Understanding insurance knowledge is vital for the success of your company. Hazard insurance — which covers everything from vandalism and theft to all manner of natural disasters and more — may be the move that keeps your enterprise afloat when life happens. It’s not just for homes; it also offers important coverage for businesses.
Just as residential hazard insurance protects the structure of the home you live in, a business hazard policy acts as a shield for the building your business operates in. This business hazard insurance for small business, often called commercial property insurance, protects against financial instability. It safeguards against the financial hit you would take should your business sustain structural damage from natural catastrophes or other events.
Your responsibility as an entrepreneur is to protect your assets in an emergency, and hazard insurance is a proactive way to keep your business safe.
What Does Hazard Insurance Cover?
Commercial buildings, like homes, are vulnerable to a variety of hazards. This is why business hazard insurance is designed to protect against these risks. It includes protection against incidents such as fire, theft, lightning, vandalism, explosions, vehicle damage, and more.
It can also cover the loss of revenue you may endure should your business have a stop in operations to deal with an event like this. In the business world, hazard insurance covers unfortunate commercial space mishaps, such as water damage from sprinkler systems, giving you protection.
Should Home-Based Businesses Have Hazard Insurance?
What if your home and business share the same address? Your homeowner’s insurance policy includes hazard insurance to safeguard your home’s structure from a range of potential risks. Under this standard coverage, your business property is typically insured for up to $3,000. However, reviewing your policy to verify all of the specifics allows you to make intelligent decisions about your insurance needs. If your home business requires a lot of physical assets, consider getting extra coverage.
Is Hazard Insurance Expensive?
When looking into hazard insurance, consider the unique characteristics of your business. Understanding the available options can lead to long-term cost savings. The cost of hazard insurance is directly proportional to the value of the insured property, meaning that higher-value property will result in higher insurance premiums and vice versa.
For example, a manufacturing facility with high-value equipment will incur substantially higher hazard insurance costs compared to a smoothie shop with lower-value assets. As your business expands, it will be in your best interest to regularly reassess the value of your property so that your insurance coverage matches your progress and growth.
Safeguard Your Business With the Right Insurance
Find out how to get business hazard insurance and protect your company against potential risks. Whether your business is large or small, our top priority is finding the right commercial property insurance policy for your company’s needs.
Based in Pittsburgh, Eber & Associates is a business and personal insurance brokerage committed to serving our clients for life. We offer business insurance plans that are designed to meet your company’s needs, ensuring that you are covered through life, for life.
Call 412-275-4630 for a free quote from Eber & Associates today to learn how the right insurance can protect your business.
