Package Insurance
  

Summary of Insurance


Any company that has physical assets such as property, equipment, stock, raw materials, or office furniture has the need for property protection. In addition to providing property protection the package insurance can respond to general liability exposures.

Coverage Highlights


Our Business Insurance Products include a broad range of commercial coverage suitable for technology, pharmaceutical and chemical businesses. In addition to offering standard coverage, Wired for Growth™ will analyze your business and recommend other specialized coverages to meet your needs and help you manage risk. Our core products and specialty coverages are underwritten by top-rated insurance companies and provide you competitive pricing. A variety of options, limits and deductibles let you customize the coverage to your business needs and budget.

Package Insurance provides multiple coverages in one policy. It usually refers to a policy providing both General Liability and Property Insurance although other coverage can be added, as well.

Property Insurance is first-party insurance that indemnifies the owner or user of property for its loss when the loss or damage is caused by a covered peril. Sometimes included in the Property coverage section of the Package Policy is Business Income and Extra Expense.

  • Business Income Insurance provides coverage designed to help a business survive an interruption in its earnings. It indemnifies a business for its loss in profits caused by the interruption (business interruption) and also pays the business expenses that continue during the interruption (extra expenses). The coverage makes up for what would have been earned during the period when a business is temporarily inactive because business property has been damaged by a covered peril. (Not all package policies contain this coverage component).
  • Extra Expense covers extra expenses (over normal operating costs) incurred to remain in operation following a covered property loss. Typical examples include the costs of setting up temporary quarters elsewhere and subcontracting work that would normally be done at the damaged premises. This coverage is particularly important to businesses that must remain in operation or risk losing customers. Coverage is often subject to a monthly limitation. For example, 40% of the limit is available in the first 30 days after a loss, 80% if the period of restoration exceeds 30 days and 100% if the period exceeds 60 days. (Not all package policies contain this coverage component).

General Liability policies are the most common business liability policies. As the name implies, these policies cover “general” liability. More specific types of liability such as automobile liability, technology errors and omissions or professional malpractice liability are covered under specialized liability policies.

General Liability policies generally cover the legal liability of a company for bodily injury to others and for damage to the property of others. There are a number of different policy forms. Some are limited to a business’s liability as owner (or occupant) of your premises. Others offer broader coverage.


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Wired for Growth™ is a registered trademark of Affinity Insurance Services, Inc.; in CA, MN, & OK, AIS Affinity Insurance Agency, Inc. (CA License #0795465) and in NH & NY, AIS Affinity Insurance Agency. Coverage availability may vary by state. This summary is for illustrative purposes only and should in no way be considered to accurately summarize the available insurance coverage. All policies are subject to policy terms, conditions, exclusions, company underwriting guidelines and approval. Affinity Insurance Services is a leading provider of professional liability insurance programs and a subsidiary of Aon.