Tag Archive for: commercial insurance

How Much Insurance Does My Business Need?

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One of the most important decisions you’ll make for your business is how much insurance coverage you need. Insurance protects your business from a wide range of risks, including property damage, liability claims, and employee injuries. But figuring out exactly how much insurance to buy can be challenging. 

Watch the video below as Peter Katkov, the founder of Apex Risk and Insurance Services, dives into all the details:

Let’s go through the key factors to consider when deciding how much insurance coverage your business needs.

Business Insurance: Key Factors to Consider

Determining insurance coverage for your business can be a daunting task. Knowing several key factors will make the process more manageable.

Industry-specific Risks: 

The amount of insurance coverage you need will depend on the specific risks associated within your industry. For example, a construction company will need more liability coverage than a marketing firm, while a tech startup may require more cybersecurity insurance than a retail store.

Size of your Business: 

Consider the size of your business when determining how much insurance coverage you need. Generally, the larger your business, the more insurance coverage you’ll need to protect against potential risks.

Business Assets:

Consider the value of your business assets when determining how much insurance coverage you need. This includes your physical assets such as equipment, inventory, and property, as well as intangible assets like intellectual property.

Revenue and Profits:

Revenue and profits impact your insurance needs. Generally, the more revenue and profits your business generates, the more insurance coverage you’ll need to protect against potential losses.

Legal Requirements: 

Legal requirements for insurance coverage vary depending on your industry and location. Some states and industries have specific insurance requirements, such as workers’ compensation insurance for employees.

Potential risks and losses: 

Factor in the potential risks and losses your business could face when deciding how much insurance coverage to purchase. For example, if your business operates in a high-risk area prone to natural disasters or theft, you will need more coverage to protect against these risks.

Customer contracts and requirements: 

If your business works with clients or customers, you may need to meet certain insurance requirements outlined in your contracts. For example, a client may require that you have a certain level of liability insurance before they will work with you.

Employee Safety and Wellbeing: 

Your employees’ safety and wellbeing should always be considered when deciding on insurance coverage. Adequate workers’ compensation insurance can provide protection for your employees in case of injury or illness on the job.

Business Growth and Changes:

As your business grows and changes over time, so will your insurance needs . It’s important to regularly review your insurance coverage to ensure that it’s keeping up with your business’s evolving needs.

Risk Management Strategies: 

While insurance provides valuable protection for your business, it’s also important to implement risk management strategies to prevent losses from occurring in the first place. This includes safety protocols, training employees, and regularly reviewing and updating your policies and procedures.

Once you’ve considered these factors, you can work with an insurance agent to determine the appropriate level of coverage for your business. It’s best to err on the side of caution and purchase more coverage than you think you’ll need, as it can provide added protection against unforeseen events that would otherwise cripple your business.

Types of Insurance To Consider

When it comes to protecting your business, it’s crucial to understand the different types of insurance coverage available. While the specific types and amount of coverage you need will depend on the unique risks and needs of your business, here are some common types of insurance coverage to consider:

Liability insurance:

Liability insurance provides coverage for damages that your business may be held liable for, such as bodily injury or property damage caused by your products, services, or employees. This type of insurance can also cover legal fees and court costs if your business is sued.

Property insurance: 

Property insurance provides coverage for damage to your business’s property, such as your building, equipment, inventory, and other assets. This type of insurance can also cover losses due to events like theft, fire, or natural disasters.

Workers’ compensation insurance: 

Workers’ compensation insurance provides coverage for employees who are injured or become ill as a result of their job. This type of insurance can cover medical expenses, lost wages, and rehabilitation costs for employees who are injured on the job.

Business interruption insurance:

Business interruption insurance provides coverage for lost income and expenses if your business is forced to temporarily shut down due to a covered event, such as a fire or natural disaster.

Cyber liability insurance:

Cyber insurance, also called cyber security or cyber liability insurance, covers businesses against losses resulting from data breaches. This form of insurance primarily applies to businesses that run secure networks as part of their daily operations.

Read on to learn more about cyber insurance.

Professional liability insurance:

Professional liability insurance provides coverage for damages resulting from professional errors or negligence, such as mistakes made by doctors, lawyers, or other professionals.

Where Can I Find Commercial Insurance in San Diego?

Apex was founded to fill the service and consultative gap left by agency consolidations in the insurance marketplace. These consolidations have left customers who are used to a boutique service approach with no personal connection to their team.

Apex brings the high-touch service proposition back to San Diego businesses and beyond.

