No one ever wants an emergency to happen to their business—but that doesn’t mean they don’t plan for it. Whether an incident occurs due to liability, damage, or disaster, it can have profound effects on your business in both the short and long term. Today we’re going to look at the consequences of such emergencies—like having to go to court or temporarily close or relocate your business—and how a good plan (and good insurance) can help.

Your Business When Disaster Strikes

Something goes wrong: an incident occurs that injures someone, damages property, or even brings your business to a screeching halt. What do you do?

• Make Sure Everyone is Safe: Depending on the incident, danger may have already passed or may still be present. Your first goal is to make sure people are safe and accounted for.
• Get Information and Take Inventory: Once the dust has settled, it’s time to get to work. Get an idea of the scope of the problem, take inventory, and gather photographs, paperwork, and other information.
• Contact Your Insurance Agent: While collecting information, contact your commercial insurance agent. They will be able to provide you with the information you should get and may send out an agent to survey the damage.

Did the incident involve a customer being injured? Learn more about how you’re liable with our blog, What is Liability? Understanding Insurance and Risk.

How Business Insurance Can Help

If you run a business in MA, you’ve got a BOP—Business Owner’s Policy. This bundled insurance contains multiple types of policies, of which we’re going to focus on three:

1.      How Commercial Property Insurance Helps

If your property is damaged during an emergency, such as a natural disaster, your commercial property insurance may be able to help. It will depend on the disaster in question and if it’s covered. This will provide funds to repair your property or replace assets.

2.      How General Liability Insurance Helps

If there was an incident where someone was hurt, your liability insurance can help cover medical costs—or courtroom costs, if it comes to that. It’s important to know your liabilities and coverages, as well as when other insurances, such as Workers Compensation Insurance, come into play.

3.      How Business Interruption Insurance Helps

A BOP also contains a policy called “Business Interruption Insurance” that can help cover costs when your business has to close its doors. Also known as Business Income Insurance, this policy can help cover the costs of your lost income while you’re getting your business restored or moved.

It’s important to be ready when disaster strikes, especially if your business has just grown. At Safeside Insurance, we’ve been helping small businesses of all sizes in Worcester County and the greater Massachusetts area for over 30 years. We’ll tailor policies to fit your unique situation from a broad array of providers to make sure you get the right insurance at the right price. Contact us today to talk to an agent or jump right to getting a quote!