All business owners should be prepared for a disaster, whether it’s physical, economic, legal, or personal. Besides preparing a disaster action plan, many businesses also acquire various insurance policies to address the harm a natural or other disaster can cause a business. Some common types of business insurance for such disasters include:
- General Commercial Liability. Provides coverage for claims arising from personal injury or property damage caused to third parties.
- Workman’s Compensation. Provides coverage for employees injured on the job.
- Property Coverage. Provides payment for property damage to the premises and its assets, like machinery and computers.
- Business Interruption. Provides recovery for the business’ loss of earnings for a period of time or until normal operations resume.
- Contingent Business Interruption. Generally covers loss of revenue due to damage to the property of a supplier, customer, or other critical business partner.
- Denial of Access. Provides recovery where the business owner cannot access or when access is restricted to the business, like roads blocked or destroyed.
- Civil Authority. Covers losses caused by a government order that interferes with customary business operation.
- Service Interruption. Provides coverage for loss of utilities and other services.
- Extra Expense. Provides other funding to enable business operations to resume.
- Cyber. Provides coverage for data loss or ransom and claims of failure to protect third party data.
The attorneys at Brooks, Tarulis & Tibble, LLC have assisted clients in acquiring insurance for their businesses and addressing claims when losses occur. If we can assist you in this regard, please contact us.