At Apex Risk & Insurance Services, we use the Apex Proven Process to learn about your business, strategize to assemble the right program for you, and use our deep industry and market knowledge to leverage the best pricing and coverage. 

This leaves small business owners with more time to do what they do best: Run their business knowing that their company and employees are protected.
Check out our commercial insurance policies, then, read on to learn what makes us different.

Why Southern California Businesses Need Commercial Insurance: Common Risks and Coverage Options

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As a business owner in Southern California, you are likely aware of the potential risks that come with operating your business. From fires and floods to liability claims and lawsuits, the potential risks you face can be daunting and threatening to the stability of your business. Fortunately, you can safeguard your business with commercial insurance coverage. 

Let’s take a look at some common risks businesses face and how commercial insurance can help.

What is a Commercial Insurance Policy? 

A commercial insurance policy covers the business, its employees, and its owners. Commercial insurance protects businesses from losses that may occur as a result of normal business functions.  

Since there are a variety of situations that businesses and owners need to protect themselves from, there are multiple different types of commercial insurance. These forms of business insurance are often split into general liability, property, executive protection, and employment protection. 

Risks Businesses Face and How Commercial Insurance Can Help

Businesses face many different risks on a daily basis, from the potential of a lawsuit to a natural disaster wiping out a storefront. The key to protecting a business from these risks is commercial insurance.

Let’s discuss some risks associated with running a business and how commercial insurance can help.

Natural Disasters

One of the biggest risks that businesses in Southern California face is natural disasters. Earthquakes, floods, and wildfires are all common occurrences in the area, and all of them can cause serious damage to businesses. In addition to physical damage, businesses may also be liable for financial losses caused by the disaster. Commercial insurance can provide coverage for both the physical and financial losses caused by natural disasters.

Liability Claims

Another risk businesses face is liability claims. Whether it’s an employee who is injured on the job or a customer who slips and falls on your property, businesses in Southern California can be held liable for damages. 

Commercial insurance can provide coverage for these types of claims, as well as for other types of liability, such as property damage, bodily injury, and errors and omissions. It can also provide coverage for business interruption, cyber liability, and workers’ compensation. Depending on the individual business’s needs, additional coverage can be added, such as product liability, professional liability, and employment practices liability insurance.

Property Damage

Businesses need commercial insurance to protect their physical assets, such as buildings, equipment, and inventory, from losses due to fire, theft, vandalism, or natural disasters.

Protecting physical assets is one of the most important reasons why businesses need commercial insurance. Businesses invest a significant amount of money in their equipment, buildings, and inventory, and any damage or loss to these assets can result in significant financial losses.

Cyber Liability

Cyber liability insurance provides businesses with protection from losses due to data breaches, cyber-attacks, and other online risks. In today’s digital age, businesses are increasingly reliant on technology to store sensitive information and conduct day-to-day operations. However, this also exposes them to the risk of cyber-attacks, data breaches, and other online risks. Cyber liability insurance is an important type of commercial insurance that provides businesses with protection from financial losses due to these types of incidents.

A data breach occurs when sensitive information, such as personal or financial data, is exposed or stolen from a company’s computer system. Cyber-attacks, on the other hand, involve a deliberate attempt to disrupt or damage a computer system, such as through the use of malware or ransomware.

Employment Practices Liability

Employment practices liability insurance (EPLI) is an important type of commercial insurance that protects employers from legal liabilities arising from mistakes or negligence in how they manage their employees. This includes claims of discrimination, wrongful termination, harassment, and other types of employment-related issues.

In today’s increasingly litigious society, the risk of employment-related lawsuits is higher than ever, and the costs of defending against such claims can be significant. EPLI can help to mitigate these risks by providing coverage for legal fees, settlements, and judgments.

In addition to financial protection, EPLI can also provide valuable resources to help businesses manage their employees and prevent employment-related issues from occurring. For example, some EPLI policies may offer access to legal and human resources experts who can provide advice and guidance on best practices for hiring, firing, and managing employees.

Professional Liability

Professional liability insurance, also known as errors and omissions (E&O) insurance, helps businesses cover the cost of defending claims of negligence or errors in the performance of their professional services. This type of insurance is particularly important for businesses that provide advice or services to clients, such as lawyers, accountants, architects, and consultants.

Professional liability claims can arise from a range of situations, including missed deadlines, incorrect advice, and breach of contract. These claims can be costly to defend against, and even if a business is not found liable, the legal fees and reputational damage can be significant.

