Making a Long Story Short
We've all received the notorious envelope in the mail or via email.
Thicker than Warren Buffet's wallet and as costly as a college diploma (Alright, maybe both of those statements are a bit exaggerated), your business' insurance policy may just be the perfect thing to read to help lull you to sleep at night.
All jokes aside, what does the 100+ page policy actually say?
In a nutshell, your insurance policy tells you what is covered and how it is covered.
The Policy Declarations Page (casually referred to as the "Dec Page") is a good starting point that outlines what coverages are included in your policy. The rest of the policy outlines how these coverages work, how they are triggered, and what conditions or exclusions may apply.
If legalese is your strong suit, then maybe so. In our experience, though, the technical "insurance speak" can be confusing- even for us insurance agents at times!
We do our best to cut complexity for clarity and help you understand what value your "stack of papers" holds and how it will react on your worst day.
How Do I Even Know Where to Begin?
Below we have simplified some of the most common business coverages.
While it is by no means an exhaustive list, hopefully it will serve as a 10,000 foot view to the wonderful world of business insurance.
Commercial General Liability
No matter what type of business you offer, Liability Coverage applies if someone is injured while at your business or their property is damaged and you are to blame.
This covers your inventory and equipment from fire, theft, and more (and can be modified to your business' specific needs).
Do you own the building? If so, you can cover the actual structure as well.
Many policies allow a seasonal inventory increase up to a certain percentage— which can be helpful around the holidays and busy times!
Does your business own any vehicles? If so, they can be covered through Commercial Auto Insurance.
Even if your business doesn't own any vehicles, Hired & Non Owned Auto Coverage is available for employees who might use their personal vehicles for business errands or deliveries.
This includes coverages for workplace injuries to your employees.
How would your business be affected if your payment processor, business software, or website was hacked?
That's where Cyber Liability Coverage comes into play.
Business Income and Extra Expense Coverage
Professional Liability Coverage
Products Liability Coverage
Employment Practices Liability Coverage
Water Backup Coverage
Commercial Flood Coverage
Trade Show Coverage
And Many More!