city core. We recommend that every business carry adequate insurance coverage and limits regardless of the size of your business. Keep in mind that your residential home insurance policy is not intended to cover a business and does not include the liability or additional coverage required. A proper commercial insurance application should discussed and completed with one of our professional advisors. We realize you don’t want or need an expensive policy, but we can focus on what your small business does need. If your business grows and you expand outside of your home, we’ll adjust your business insurance policy accordingly. We have a solution for every small business.
We hope you’re business never has to shut down, but in most cases it’s only temporary and we can provide the proper coverage to ensure you can sustain this downtime. Ask one of our insurance advisors about business interruption coverage, it will protect you financially when you’ve lost sales or production. We’ll have you back in business as soon as possible, but in the meantime we can ensure you have the means you need to keep moving forward.
Where would be without technology? It’s true that we’ve become very dependent on our computers to basically run some portion of the business. We understand the concerns everyone has these days about electronic security, so we recommend adding Cyberone coverage to all commercial insurance policies, it includes both computer attack and network security liability. We can ensure data is restored or re-created as needed, along with restoration of your system. You may have some lost business income or extra expenses that result, but don’t worry we’ve got that covered. Defense and settlement costs are also included in this coverage as liability protection. This is a must have for every business that relies on a computer for daily activity, and that’s most everyone.
We love the way we can always sit down and discuss our coverage thoroughly with our Erie Mutual insurance advisor. He explained both our commercial and auto insurance policies, and was able to answer all of our questions.
Mark & Carl Schweyer Schweyer’s Wood Products, Erie Mutual Member (Fisherville)
If you are a tenant, which many of us are these days due to the rising real estate market, you still need to be smart about getting the proper insurance coverage in place. That includes becoming price-savvy to the costs involved with replacing your personal belongings.
Not all every business shares the same exposures or risk when it comes to the necessary insurance protection required. Part of the struggle as your insurer or an insurance agent is to help a policyholder identify and recognize cyber exposures that may exist.
We realize that most consumers do not truly understand the insurance product they are purchasing. Despite efforts to educate and inform policyholders the simple truth of the matter is that insurance can be difficult, and that is unfortunate.