Business Insurance Coverages You Need During the Pandemic

​When it comes to paying costs for property damage, lost business income, and lawsuits, business insurance can help you lessen the financial burden. With coronavirus’s presence significantly affecting every people’s lives, business owners are one of those heavily hit by the current situation. There have already been numerous establishments who filed bankruptcy due to a lack of income.

Many firms who can cope and survive with the current health crisis hold business interruption insurance coverage. While the coverage looks like the most logical choice in the time of lockdown and quarantine, many coverages can help you during these trying times.

Business Interruption Coverage
This type of business coverage usually includes civil authority and dependent property coverage in the premium package. A business interruption coverage is designed to cover losses from your business damaged through hurricanes, wind damage, fires, theft, or direct physical loss. However, in most cases, the coverage for a virus is not included in the terms unless agreed upon in an earlier period.

The qualification for a business interruption claim still depends on a case-to-case basis evaluation, so your insurer may even consider an interruption caused by the health crisis. Do not hesitate to file a claim if you believe your coverage is qualified for such.
 
Workers’ Compensation Coverage
After implementing strict lockdown in almost every area in the US, many companies have shifted to work remotely at home. This leaves the working sector having lower chances of getting an illness or sustaining an injury at work. 

However, this doesn’t ultimately mean that you won’t be held liable in any way related to your workers. If the injury or illness were obtained within the scope of their duty, your workers’ compensation coverage would kick in.

Property Insurance
Whether your business owns or leases its space, getting this type of business insurance coverage is vital. Typically, property insurance includes coverage for the damaged equipment, inventory, furniture, and signages in a fire, storm, or theft. When it comes to a more catastrophic circumstance, hurricanes, and earthquakes, you will need a separate policy to get your business insured.

Home-based Businesses
Since working at home has become one of the significant centerpieces of the new normal, the demand for this business insurance plan is continuously increasing. Right now, many professionals have begun operating their businesses right inside their homes. Just don’t get confused that a homeowner’s insurance is in no way covering the home-based business insurance.

Vehicle Insurance
The number of people visiting a store physically has significantly declined for the past six months. And by that, it means that more delivery-based transactions are being utilized more than ever. That’s why insurance coverage for your vehicle may be needed during this time. 

This type of coverage will cover the expenses in case a company driver of yours caused damage or injury to a third-party, and your business may face liability if it happens while on the operation.

Conclusion
It must be acknowledged that when an entrepreneur decides to start its business, there will always be a particular risk that will be brought along. That’s why securing your company with a business insurance policy is crucial to protect the business from such threats. Another thing is choosing coverages that’ll surely fit your business needs.

At Klamath Insurance Center, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 882-5555. You can also request a free quote by CLICKING HERE.