You know what they say when you assume...
Never assume anything is "automatically covered" in your Business Owners policy. Typically Business Owner policies do package together several different coverages that most business owners need, however you can’t assume that all the coverages you will need are automatically covered by the policy.Many assumptions can be made that could put your business at risk. For example, one could assume that your General Liability coverages will be adequate to cover all of your liability exposures. This may not be the case. Often times, business owners also need professional liability to properly cover all aspects of their business. General Liability covers property damage and or bodily injury. In order to cover a financial loss to a client as a result of a recommendation or service you provided, you would need to purchase a Professional Liability policy.
What about if you have a covered loss such as a fire? Your building and contents coverage would be covered but what about the cost to start your business up again? Or payroll for your employees while business is down? If you want to keep your loyal trained employees you will need to be able to pay them while your business is getting back up and running. Your Business Owners policy does cover Business Income and Extra Expense which would help to get your business going again, but unless you endorse the policy ordinary payroll for your employees may not be covered.
What about the assumption that if your business is involved in a natural disaster you would be covered? Flood? Earthquake? Tornado? It is very possible that none of these events would be covered under your Business Owners policy.
Don’t make the costly assumption that your Business Owners policy has coverage for all possible scenarios that your business may run into. Understand your policy and the exposures that your business has. Every business is unique and requires different coverages. Speak to your Trusted Advisor to ensure you are Ready for Anything!