Professional liability insurance can provide coverage for legal fees, settlements, and judgments, as well as expert resources to help businesses mitigate their risks and improve their professional practices. This type of insurance can also help businesses maintain the trust and confidence of their clients by demonstrating their commitment to quality and accountability.

Workers’ Compensation

Workers’ compensation insurance provides businesses with financial protection in the event of employee injuries or illnesses that occur on the job. This type of insurance is required by law in most states, and failure to carry workers’ compensation insurance can result in significant fines and legal penalties.

Workers’ compensation insurance provides coverage for medical expenses, lost wages, and other costs associated with on-the-job injuries or illnesses. It can also provide coverage for legal fees and settlements in the event of a lawsuit resulting from a workplace injury or illness.

In addition to protecting businesses from financial losses and legal liabilities, workers’ compensation insurance can also help to promote a safe and healthy workplace. By providing employees with the resources and support they need to recover from workplace injuries or illnesses, businesses can demonstrate their commitment to employee well-being and foster a positive work environment.

In Summary

In addition to protecting a business from the risks discussed above, commercial insurance can also provide peace of mind to business owners. With the right coverage in place, business owners can focus on running their business without having to worry about the financial consequences of unforeseen events.

When selecting a commercial insurance policy, it’s important to work with an experienced insurance agent who understands the unique risks faced by businesses in Southern California. A knowledgeable agent can help businesses identify the coverage options that will best protect their business.

Any Questions?

Whatever you determine your company’s risks are, it’s helpful to talk with a team of experts that can guide you in the right direction. At Apex Risk & Insurance Services, we want you to know and understand your options. We prioritize transparency and provide custom solutions to meet your insurance needs.If you have any questions about commercial property insurance, feel free to contact our team today.

5 Common Mistakes Businesses Make When Choosing Commercial Insurance

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Commercial insurance is a vital tool for protecting businesses against a wide range of risks. However, choosing the right insurance coverage can be a daunting task, especially for those who are not familiar with the complexities of the insurance industry. In this blog post, we’ll take a look at five common mistakes businesses make when selecting commercial insurance and offer some advice on how to avoid them.

1. Failing to Assess Risks Adequately

One of the most common mistakes businesses make when selecting commercial insurance is failing to assess their risks adequately. Every business is unique, and each has its own set of risks. For example, a construction company will have different risks than a restaurant or a retail store. It’s essential to conduct a thorough risk assessment to identify the specific risks your business faces. This will help you choose the right insurance coverage to protect your business against those risks.

2. Choosing Coverage Based Solely on Price

Another mistake businesses make when selecting commercial insurance is choosing coverage based solely on price. While price is an important factor, it should not be the only consideration. Cheaper policies may not provide adequate coverage, leaving your business vulnerable to financial losses if something goes wrong. Make sure to compare different policies and choose one that provides the coverage you need at a price you can afford.

3. Not Reading the Policy Carefully

Insurance policies can be complex, and it’s essential to read them carefully before signing up. Unfortunately, many businesses fail to do so and end up with coverage that doesn’t meet their needs. It’s essential to understand what the policy covers and what it doesn’t. Make sure to ask your insurance provider to explain any terms or conditions you don’t understand.

4. Not Considering the Reputation of the Insurance Provider

The reputation of the insurance provider is another important factor to consider when selecting commercial insurance. Make sure to choose an insurance provider with a good reputation and a track record of paying claims promptly. You can research insurance providers online or ask for recommendations from other business owners.

5. Not Reviewing Coverage Regularly

Finally, many businesses make the mistake of not reviewing their insurance coverage regularly. Your business may change over time, and your insurance needs may change as well. Make sure to review your coverage regularly and make adjustments as necessary. This will ensure that you always have the coverage you need to protect your business against risks.

Other Factors to Business Owners Should Consider When Choosing Commercial Insurance

In addition to the five common mistakes discussed above, there are several other factors that business owners should consider when choosing commercial insurance. For example, the appropriate amount of coverage and deductible are important considerations. Additionally, businesses need to determine the type of coverage they need and understand the exclusions and limitations of their policy. 

Working with an insurance broker or agent can also help businesses navigate the complexities of the insurance industry and find the right coverage at the right price. By carefully considering these factors, business owners can ensure they have the protection they need to succeed in today’s ever-changing business environment.

In Summary

In conclusion, selecting the right commercial insurance coverage can be a daunting task, but avoiding these common mistakes can help you make an informed decision. Always assess your risks, compare policies, read the policy carefully, choose a reputable insurance provider, and review your coverage regularly. With these tips in mind, you can protect your business against a wide range of risks and ensure your long-term success.

