WEDNESDAY, MAY 26, 2021
Business owners policies (BOP) can save money by combining coverages for small businesses in low-risk industries. Some optional coverages may not be included unless you ask your insurer to add them. Business interruption insurance is one of these.
Business interruption insurance helps if you’re unable to continue operating due to a disaster, government mandate and more. It can replace or compensate for:
Business interruption insurance helps with moving costs, if necessary, and the cost of employee wages if you can’t afford them due to drop in revenue. This insurance is also helps if your business is put on hold.
What Does Business Interruption Insurance Not Cover?
Business interruption insurance doesn’t cover utility bills, interruptions due to utility failure, undocumented income, market conditions or economic activity that hurts the business, or anything excluded from your commercial property policy.
A business owners policy generally covers:
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General Liability: Covers bodily injury or property damage to someone else on the business property, including the victim’s medical bills and the business’ legal expenses, if the victim decides to sue.
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Commercial Property: 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.
Additional coverages can be added, including:
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Professional Liability: Covers claims of professional negligence that causes a client to lose money. Used primarily by industries that offer specialized services and advice, such as medical health professionals.
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Cyber Liability: Covers incidences where electronically stored information is damaged, stolen or destroyed.
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Commercial Auto Insurance: Provides coverage for work vehicles, including comprehensive, collision, personal injury protection, liability, uninsured/underinsured motorist and guest passenger liability coverage.
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Inland Marine: Provides compensation for equipment lost or damaged in transport.
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Crime Insurance: Covers incidences where an employee steals money from the business.
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Employment Practices Liability: Covers employment practice claims, which may include accusations concerning discrimination, sexual harassment, wrongful hiring or firing, failure to promote and more.
Business interruption insurance is often included with commercial property policies, although it can be purchased separately and added to a package.
The Benefits of Bundling
Bundling business insurance coverages saves money and offers ease when it comes to having all your business’ insurance in one place. This can help prevent your policy from being cancelled or dropped, as insurers are less likely to cancel a policy of an insurer with more than one policy.
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