A burglary at a retail store or a fire in an office could cost a small business dearly. While big companies might have the resources to bounce back from such setbacks, the loss of inventory and equipment can be fatal for smaller enterprises. That’s why having the right coverage in place is crucial to help protect a company’s assets and keep the doors open.
Hazard insurance for small business is typically included in property or commercial property insurance policies and often offers replacement or actual cash value coverage options. It can help protect against damage from natural disasters like fire or severe weather events, and it may also cover theft and other incidents that are out of a company’s control, such as accidents or vandalism.
A hazard policy can be a great addition to other types of coverage that help protect a business, such as general liability insurance or a professional liability policy. Many lenders require hazard insurance and other forms of property insurance before approving a loan for a small business or providing financial assistance through the Small Business Administration’s Economic Injury Disaster Loan program (EIDL).
Hazard Insurance for Small Business
The physical structures and equipment that your business relies upon are the backbone of your operations, so protecting them with hazard insurance is vital to keeping the doors open. This insurance is generally included in a commercial property or business owners policy (BOP) bundle, and it can also be purchased as a standalone policy. However, it’s not just about buying any policy; it’s about buying the right one. That’s why it’s essential to consult with a licensed independent insurance agent who understands your business and can help ensure that you have the right protection in place.
As your business grows, so too will its hazard risks. That’s why speaking with an experienced independent insurance agent who can analyze your risks and help you make the best choices for your budget and peace of mind is crucial. But it doesn’t end there. Your agent can also review your needs on an annual basis to ensure that your hazard coverages are still right for you and that they match up with your current and future business plans. This proactive approach ensures that your business is always adequately protected. For additional information on hazard insurance and the other business coverages you need, contact us today.
