The Hartford's explanation of the following is intended to provide a general overview of coverages. Only the insurance policy can give actual terms, coverages, amounts, conditions and exclusions.
Based on decades of experience insuring small businesses, The Hartford has combined the different types of protection for small business owners -- into one insurance plan. Better yet, it has tailored these pre-packaged plans for different types of small businesses.
The basic coverages for small business owners are included in The Hartford's SPECTRUM policy -- which covers a spectrum of insurance needs. To this policy, most of The Hartford's customers also choose to add a special cost-saving supplement called the Stretch endorsement. For one low fee, this endorsement "stretches" your coverage by adding a number of other valuable provisions to your insurance plan.
Just a few of the ways both The Hartford's SPECTRUM policy and Stretch endorsement can protect your business property are highlighted below.
Special Coverage for Building Owners
If something happens to the building your business owns, The Hartford's small business policy will pay to repair or replace that building up to your policy's limits. We also offer you the option of insuring that your building could be replaced at today's value --regardless of your policy's limits.
For one low annual fee, you can also add a special combination of coverages to your policy that provides extra protection for business owners who own their own building. Called the Building Stretch endorsement, this option includes:
Built into The Hartford's plan for business owners is coverage that would pay to repair or replace any equipment, stock, furniture or fixtures that you own -- up to the policy's limits.
At The Hartford, we understand that today's small businesses have big equipment exposures. So our insurance program automatically includes protection against equipment breakdowns.
This coverage pays to repair or replace your equipment in case of breakdowns caused by losses that are typically excluded from some business insurance policies --like power surges, mechanical malfunctions, and boiler explosions.
Among the many different types of equipment protected by this feature are computers, scanning equipment, phone systems, air conditioners, refrigeration systems, and many others.
Business Income Interruption Coverage
As a small business owner, can you simply afford to be out of business for any length of time? That's why The Hartford's SPECTRUM plan for small business owners automatically includes business income interruption protection.
If your business suffers a covered loss like an equipment breakdown, this built-in coverage will reimburse you for your actual loss of income for up to 12 months. It will even reimburse you for down time or extra expenses you incur to restore your business operations --such as renting equipment or another office space.
If you choose to add The Hartford's special Stretch endorsement to its small business plan, you will be extending insurance protection to your accounts receivable records. That means that if your accounts receivable records were ever damaged or destroyed by a covered loss, your insurance would pay up to $25,000 to replace or restore them. (You also have the option of choosing higher limits.)
Included in The Hartford's special money-saving Stretch endorsement for small business owners is coverage for the necessary removal of brands and labels. In case of a covered loss, this provision pays the cost of removing the brands and labels from damaged stock so that it can be salvaged.
If you add The Hartford's special Stretch endorsement to your small business owner plan, it will include valuable coverage for claims-related expenses. This provision pays for expenses you incur to assist The Hartford in investigating a claim or determining the amount of a covered loss.
As a small business you may rely heavily on computers to help you run your operations. The Hartford offers optional coverage that would provide coverage for:
If you add The Hartford's popular Stretch endorsement to your basic insurance plan, you will automatically benefit from this additional coverage. It provides coverage for situations where damage to one part of your inventory also reduces the value of related but undamaged components.
If you have equipment valued in excess of $500 per item, you'll want to add this optional coverage to your Hartford insurance plan. This option will cover:
Exclusively for our contractor clients, The Hartford has created this valuable coverage to protect your tools valued at under $500 per item. Under one blanket limit, it will insure your tools while they are at the job site, in transit between job sites, and in transit from your primary location to the job site.
Counterfeit Money Orders and Paper Currency
If you add the Stretch endorsement to your Hartford small business insurance plan, you will have coverage for counterfeit money orders and currency. This coverage will reimburse you for the financial loss if a customer pays you with counterfeit money orders or paper currency.
Employee/ERISA Dishonesty Coverage
You can add a special Stretch endorsement to your Hartford insurance plan that combines a number of valuable insurance provisions -- including protection against employee dishonesty.
