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Flooded Conference RoomA disaster can be either man-made or caused by natural occurrences. No matter the cause, if a disaster occurs, the effects can devastate your business. You might face expensive property damage. A disaster or peril might even eviscerate your source of income.

Without income, and facing damages from disasters, you could lose your business. Additionally, you may have to close your business because you cannot afford to rebuild.

While the thought of a disaster is sobering, there is a way that you can safeguard your company, assets and livelihood — by purchasing business insurance. In particular, a proper Business Owner's Policy (BOP) will protect you financially in cases of disaster. BOPs usually cover damages related to multiple weather and man-made disasters.

What To Consider When Buying A BOP


You want to make sure that you buy the appropriate type and levels of disaster coverage. Consider these elements as you research a policy:
  • How much are your business and assets — such as property, inventory and vehicles — worth? If you know the value of these assets, you can estimate the total value of your business. With this knowledge, your insurance agent can help you select levels of coverage that will totally cover the replacement and repair of these assets following disasters.
  • Do you have any internal risks to your business? Is your electrical system old or is plumbing deteriorating? These risks can cause internal disasters. With upkeep, you can reduce risks and improve the impact of your insurance coverage.
  • What type of disasters are likely to affect your business? Is there a high risk of hail, tornadoes or blizzards in your area? If so, make sure that your BOP covers these risks.

Examining Your BOP


As you prepare to complete the purchase of your policy, verify how it covers disasters.

Some business policies specifically name the disasters they cover. Another form of coverage states that it covers all disasters except specifically named disasters.

Most business policies cover disasters such as:
  • Fires and explosions
  • Building collapses
  • Water damage from burst pipes or sewers
  • Snow or ice damage
  • Severe weather, hail, wind and lightning
  • Riots and vandalism
However, disasters such as weather-related floods and hurricanes are generally not covered by business insurance. Specialty insurance policies usually cover these disasters. This is why you should scrutinize your policy when you get it. If you are at high risk for non-covered disasters, it is usually a safe idea to invest in a specialty policy.

You should always take steps to prepare for disasters. Secure your business and keep it ready in case disaster strikes. This can help reduce the severity of damages and increase the chances of your insurance company honoring your claim.

We can help you choose a business insurance policy that will cover your specific risks and many more. Call Affordable Insurance Group at (803) 798-4499 for a free Columbia SC BOP quote.
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