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What Type of Insurance Do I Need For My Small Business?

3/9/2020 (Permalink)

Flooded entry of a building Flooded entry of property in Cottonwood, AZ

If you own a small business in Cottonwood, AZ, having adequate insurance coverage for your facility is a must. Business insurance will protect your company from losses caused by unexpected incidents that occur during normal business operations. The property insurance clause in your average policy, however, does not include storm insurance, which would cover damage caused by hurricanes and other flooding disasters.

Types of Commercial Insurance

Property Insurance – Much like homeowners’ insurance, this coverage protects the physical building and its contents against damage from fires and theft. If the facility is destroyed, insurance will help pay the costs of rebuilding.
General Liability Insurance – This type of insurance covers any liability claims associated with bodily injury or property damage.
Business Owner’s Insurance – For small businesses, it makes sense to combine property insurance and general liability insurance into one package to save money and lower your premium.
Workers’ Compensation – This policy, which is required by most states, covers lost wages and medical costs for any employee who is hurt while on the job. It also protects your company from litigation.
Flood Insurance – Any business that operates in areas prone to hurricanes should have an insurance policy that covers flooding. This coverage would reimburse you for building repairs, such as carpeting, window treatments, and drywall. Damaged equipment, such as computers and other electronics, as well as furniture, will also be replaced.

What Isn’t Covered Under Flood Insurance

Any damage that was caused by mildew or mold that can’t be attributed to the flood would not be covered.
Property that is located outside of the insured building would not be covered. This includes trees, fences, and other landscaping.
Monetary losses due to the interruption of business operations won’t be covered under the typical storm insurance policy. Business interruption insurance can be added to your policy.

It is important to discuss your storm insurance concerns with your agent to ensure your building and employees are protected in all emergency situations.

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