Business Insurance Coverage
Many small business owners wonder if they have an adequate amount of Business insurance coverage, and they will periodically check with their Business insurance agent to find out. The small business owner may have placed an additional building on his property, and he might want to get business insurance coverage that will provide protection to that building.
Many small business owners do not think about obtaining additional business insurance coverage when they add buildings to their land. They do not think twice about adding a multi-million dollar piece of machinery to their business insurance coverage that they took out when they first open their doors five years ago.
When they went in business, they were probably more concerned on cutting operating costs than they were in protecting all aspects of their business from any type of damage that could occur at any time of the day or night. They were quite happy choosing the minimum replacement cost for the business office when they were selecting their money levels in their business insurance coverage.
These small business owners did not include flood insurance in their business insurance coverage, because they thought they were high enough up on a hill to where they would never need it. They were very surprised when torrential rains caused the ground to soften, and their business office slid off its foundation as the ground underneath the building shifted.
The business insurance coverage did not cover the damage that the building made to several automobiles that were parked in the business parking lot. The comprehensive coverage was not included in the Business insurance coverage, but it was chosen on the business owner’s automobile policy. At least the business owner will have a car to drive after it is returned from the repair shop, where dents and dings were being removed, and his car was being totally repainted.
When the employees insurance agent asked the small business owner whether he had flood or storm insurance included in his Business insurance coverage plan, he said that he did know that he had some, but could not provide the insurance agent with the specific dollar amount of the coverage, or what that insurance coverage would take care.
The small business owner referred him to his insurance agent, who told that agent that the Business insurance coverage for this small business had lapsed only four days before the big storm, and as far as he was concerned, that small business owner no longer had any Business insurance coverage that he knew about. When the small business owner heard about his loss of coverage, he was totally heartbroken.
by Sally.Anderson 19 years ago