1. Can you rebuild and replace your business assets without financial strain?
Your building and personal property (BPP) insurance is the backbone of your coverage. It protects your building, business property, and even the belongings of others on your premises. But, if your coverage limits don’t reflect rising costs and inflation, you could be left underinsured when disaster strikes. Make sure your property values are updated annually so your policy keeps up with replacement costs.
2. Are your employees’ personal belongings protected?
Your team’s personal items aren’t always covered under standard business policies. To protect employee belongings, you’ll need coverage for personal effects and property of others. This coverage provides up to $2,500 in protection for personal property owned by employees, partners, and officers, as well as items in your care. If that limit isn’t enough, higher coverage levels are available.
3. Will your insurance help keep your business open after a disaster?
If a disaster forces your business to close, how long could you stay afloat without revenue? Business interruption insurance can cover lost income, help pay for temporary relocation, and keep your business on solid ground. There are three key types of coverage:
- Business income coverage – Replaces lost revenue during downtime.
- Extra expense coverage – Covers additional costs to keep operations running.
- Contingent business interruption – Protects you if a supplier’s disruption affects your business.
Make sure you have the right combination of coverage to stay in business, no matter what comes your way.
4. Is Your Business Protected Against Lawsuits?
Even one lawsuit could threaten your financial security. A commercial general liability (CGL) policy defends your business against claims of bodily injury, property damage, libel, slander, and false advertising. But not all policies work the same way:
- Occurrence policies cover claims based on when the incident happened, even if reported later.
- Claims-made policies cover claims only if your policy is active when the claim is filed.
Work with your agent to confirm your liability coverage is strong enough to protect your business from unexpected legal costs.
“One of the biggest mistakes business owners make is that they don’t buy the right type of insurance and often have gaps in their coverage. Business owners should contact their insurance agent or company representative annually to make sure their insurance is adequate.” Loretta Worters, Vice President, Insurance Information Institute
Take the Next Step—Review Your Coverage Today
Your business is constantly evolving, and your insurance should keep up. A quick policy review with a Leavitt Group Texas Select agent can help you avoid coverage gaps and ensure your protection is rock solid. Contact us today to schedule your review and make sure your business is covered where it counts!
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