Business Owners with business income coverage (without a waiting period) would be able to receive income even though they are temporarily out of business. Businesses without the proper coverage may never reopen.

Many businesses in the midwest suffered damage from the weight of ice and snow on their roofs.

Business Insurance covers these perils and plays an important role in the survival of a small business.

Business Owners are encouraged to meet annually with a licensed insurance agent to review their business insurance.

Please call my office for a free insurance review.

Business Income-reimbursement for lost income if you can’t operate your business due to a covered loss.

Example: a 4 alarm fire rips through your office building wiping out your office.  You have no physical office to see “clients”, no files, etc.  While you are restoring your business, business income expense would reimburse you for your loss of income.

Tenant Improvements and Betterments-these are the alterations you make to the space you occupy.  They need to be insured if you wnat your store/office to look the same after the fire (or other event).  The Owner/Landlord does not usually insure the improvements.

Business Personal Property-supplies, inventory, office furniture,etc.  Many business owners never update their policy after they begin their business and are woefully underinsured.

Completed Products and Operations Liability- this applies to businesses such as :

Auto Repair or Contractors

You bring your vehicle in for an oil change and after you leave the shop the vehicle begins to smoke and breaks down.  The vehicle is towed to a repair shop where it is discovered that the oil was not replaced during the oil change.  The repair shops liability coverage will cover the damages to your vehicle.

The plumber installs a new dishwasher and 2 weeks later you discover there is water leaking and your hardwood floor is ruined.  Upon inspection  it is discovered that a water line was installed improperly.  A claim would be filed against the plumber’s insurance policy for damages.

The small business owner needs to make sure they have enough coverage for a large loss.

Many new small business owners have never purchased business liability insurance before.

There are many types of liability insurance, we will discuss general liability insurance coverages.

General liability insurance covers :

slip and falls

damage to another’s property

The landlord wants any damages to their property to be covered by your liability policy.

To purchase a small business liabilty policy you should consult with a personal agent at your business site as the policy usually includes other coverages such as business property.  You want the agent to see the space to insure the policy is written correctly.

The small business owner protects their business assets with proper insurance coverage.  If there is inadequate coverage, there may be a lawsuit. 

To summarize: small business owners need general liability insurance and the best way to purchase this coverage is through an insurance agent who meets with you in person to assess your insurance needs.

RENEE DARATA