Understanding Business Insurance, Part 2

Following up on our last entry, this is more of what you should understand about your business insurance. And you should understand it, as we pointed out, as well as you understand your own product or service.

Do not make this costly assumption and overlook business interruption insurance.  Sit down with a contractor and determine how long a renovation or rebuild would take.  You must also consider the time if multiple businesses may also be in need of renovation or repair as a result of an area wide disaster.  If you’re in an area prone to tornados, hurricanes, or earthquakes, check with your state department of insurance.  They may maintain records for how rebuilding or an area may take.

Another assumption by business owners is their equipment will operate without ever breaking down.  Some also mistakenly think this may be covered in their business property insurance.  Mechanical breakdown insurance, sometimes known as boiler and machinery insurance will cover these costly repairs or replacements.  In the event your business uses specialized equipment or often is held to deadlines, this insurance must be considered.

Many more assumptions are made by business owners every day that put their businesses at high levels of risk.  Assuming your general liability coverage may be enough is one.  Often professional liability insurance is needed to supplement that coverage, or perhaps even a commercial umbrella policy which would kick in after other limits are met.

You should never assume it won’t happen to you, it can and it will.  No one ever believes it when an event takes place, but they always breathe easier knowing the proper coverage is there when it does.

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