No matter how careful you are in running your business, accidents happen. And no matter how big or small your business, you'll have to plan for these and other risks if you want it to thrive.
Property insurance insures against loss or damage to the location of the business and its contents. It can also insure the property of others in your control when the loss occurs. Property insurance can be for a specific risk. For example, a fire insurance policy insures only against a fire loss to the location. A tornado is not a fire and, therefore, that loss would not be covered. The insured location can be owned, leased or rented.
Casualty insurance insures the business, while property insurance insures the location. Some insurers will lump property and casualty insurance together and refer to the coverage as property and casualty or P&C insurance. These packaged policies of property and casualty are the right decision for many business owners.
Fire insurance is a necessary part of a business insurance plan. A fire can destroy the business by causing a loss of revenue and facilities.
Flooding and water damage is not covered under most commercial property policies. Your business insurance plan should include flood insurance if you are at risk.
HPB Insurance Group's advisors can help you manage risks and ensure that there are no unexpected gaps in your coverage.
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