Business | Fire & General Liability

Even the most well run business can be faced with a disaster or lawsuits. Fire & General Liability insurance for businesses usually combine protection from all major property and liability risks in one package. (They also can be purchased separately as well.) One common kind of package purchased by small and mid-sized businesses is the Business Owners Policy (BOP).

BOPs include:
Property insurance for buildings and contents owned by the company — there are two different forms, basic and special, which provides more comprehensive coverage.

Also included is business interruption insurance, frequently called Business Income, which covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating your business out of a temporary location after a loss while your damaged location is being renovated.

General Liability protection, which covers your company’s legal responsibility for the harm it may cause to others. This harm is a result of things that you and your employees do or fail to do in your business operations that may cause bodily injury or property damage due to defective products, faulty installations and errors in services provided.

Business Fire and General Liability policies do NOT cover professional liability, auto insurance, Worker’s Compensation or health and disability insurance. You will need separate insurance policies for these coverages.

Because each business is unique, we tailor a program to address your situation knowing that companies change over time. Therefore, we have come up with solutions based on your size and market needs.

Taking A Business Inventory

What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what’s worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business’ income tax return and help you purchase the correct amount of insurance.

Start by making a list of personal business property, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have. Make sure this inventory is off-premises so that it does not get destroyed when your business is damaged.