Even in times of low cash flow, businesses should still consider their insurance requirements. If your business is underinsured, you’re taking a serious risk that could mean financial trouble and bankruptcy. When buying insurance, you should learn what your policy covers and what is not covered, and you should periodically review your coverage, making changes as circumstances dictate. In this article, you will learn about various kinds of business insurance in Jamaica Plain, and you will also learn how to protect your business.
Consequences of Poor Insurance Coverage
After natural disasters such as Hurricane Katrina, many small business owners were either underinsured or had no coverage at all. Many thought they were covered, and some decided not to buy insurance due to budgetary constraints. In some cases, those who had insurance had their claims denied because they bought the wrong coverage.
Coverage Types
An insurance policy is a contract between you and your insurer. These contracts list details such as what is covered, the cost of the coverage, the requirements and conditions for claims, and payment terms for when claims are honored. There are many business insurance categories and coverage levels, to benefit owners of small and large businesses.
Owner’s Insurance
If you need broad coverage, consider a business owner’s policy. This type of Business Insurance in Jamaica Plain offers protection against losses due to property damage (flooding, fire and disaster). Policies detail what’s covered, and they also cover owners’ liability for bodily injuries that are related to the business. All-risk policies are preferable to named peril policies, because eventualities are covered. An all risk policy minimizes the chance of exclusion, unnecessary and overlapping coverage.
When shopping for Business Insurance in Jamaica Plain, you should discuss your needs with your insurance agent to insure adequate coverage. As with other insurance products, it is a good idea to get competitive price quotes, and to understand what’s covered and what is excluded. We hope you never need to file a claim, but if you do, it’s important to have the right coverage. For help finding coverage that suits your business’ needs and your budget, call Sawyer Insurance Agency Inc today.