Where Can I Find Commercial Insurance in San Diego?

Apex was founded to fill the service and consultative gap left by agency consolidations in the insurance marketplace. These consolidations have left customers who are used to a boutique service approach with no personal connection to their team.

Apex brings the high-touch service proposition back to San Diego businesses and beyond.

At Apex Risk & Insurance Services, we use the Apex Proven Process to learn about your business, strategize to assemble the right program for you, and use our deep industry and market knowledge to leverage the best pricing and coverage. 

This leaves small business owners with more time to do what they do best: Run their business knowing that their company and employees are protected.

Check out our commercial insurance policies, then, read on to learn what makes us different.

What Does Commercial Property Insurance Cover?

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Business owners who own their buildings or equipment need commercial property insurance to mitigate disaster. It ensures your business will still be standing even if equipment breaks down or your building suffers serious damage.

In this article, we’ll look at what commercial property insurance covers, what it doesn’t, the 3 most common types of commercial insurance, and how you can pick the right plan to protect your business from disaster.

First, What Does Commercial Property Insurance Cover?

Commercial property insurance covers a variety of risks that come with owning physical assets.

If your building is damaged by fire, vandalism, burst pipes, explosions, or anything that may cause serious damage outside of your control, then you should be covered. As with any insurance plan, some are more comprehensive than others, so make sure your building is covered by the threats that are most prevalent in your environment.

Commercial property insurance covers assets inside and outside of the building as well. Specialty equipment, even if it needs to be used at off-site locations, is often covered under this plan. Inventory is insured as well through a variety of circumstances. With plans that offer inland marine and cargo transit insurance, your inventory is protected while it’s in the process of traveling to and from you.

Lastly, commercial property insurance can come with business income coverage. If you can’t operate because you’re rebuilding, or you’re waiting for new equipment to be delivered, you’re going to be missing out on a lot of income. The right plan helps you get through that rough period and ensures key employees don’t need to be fired.

What is not covered by Commercial Property Insurance?

As mentioned earlier, not all policies are created equally. While some plans do offer coverage for the incidents we are about to mention, it is common for many providers not to.

These include:

  • General Wear and Tear: Damage to property that occurs naturally over time.
  • Lack of Maintenance: Damage to property that occurs from a lack of care. Mold, rust, insect infestations, and rot are a few examples of this type of damage.
  • Earthquakes: Damage to property from an earthquake. Insurance companies in California may offer earthquake coverage as an add-on, or you will have to purchase it independently.
  • Flood Damage: Damage to property from a flood. Most policies include water damage but consider a flood outside of that scope. In coastal areas where flood damage is prevalent, you may have to purchase separate insurance.
  • Pollution: The cost of cleanup for indirect spills, discharge, leakage, and the release of pollutants is often not included in the plan.

It’s vital when choosing commercial property insurance that you’re aware of what is covered and what’s not. Talking to a team of experts can help relieve the burden and simplify the process.

What are the 3 most common types of Commercial Property Insurance?

Under the commercial property insurance umbrella there are three common types of protection offered. 

Direct Damage insurance protects your buildings, equipment, and inventory against physical damage. This also includes loss of income that occurred from physical damage to property.

Inland Marine insurance is popular amongst businesses that transfer equipment and inventory often. It covers property that is damaged during transportation.

Criminal Activity insurance protects your place of business from theft. This may include employees or customers stealing inventory and cash, forgery, or a cyber attack through an on-site computer.

Who Pays for Commercial Property Insurance?

If you’re renting out equipment or a building for your business, then it can get complicated on who pays for the commercial property insurance.

The property owner is ultimately responsible for arranging insurance since they are the ones at risk of a financial loss if damage occurs. Once the insurance is arranged by the property owner, the cost will often be transferred to the tenant.

However, if you make tenant improvements to the building that aren’t covered by the property owner’s insurance then you may need to take out coverage on your own for those improvements.

How to Choose a Commercial Property Insurance Plan

When choosing a commercial property insurance plan, it’s crucial you’re aware of the threats to your business. Some industries might be more prone to criminal activity, while others only have to worry about direct damage. Maybe the location of your business opens it up to earthquake damage, or you’re headquartered on the coast and need flood insurance added on.

Whatever you determine your company’s risks are, it’s helpful to talk with a team of experts that can guide you in the right direction. At Apex Risk & Insurance Services, we want you to know and understand your options. We prioritize transparency and provide custom solutions to meet your insurance needs.If you have any questions about commercial property insurance, feel free to contact us today.

