FRIDAY, FEBRUARY 26, 2021
Does a Business Owners Policy Include Business Interruption?
If you own a small business, you very likely have or have heard of a business owners policy.
At its most basic, a business owners policy covers:
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General Liability: General liability covers bodily injury or property damage that may occur to someone else on the business property. It can cover the victim’s medical bills and the business’ legal expenses if the victim decides to sue.
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Commercial Property: Commercial property insurance covers the physical property owned by the business if it is damaged or lost due to fire, lightning, smoke, hail, wind, theft, vandalism and more.
However, business owners policies are flexible meaning that a basic policy may not cover everything.
One of these basic insurance coverages include business interruption insurance.
What Does Business Interruption Insurance Cover?
Business interruption insurance steps in if the business is unable to continue operating due to a disaster, government mandate and more. Due to recent events, this insurance has become crucial for businesses. It can replace or compensate for:
Business interruption insurance helps the business with the cost of moving to a temporary location if necessary. It also covers the cost of employee wages that the employer may not be able to afford due to a drastic drop in revenue.
Additional Coverage Options
Some optional coverages you may want to add to your policy aside from business interruption includes:
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Professional Liability: Professional liability insurance covers claims of professional negligence that causes a client to lose money. It is used primarily by industries that offer specialized services and advice, such as medical health professionals.
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Cyber Liability: Cyber liability covers incidences where electronically stored information is damaged, stolen or destroyed.
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Commercial Auto Insurance: Commercial auto insurance provides coverage for work vehicles. Policies generally include comprehensive, collision, personal injury protection, liability, uninsured/underinsured motorist and guest passenger liability coverage.
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Inland Marine: Inland marine insurance provides compensation for equipment that is lost or damaged while in transport.
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Crime Insurance: Crime insurance covers unfortunate incidences where an employee steals money from the business.
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Employment Practices Liability: Employment practices liability covers claims concerning certain employment practices of the business. This may include accusations concerning discrimination, sexual harassment, wrongful hiring or firing, failure to promote and more.
Ask your insurance agent about what is and isn’t covered by your business owners policy so that you can ensure that you have the coverage necessary to protect your business.
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