Property and General Liability Insurance
Any business, big or small, can face a disaster or lawsuit. One protective measure is to have Property & General Liability insurance for businesses. This type of policy combines protection from all major property and liability risks in one policy. The Business Owners Policy (BOP) is a common policy purchased by small and mid-sized businesses.
BOP coverage includes property insurance. Property includes any buildings or assets owned by the company. This covers is available in basic and special packages. Special coverage provides comprehensive coverage and is highly recommended.
A business can also tailor a BOP to meet its unique needs. Things such as business interruption coverage, business income, and cyber/technology breach coverage can be added.
Professional Liability coverage is also an option for protecting against claims of negligence made by customers or clients. This also includes claims of false or misleading advertising, libel, slander, and copyright infringement.
To protect against business interruptions, business interruption insurance coverage is available. It covers loss of income that results from a fire or other covered disaster. It may also cover the cost of operating your business out of a temporary location until repairs are complete.
Data Breach Coverage
A data breach is possible for any business that handles or stores customer, patient or employee information. It’s important to react quickly when this sensitive information is lost or stolen. Data Breach coverage pays to notify impacted individuals of the breach.
Coverage also alerts credit monitoring services to the breach. If the need arises, this coverage will also help with defense and settlement or judgment costs related to the breach. This coverage also covers private data that is stored internationally.
What Is Not Covered
Business Property and General Liability policies don’t include auto insurance. Worker’s compensation or health and disability insurance also isn’t covered. A separate policy is needed to cover those issues.
When Disaster Strikes
A business must have the ability to survive a fire or other disaster. When property is destroyed and it’s impossible to get back to business there are still bills to be paid. It’s important to bounce back as quickly as possible.
It helps to have an inventory of personal business property including values. Having an up-to-date business inventory helps get insurance claim settled faster. It also makes it easier to verify losses for tax purposes.
Make a list of business property. Describe each item, note where it was purchased, and puts its make and model. Sales receipts, purchase contracts and value appraisals can be included as well. Store this inventory off-premises in a secure location.