What Is Hazard Insurance for a Business?
Business hazard insurance is a type of small business insurance
that helps protect the owned or rented building your business is in. It also protects the equipment that you use to run your company. Another name for this coverage is business property insurance
Hazard insurance can help cover the costs to repair or replace your:
- Personal property
- Tools and equipment
- Accounts receivable
- Valuable documents
- Outdoor landscaping, like fences
Business Hazard Insurance and Homeowners Insurance
If you run your business out of your home, you may be wondering if there’s a difference between business hazard insurance vs. homeowners insurance
. When it comes to homeowners coverage, hazard insurance applies to the home and other structures, like a shed or detached garage. Even if you had homeowners insurance for a home-based business, you’ll likely need business hazard insurance to help protect your company’s assets.
Do I Need Hazard Insurance for my Business?
Many states don’t require business owners to carry hazard insurance. But, it’s still a good idea to have this coverage to help protect your business’ property. Without it, you’d have to pay out of pocket for repair or replacement costs
Hazard Insurance for an SBA Loan
If COVID-19 impacted your business and you need assistance, you can check to see if you qualify for an EIDL. Make sure to read the requirements carefully. You may find that you need SBA loan insurance
, like EIDL.
Visit the agency’s website to learn more about EIDLs, SBA hazard insurance requirements and to apply for a loan
What Does Business Hazard Insurance Cover?
Hazard insurance helps cover property damage from:
- Natural disasters, like blizzards or hailstorms
If you can’t open your business because of covered property damage, hazard insurance can also help replace your lost income.
Get a Hazard Insurance Quote Today
We’re an admitted insurance
company with more than 200 years of experience. We have specialists that can help our customers address risks and challenges of all sizes. We can also help business owners address other topics like "What does compensation mean?
" From our claims specialists, who can guide you through filing a claim, to our Complex Liability Solutions
group that helps customers with higher hazards, we’re dedicated to addressing our customers’ unique needs.
Our hazard insurance provides broad coverage to help get your business back up and running after a covered loss. We can work with you to get hazard insurance or other types of business insurance that you may need.
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