 Your Comprehensive Commercial Insurance Renewal Checklist

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Trust us – you don’t want to skip your annual commercial insurance renewal. Why? If your business has changed over the past year, you run the risk of potentially overpaying for coverage or leaving your business underinsured.

During the business insurance renewal process, business owners have the opportunity to work with their insurance agents to determine if their insurance policies are still providing the coverage they need at the best available price. 

We understand business owners have a lot on their plates and simply renewing their existing insurance policies is a tempting and common option. That’s why we’ve prepared a comprehensive commercial insurance renewal checklist – to make starting the process as simple as possible and let you do what you do best: run your business. Let’s dive in.

What is a Commercial Insurance Policy? 

A commercial insurance policy covers the business, its employees, and its owners. Commercial insurance protects businesses from losses that may occur as a result of normal business functions.  

Since there are a variety of situations that businesses and owners need to protect themselves from, there are multiple different types of commercial insurance. These forms of business insurance are often split into general liability, property, executive protection, and employment protection. 

What is an Insurance Renewal Process?

Insurance renewals occur at the end of the term of your policy. At this point, you can determine if you would like to renew the same policy with the same insurance carrier or if you would prefer to adjust your policy and/or carrier or negotiate terms.

Are Insurers Obligated to Offer a Renewal? 

Insurers are not legally obligated to offer a renewal of the same policy. In fact, insurers may receive a letter from their insurance provider stating that the company is not renewing one of your business insurance policies. Why does this happen?

In most cases, a non-renewal notice has more to do with the insurer than with you. For example, the company may wish to stop offering that form of insurance or provide coverage for companies within your industry. 

However, there are some cases in which non-renewals are specific to the business. For instance, your insurer may have concluded that you have incurred too many accidents or losses, have not maintained your property, or have failed to comply with its loss control recommendations. 

It is important to note that while insurers are not required to offer a renewal, they are required to provide a 60-day notice of non-renewal. 

Are Insurers Obligated to Notify Insureds of Changes in Coverage?

An insurer has an obligation under California law to call an insured’s attention to changes in their coverage. These changes may include, for example, more limitations or exclusions. 

When coverage is reduced upon renewal, a process often referred to as “skinning down” the policy, the insurer must provide adequate notice of the exclusion, limitation, or reduction. 

How Long Does Commercial Insurance Last? 

Business owners should review their commercial insurance policies for renewal every 12 months (or, more accurately, 12 months after they take out the insurance policy). One year is the standard duration of an insurance policy for most types of insurance.

What Questions Should You Ask Before Renewing Your Business Insurance?

To properly prepare for your business insurance renewal, ask yourself the following questions:

Has Your Business Moved to a New Location?

A new location likely means changes in your general liability insurance. These changes may include, for example, moving into a different commercial space, expanding to a new location, or opening an additional office. 

New locations may also mean a reduction in your insurance premiums. For instance, if the new location is smaller or includes enhanced safety features, such as a wired alarm system or sprinklers. 

Has Your Number of Employees Changed?

Staff changes suggest it is time to adjust your workers’ compensation policy. Remember: under California Labor Code Section 3700, if a business employs one or more employees, the business must provide workers’ compensation coverage for each employee. 

The insurance renewal process is the perfect opportunity for business owners to verify that they are carrying appropriate workers’ comp coverage for all their employees.

Find everything you need to know in our full guide to workers’ compensation insurance for small businesses.

Are You Offering Any New Goods or Services?

If your business is offering new goods or services, you may need to adjust your professional liability insurance. 

Does Your Business Have Cyber Security Coverage?

Cyber insurance, also called cyber security or cyber liability insurance, covers businesses against losses resulting from data breaches. This form of insurance primarily applies to businesses that run secure networks as part of their daily operations.

While this coverage is often included in professional liability or general liability policies, the renewal process is an excellent time for business owners to verify that they have adequate cybersecurity insurance since it is sometimes purchased as a standalone policy.

Read on to learn more about cyber insurance.

Have You Purchased New Equipment?

It is essential for business owners to ensure any new equipment is covered in their commercial insurance policy. Why? The cost of your business insurance is based on several factors, including the type and amount of equipment you own. 

Have You Purchased New Vehicles?

If you’ve bought or sold a business vehicle, added delivery services, or changed existing service areas, you may have to adjust your commercial auto insurance. 

Where Can I Find Commercial Insurance in San Diego?

