There's no denying that the success of a business depends on the hard work that goes into it, but one disaster can bring your endless efforts to a screaching halt. To avoid such an catastrophe , you need BUSINESS INSURANCE ! Whether it is a small business enterprise or a large corporation YOU WILL NEED BUSINESS INSURANCE.
There are a number of business insurance companies, that combine protection for all major property and liability risks into one business insurance policy. Separate coverages such as a (BOP) business owners’ policy are available seperately. Large companies may want to purchase a commercial business insurance policy.
BOPs include property insurance for buildings and equipments owned by the company. Loss of income resulting in disruption of operation and business can be covered under the Business Interruption Insurance in some instances.
Some business insurance liabilities cover the company's legal responsibility for harm it may cause to others. Bodily injury or property damage caused due to defective products, faulty installations and errors in services can be covered if you choose .
However, BOPs wont cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You will need a separate business insurance policy for professional services, vehicles and employees. Most of the time floods, earthquakes and terrorist attacks will NOT be covered in business insurance.
Business Insurance for Protection Against Flood Damage
If your office is a flood zone area, we advise you to get a business insurance policy which provides coverage against flood damage. You should do some research and see if there has been previous flood damage in your new build. BUT NO MATTER WHAT make sure you do something in advance to make up for the loss. Otherwise you wont be a happy swimmer I mean camper :)
Business Insurance for Protection Against Earthquake Damage
Although earthquakes are usually not included in property insurance policies such as homeowners and business owner packages, Special Earthquake Insurance Policy or Commercial Property Earthquake Endorsement can cover you if you live in an earthquake-prone area. However, earthquake business insurance policies have different deductibles.
Business Interruption Insurance, will reimburse you for the lost income in the event your business most close its doors,which applies only to the damage covered under your business property insurance policy. There won’t be reimbursement for the loss caused due to the closure of business because of the earthquake. For that you must have a specific business insurance earthquake coverage policy.
Business Insurance for Protection Against Terrorist Attack Losses
Loss due to any terrorism is covered only for those businesses that have optional business insurance terrorism coverage. It comes under the Terrorism Risk Insurance Act 2002. There are still exceptions in workers’ compensation, which include injuries and deaths due to acts of terrorism.
