Your ultimate insurance guide


Business Insurance

There is no denying the fact thatbusiness insurance.
success of a business depends on theProtection Against Flood Damage
hard work of the team but one disasterIf your office is in the flood zone
can wipe out your efforts and bring downarea, you must definitely go for a
the profits to dust. So, to avoid suchpolicy, which provide coverage against
an instance, you need to insure yourflood. Try to find out whether the place
business, whether it is a smallhad been hit by flood in the past. Make
enterprise or a large corporation.sure you do something in advance to make
There are insurance companies, whichup for the loss. Otherwise you may face
have policies that combine protectiontrouble.
for all major property and liabilityProtection Against Earthquake Damage
risks in one package. You can also optEarthquake is also not included in most
for separate coverage. Such a policy isproperty insurance policies such as
called a business owners’ policyhomeowners and business owners’
(BOP). Larger companies may purchase apackage policies. Special Earthquake
commercial package policy.Insurance Policy or Commercial Property
BOPs include property insurance forEarthquake Endorsement can cover you if
buildings and equipments owned by theyou live in an earthquake-prone area.
company. If there is any loss of incomeHowever, earthquake policies have
due to disruption of operation anddifferent deductibles.
business because of accidents like fire,Business Interruption Insurance, which
it can be covered under the Businessreimburses you for the lost income
Interruption Insurance.during a shutdown, applies only to the
There are liabilities, which cover thedamage covered under your business
company's legal responsibility for theproperty insurance policy. There
harm it may cause to others. It is thewon’t be reimbursement for the
result of your company’s failureloss caused due to the closure of
to do the business operations. It canbusiness because of the earthquake. For
also be the bodily injury or propertyit, you must have an earthquake coverage
damage caused due to defective products,policy.
faulty installations and errors inProtection Against Terrorist Attack
services provided.Losses
However, BOPs don’t coverIn the US, loss due to any terrorism is
professional liability, auto insurance,covered only for those businesses that
worker’s compensation or healthhave optional terrorism coverage. It
and disability insurance. Separatecomes under the Terrorism Risk Insurance
policies are needed for professionalAct 2002. Still, there are exceptions in
services, vehicles and employees.workers’ compensation, which
Generally, floods, earthquakes andinclude injuries and deaths due to acts
terrorist attacks are not covered in theof terrorism.



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