Apex was founded to fill the service and consultative gap left by agency consolidations in the insurance marketplace. These consolidations have left customers who are used to a boutique service approach with no personal connection to their team.

Apex brings the high-touch service proposition back to San Diego businesses and beyond.

At Apex Risk & Insurance Services, we use the Apex Proven Process to learn about your business, strategize to assemble the right program for you, and use our deep industry and market knowledge to leverage the best pricing and coverage. 

This leaves small business owners with more time to do what they do best: Run their business knowing that their company and employees are protected.

Check out our commercial insurance policies, then, read on to learn what makes us different.

Natural Disasters and Commercial Insurance

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In 2020 and 2021, U.S. insurers paid $176 billion for natural catastrophe insurance claims alone. This was the highest total in a two-year period for commercial insurance claims relating to natural disasters. In 2021, 20 separate billion-dollar weather-related events occurred in the United States, destroying buildings, businesses, and lives. 

Business owners cant’ control if a natural disaster will affect their business. However, they can control how their business will recover in the event of a natural disaster. 

Business owners can take steps to prepare for the event of a natural disaster by purchasing the right insurance.

Why Do You Need Natural Disaster Coverage in Your Commercial Insurance?

According to a report from FEMA, 40-60% of small businesses don’t recover from a natural disaster. 

Business owners need commercial insurance with natural disaster coverage to cover the damage and losses caused by the event and support a strong and successful recovery. Business owners should also consider additions, such as business interruption insurance, to help to cover the loss of income during or following an event.

Standard Commercial Insurance Coverage vs. Additional Policies

Insurers may require coverage for some natural disasters – such as flooding, earthquakes, and volcanic eruptions –  to be separate policies. If your business is located in an area prone to these events, be sure to note if they are covered in your commercial insurance plan or if you need to purchase a separate policy. 

Let’s discuss the types of natural disasters and the coverage commercial insurance policies typically offer for each event.

Types of Natural Disasters and Commerical Insurance Coverage

Coverage can vary depending on both the type of natural disaster and the area in which the business is located. 

Hurricanes

Most standard commercial insurance policies cover losses resulting from wind, such as a roof being damaged or torn off, broken windows, and exterior damage. Additionally, policies should cover water damage resulting from rain leaking into the building. 

However, flood insurance is a separate policy. If a business is located in an area vulnerable to floods, owners will need to invest in flood insurance to protect their business against losses. 

Tornados

According to the National Oceanic and Atmospheric Administration, more than a thousand tornadoes hit the United States each year. 

Similar to hurricane coverage, commercial insurance typically covers wind damage as well as can reimburse owners for damage caused by rain and hail. 

Floods

Owners tend to underestimate the risk of floods, but 90% of natural disasters include some form of flooding and, as we’ve discussed, most insurance companies require flooding to be a separate policy. We highly recommend considering investing in a separate flood policy to protect your business. 

Fires

Fire insurance is typically sold as a component of commercial insurance and helps to protect against losses caused by fire, lightning, and the removal of property from areas endangered by fire. 

Earthquakes

Earthquake coverage is also sold as a separate policy from commercial insurance but can help protect businesses against a variety of earthquake-induced effects, such as collapsed gas lines, crumbling or cracking walls, as well as damage to the interior and exterior of buildings. Insurers vary in the type of coverage they provide for earthquakes, so owners should clarify what exact damage is protected in their policy. 

Volcanoes

Volcano eruptions are rare but commercial insurance policies generally offer coverage for damage caused by an eruption, shockwaves, or ash. However, some insurers may not offer coverage in lava flow hazard zones, which are areas prone to volcanic activity.

Additionally, owners should note that commercial insurance doesn’t cover cars or other vehicles; they will need to purchase other forms of insurance, such as auto insurance, to protect these entities as well.

Let’s Talk About Business Income Insurance

That’s right–we’re talking about the type of coverage every business owner wished they’d had during the COVID-19 pandemic. 

Business income insurance –also known as business interruption insurance– can supplement income lost as a result of closing because of a natural disaster or event. For example, if the wind blows a tree through the front window of your business and you are forced to close for a week while the damage is repaired, business interruption insurance can help to cover the loss of income your business would have made during that week.  

Ready to Find the Right Insurance for Your Business? 

At Apex Commercial Insurance Services, we focus on giving small to mid-market businesses the attention they deserve. 

Insurance can protect you not only from unseen disasters but from occurrences you already know are a danger. We take a proactive, strategic approach to risk management so you can do what you do well – run your business. Contact us here.

Learn more about us and why we do what we do, here.