Property

Bill owns the building in which he runs his Real Estate brokerage. A fire occurred, and not only was Bill’s building damage, but most of the business personal property (furniture and computer equipment including backup files) was destroyed. The contractor assigned by the insurance company, informed Bill, that it would take 3 months before Bill can return to his building to continue his normal business operations. In order for Bill to get his business up running immediately he had to find a temporary location to rent and stock, which took him 2 weeks to do. During those two weeks Bills employees were unable to work. The insurance company not only paid for the repair of the building and replaced all of the business personal property that was originally destroyed in the fire, but they also reimbursed Bill for the loss of business he suffered during the two weeks he was out of business, the extra expense he endured by renting at another location for 3 months and for the employees wages that were lost for the 2 weeks it took him to find a temporary location.

General Liability

A REALTOR holds an open house for one of the company’s clients. While walking a prospective client through the home, the agent bumps into the wall unit and an expensive vase falls on the prospective client‘s head. The prospective client goes to the hospital to get stitches and stays overnight due to a concussion. The homeowner informs the REALTOR that the vase was an heirloom worth $350,000. The client sues the REALTOR for the loss of the vase and the prospective client sues to recover the medical bills. The general liability policy kicks in and pays for both of these items.

A REALTOR coins a slogan, which is used in its marketing materials. A third party alleges that the REALTOR’s use of the slogan violates the third party’s copywrite on a similar slogan.

A computer in the office you are renting short circuited and caught on fire. The fire spread and damaged part of an adjacent office. Since it was your computer, which started the fire, you are liable for the damages to your neighbor’s business.

Automobile

A REALTOR is showing a couple around town to a variety of properties. While chatting with the wife in the back seat, the REALTOR slams into the back of another car injuring all parties in her car and the two small children in the back of the car she hit. The driver of the other car sues the REALTOR and your company. In addition, the injured couple in your agent’s car sues both of you as well. Your agent’s policy will respond from a primary perspective. Your business auto policy will respond secondarily for any amounts in excess of the agent’s insurance.