If any of your employees commits a dishonest or fraudulent act which results in financial loss to your business, The Hartford's coverage will reimburse you for the loss.
The Hartford's plan for small business owners automatically provides building glass coverage. Better still, The Hartford's policy extends that coverage to damage caused by a variety of factors --including vandalism and malicious mischief.
Even if you don't own your building --but your lease specifies that you are responsible for building glass -- our coverage will pay to repair or replace damaged glass.
If you do own your building, and you choose our special Building Stretch Endorsement, you'll have full coverage for your glass --up to your policy's limits.
This optional protection can be extremely valuable to any contractor involved in installing materials. It covers:
Even more importantly, this coverage applies to materials while at the job site, while stored in temporary locations or while in transit between the primary location and the job sites.
If you add the special Stretch endorsement to your Hartford insurance plan, it would include valuable protection for your business' cash and securities.
Not only will this coverage protect your money and securities while they are on your business premises, it will also protect them while they are off premises --like on the way to the bank.
Off-Premises Power Failure Coverage
You can add a special Stretch endorsement to your Hartford insurance plan that includes valuable protection in case of off-premises power failures. This coverage will reimburse you for loss of business income if an off-premises power failure temporarily shuts down your business.
The Hartford's business owner insurance plan also extends protection to other business structures on your property -- such as a greenhouse, business car garage, or storage shed.
The Hartford understands that businesses like yours have "peak seasons" with fluctuating inventories. Therefore, when you insure your inventory for its average monthly value, we will automatically provide you with a 25% increase in insurance coverage during those peak inventory periods.
Personal Belongings on Your Business Premises
If you elect The Hartford's special supplemental package of coverages for small business owners, you will also be protecting any of your personal belongings that just happen to be at your business site. If anything happens to your own personal property while located on your business' premises, you will be reimbursed for its loss or damage.
If you use precious metals in your manufacturing operation, you'll find it reassuring to know that The Hartford's customized insurance plan for manufacturers automatically includes up to $10,000 of coverage for precious metals.
Property Off-Premises Coverage
The Hartford's insurance plan for small businesses automatically extends protection to your business property while it is away from your principal business site.
The Hartford's small business insurance policy automatically covers the property of others for which you would be held legally liable. That means that if you accidentally damage someone else's property while it is in your care, your Hartford insurance policy would pay for damages.
If you lease equipment for your business (such as computers, copy machines, telephone systems, etc.), you can also add supplemental Business Personal Property of Others coverage to your Hartford small business plan. This optional insurance provision would cover specified leased or rented equipment for its replacement value.
Sewer and Drain Back-Up Protection
If you add The Hartford's money-saving Stretch endorsement to your basic business owner's plan, it will include valuable insurance for sewer and drain back ups.
This coverage will protect you against losses caused by water backing up through the sewers or drains --or by water overflowing from a pump.
Some policies may limit sign coverage or specify what types of signs are covered, The Hartford's SPECTRUM policy with the special Stretch endorsement provides sign coverage for all your business' signs --up to the policy's Business Personal Property coverage amount.
If you rely on refrigeration equipment to maintain your inventory, an equipment breakdown or power failure could seriously affect your profits. That's why The Hartford's insurance plan offers temperature change coverage. This coverage would protect any perishable stock you have on your premises --in case of damage caused by a temperature change.
Our customized insurance for your type of small business also builds in business income interruption protection. That means that if you did suffer an equipment breakdown or power failure, you could be financially compensated for the resulting loss of business income.
Because business owners rely on different means of transportation to deliver orders, The Hartford offers special transit insurance. This coverage will protect any shipments you make by car or truck, rail, or air -- from the time it leaves your shop to the time it is delivered to your customer.
If you elect The Hartford's special Stretch endorsement for small businesses, it will include protection for your valuable papers. This coverage would reimburse you for the cost to research, reproduce, replace or restore your business' valuable records if they are damaged or destroyed by a covered loss.
If you are a Veterinarian, you also have the option of adding Animal Bailee coverage to your Hartford insurance program. This coverage is specifically designed to protect you in case you are sued because animals in your care, custody, or control are accidentally killed or injured.