The shocking events related to the tragic death of George Floyd have prompted many business owners and individuals to ask questions regarding the coverage in their policies.
Businesses should usually have a Business Owners Policy (BOP) that will cover damage to their enterprise. If there is a business policy in force, vandalism and malicious mischief, fire, plate glass, and theft are covered under a (BOP). COVID-19 claims were different and usually were not covered, because there is not a direct physical loss. All coverages are subject to deductibles and limits on the policy. Typically, landlords require basic liability business insurance in most lease agreements to protect them against potential lawsuits. We can help!
The difference between a CGL policy and a BOP is that, while the CGL only covers liability losses, the BOP covers both liability and property losses. A BOP will cost a lot less than purchasing a CGL and separate Property coverage. The CGL and BOP will cover you unless the event is caused by a terrorist act. You must elect the terrorism coverage separately, which will cost only about $12-$100 more. We can help!
The Federal Government just designated Antifa as a terrorism organization to blame the looting and fires on this organization. Why? One theory is so that the insurance companies will not have to pay out unless the BOP and GL policy has terrorism coverage added. We can help!
A business owner can also purchase business interruption insurance and file a claim for income or inventory lost specifically during instances like a riot, vandalism, or fire. Business interruption insurance typically costs about $500-$1500 per year. although that number could be much more for high-value businesses. Only about 20 to 30 percent of small business owners have business interruption insurance because of the cost of it. We can help!
Business income insurance typically includes civil authority coverage. It covers loss of income that occurs because access to your premises has been prohibited by the government. Businesses that are forced to suspend operations or limit hours due to rioting, vandalism, or civil commotion, and have coverage for the loss of income under business income insurance, (also called business interruption) will be covered. Coverage is typically triggered if there is direct physical damage to the premises. We can help!
Automobiles are covered under the optional comprehensive portion of an auto policy. This provides reimbursement for damage to the vehicle and its contents caused by fire, falling objects, vandalism, or rioting. It will also reimburse you if your windshield is cracked or shattered. Some companies offer glass coverage without a deductible. We can help!
There’s also coverage for your home during riots. It is not too late to check your insurance to see if you are covered. This would include coverage to the structure of the home, as well as any personal possessions. If you cannot live at your home because it was damaged, standard home (and renters insurance policies) provide coverage for additional living expenses. This pays the costs of living away from home and covers hotel bills, restaurant meals, and other expenses incurred while your home is being rebuilt. We can help!
Brokers like us have access to many different companies and can usually get the best deals for clients on most types of coverage. We now have a quoting system on our website, InsShops.com, for competitive quotes from many companies for Business owners. Business Owners and Individuals can NOW get instant Quotes, Bind, and Finance for General Liability, Workers Comp, Business Owners Policies, Cyber Liability, and Special Events Coverage, as well as Life, Disability Insurance, Health Insurance, Auto, Home, And Umbrella.
