What is Business Interruption Coverage?
Or business income coverage, protects your earnings if your business is unable to operate because of damage caused by some type of disruption (fire, hail, wind, equipment breakdown). This coverage, normally included in commercial property insurance, is usually quite affordable and invaluable if you are forced to close your doors for a period of time in order to make repairs. It pays for rent, employee salaries, lost income, relocation fees and more.
In todays' world the risks that your business faces continues to change. Getting the right coverages, at the right price,
is critical. Whether you are a small business or a large operation, CoverCorps can help. We know how important it is to select
the appropriate limits and deductibles for standard coverages like Commercial Auto, Business Owners' Policy, or Worker's Compensation.
However, it is equally important to consider the available specialty coverages like Inland Marine, Livestock Insurance, or Cyber coverage.
Your business is unique. Your insurance policy needs to reflect that fact. When you have a question. Call CoverCorps!
Major Insurance Coverages:
Business Income Insurance
A major disaster may force a temporary closure of your business until you can make repairs. If the disaster is among your policy’s covered events, business income insurance can provide your store with a continuation of income until you can resume normal business operations.
Business Owners Policy (BOP)
A business owners policy, or BOP, is a comprehensive insurance option that includes the following policies: property insurance, liability insurance, business interuption insurance, vehicle coverge, and crime insurance
Commercial Auto Insurance
Business auto insurance covers your company’s vehicles and drivers that are damaged or injured in a collision or some other type of event. If you or your employees drive personal vehicles for business purposes, you must have nonowned or hired auto liability coverage to protect your company in cases where an employee is an accident while out making deliveries.
Commercial Property Insurance
This is standard coverage in any business insurance policy. It includes coverage for damages to the structure of your owned building and coverage for your other business assets such as inventory, computers, and furnishings.
This pays to repair or replace production equipment , computer networks, heating and air conditioning, and other machinery and systems that keep your business running.
Errors and Omissions Insurance (E&O)
provides professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions.
General Liability Insurance
This coverage is a standard part of any business insurance policy. It covers injuries and property damage sustained by third-parties while visiting your business. It also includes product liability insurance, which protects you if someone is harmed by your product.
Product Liability Insurance
Will respond when someone is injured by a product you produce, resell, distribute, or wholesale, assuming the injury is proven to be caused by your product.
Because insurance companies impose caps on the amount of liability insurance they are willing to provide, umbrella insurance may be necessary if you feel that you need extra liability coverage in order to adequately protect your business. Umbrella insurance takes over where your other liability coverage leaves off.
Workers' Compensation Insurance
You are required to cover the cost of treatment of injuries sustained by employees while on the job. Workers' compensation insurance, which is required in most states, provides compensation in these cases.
As the nature of business risk continues to evolve, the availability of new products to protect
against these risks continues to expand. Let Cover Corps guide you through the myriad of Specialty
Coverages available to protect your business.
Specialty Insurance Coverages:
Boiler and Machinery Coverage
It provides coverage for such things as routine boiler inspections, sprinkler system inspection and testing, repairs and replacements in the event of breakdowns of processing and mobile equipment and compressed containments for heating and processing.
Can protect your business against losses stemming from robberies. You can buy specific coverage to handle the risks you face both on and off-premises, such as during a delivery or while taking cash to the bank for a deposit. You can also cover yourself against crimes committed by employees while on the job through an employee dishonestly insurance policy.
Cyber Liability Insurance
Protects your business against paying out of pocket for costs related to data breaches or other cyberattacks.
Damage caused by earthquakes is also excluded by nearly all business insurance policies. If your business is at risk, you may want to supplement your coverage with an earthquake insurance policy.
Event Liability Insurance
A special event can be as simple as a birthday party or as complex as a month-long state fair. If you are planning a special event, you need to check with a professional insurance agent to determine what coverage, if any, may be provided by your existing insurance and what additional special event insurance you will need to carry.
Commercial insurance policies generally exclude coverage for damage caused by flooding. If your store is at risk, you should talk to your independent insurance agent about supplementing your coverage with a commercial flood insurance policy through the NFIP (National Flood Insurance Program).
Medical Professional Liability Insurance
Also referred to as medical malpractice insurance, this coverage is designed to cover legal defense and assessed fines in the event that a health care provider is sued for negligence or dereliction in duties that results in injury, illness or death to a patient in their care.