Commercial Insurance You Should Have
You don't usually hear about the local businesses that go under because of hurricanes
and earthquakes, but it's not uncommon for small companies to fail after such catastrophes. Businesses located in disaster-prone areas are at a higher risk for certain natural disasters.Such companies should carry more coverage and carry specialized insurance to address those risks, but all businesses are vulnerable to accidents and emergencies. The best way to deal with uncertainty is to carry enough insurance and to be prepared.
It means having a plan in place that ensures you can continue to conduct business immediately after a disaster or emergency strikes. Take steps to develop plans for recovery in the event of a business disruption or a complete interruption.
First, carefully assess your critical business functions. Consider which parts of your business can sustain a prolonged interruption. If you can afford to put all functions on hold and potentially lose customers, you may be able to survive a mild emergency. But many businesses can't - a mild or severe disruption in normal business may have disastrous effects on the future of the company.
Maintaining adequate insurance should be an important part of any business plan, especially if the company is a smaller enterprise. Uninsured catastrophic losses can threaten the very existence of the company you have worked so hard to create.
Although there are many different types of commercial insurance available, there are a number of coverages that every small business should purchase. But here we have listed the three most important for you to consider getting. The first is business property coverage. It protects your property in and around your place of business.
Many people refer to business property as contents coverage, for it responds when the furniture, computer equipment, inventory and equipment within your office, warehouse or location listed on your policy suffers a covered loss.
For example, if the office above yours were to suffer a broken pipe and the water were to damage your computers and desks, your business property coverage would respond to repair, or replace the damaged goods.
Commercial general liability (CGL) coverage, also referred to as casualty coverage, responds when somebody sues your company for bodily injuries that occur within your workplace, or injuries or damages caused by your employees. A fairly common claim occurs when a customer slips on a wet patch on the floor and injures themselves.
Another example would occur when one of your employees drops a hammer onto an expensive car parked below where he was working. In either case, your CGL policy would cover your legal costs and the amount of the settlement. CGL claims can cost millions of dollars, so the coverage is crucial for the financial well-being of any business.
Business interruption insurance responds when a company is forced out of regular operation because of a covered loss. The coverage pays the business for the earnings the company loses because it cannot operate normally.
Some business interruption policies pay only for lost earnings, while others also include additional expenses associated with moving to a temporary location as reconstruction is taking place.
For example, if a fire in your building prevented you from operating normally, business interruption with additional expenses coverage would pay your company for your lost earnings, as well as the cost to lease a temporary office, rent computers, notify customers and resume operations.
Business interruption insurance is an oft-overlooked coverage that can literally be the difference between life and death of a company after a catastrophic event.
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