Owning a business involves a lot of responsibility. Part of that responsibility is having enough insurance coverage to protect your company and your business. Understanding what your business owner’s policy covers and what it doesn’t is extremely important. It will also ensure that you get the right policy for your exact needs. Before you purchase a policy, you need to go over it carefully with your agent.

What Does a Business Owner’s Policy Cover?

Your business insurance policy covers three main types of issues: property damage, liability coverage, and interruption of business coverage. Property damage involves damage to your business property, as well as the property of others. Liability involves personal injury or any other type of liability that may be incurred on your property. The third type of coverage has to do with the interruption of your business and any subsequent loss you may incur while your business is down.

What Is Not Covered

Types of damage that are not covered are normally covered under a supplemental policy. This includes company vehicles, hurricane, flood, earthquake damage, group health insurance, life insurance, and workers’ compensation claims. It’s important to know what the damage and liability portions of your policy cover so that you are aware of the gaps in coverage you need to fill.

Supplemental Policies That Fill in the Gaps

Supplemental policies are used to cover specific gaps. These are special policies that are not needed by everyone. Hurricane insurance is a good example. If you live in the Midwest, hurricanes aren’t a problem. However, if you live on the east or west coast, where hurricanes are common, you will want to have a hurricane insurance policy in place at all times.

Learn as much as you can about your business owner’s policy. For assistance with any insurance questions or needs, contact the experts at Steve Wilk Insurance today. You can also visit our office at 310 S Main Street, Suite C, Lombard, IL 60148.