Replacement cost is the cost to replace damaged property with like kind and quality without taking into account depreciation. Actual cash value is calculated by deducting the amount of depreciation from the replacement cost at the time of loss.

The Each Occurrence Limit is the most an insurance company will pay for bodily injury or property damage as a result of any one occurrence. The Aggregate Limit is the policy’s maximum amount that can be paid during the policy term regardless of the number of claims during the policy period.

You should have Hired Car/Non-owned Automobile Liability to protect your interest in the event that any employee uses his or her own vehicle or a rented vehicle for any business purpose and suffers an accident for which you could be held responsible.

Most Employment Related Practices Liability insurance policies (EPLI) do not include coverage for claims made by a third party. Most insurers, for an additional premium, offer an endorsement that would enhance the protection for third party related claims.