The funding vehicles are either disability or life insurance or both. If a loss occurs and property values have increased to a point where coverage limits are less than the required co-insurance percentage of total property values, a reduced payment will be made to the claimant. Some policies do not have a co-insurance clause. Usually required by a board of directors to protect them in the event they are sued in conjunction with their duties as they relate to the company. A package policy for online service providers that includes coverage for Technology Errors and Omissions Liability, Media and Intellectual Property, and Breach of Computer Security.
Coverage is for lawsuits by employees for alleged wrongful acts in management or notification.
Your lease agreement will outline who is responsible for restoring the building, improvements and betterments. If responsibility lies with the insured, Fire Legal Liability coverage will pay for restoring the leased space, up to the policy coverage limits. It is vitally important to have adequate coverage limits as part of your policy. Health, Dental, Long Term Disability, and Life Insurance coverage purchased in the name of the company, and offered to employees as a benefit. Covers judgments and legal defense costs if a competitor sues you for copyright, trademark, or patent infringement.