Do you have adequate insurance to rebuild your business property and replace your merchandise and possessions?
A building and personal property policy covers the building, your business personal property, and the personal property of others. Categories covered include furniture, fixtures, merchandise, personal property owned by you and used in your business, tenant improvements (if leasing/renting), etc. To ensure you have adequate coverage for all of these assets, the value of your property needs to be accurately reported and updated annually to reflect inflation and other changes in costs.
Do you have the right insurance in place to protect the personal property of your employees?
To protect the property of your employees, you will need personal effects and property of others coverage added to your policy. This coverage extends up to $2,500 worth of business personal property coverage to your personal effects as well as that which belongs to your officers, partners, and employees. This coverage also protects the personal property of others in your care, custody, or control. Limits higher than $2,500 can be purchased if needed.
Does your current policy provide coverage to help keep your business open after disaster?
Business interruption insurance is essential to ensuring a quick reopening of your business after a disaster. Without it, your business may have to shut down completely while the premises are being repaired, which may leave you at risk of losing out to the competition. There are three types of business interruption insurance: business income coverage, extra expense coverage, and contingent business interruption insurance. Talk with your insurance agent to ensure you have the right type of policy and adequate coverage to protect your business.
Will your current insurance policy protect your assets from a lawsuit?
A commercial general liability policy protects your business assets against many common liability claims, including bodily injury, property damage, personal injury (including slander or libel), and advertising injury (damage from slander or false advertising). The policy will cover the cost of defending or settling claims. The two major forms of liability insurance policies are occurrence and claims made. An occurrence policy covers you for the policy amount you had in place when the actual injury occurred, not when the claim was made. A claims-made policy covers you for the policy amount you have in place when the claim is made.
Don’t wait until it is too late to find out you purchased the wrong type of insurance or that you have gaps in coverage.
If you need assistance with your business insurance give us a call at Hennessey, Thames & Leavitt Insurance Agency in Vicksburg, MS. You can reach us by phone at 601-636-5560, by email at info-hennessey@leavitt.com or come by and see us at 1001 Belmont Street . Check us out on Facebook or our website at www.leavitt.com/Vicksburg.
