Jim Graham: Hi, this is Jim Graham from Graham Insurance Group answering another one of your frequently asked questions.
This one is also about business insurance. It says: how does business insurance work? That’s a really good question. It actually works very similar to, if you think about a home owner’s policy or a tenant policy, if you own a business, you have liabilities. People coming and going could slip or fall. People using your products could get hurt from it or while you’re performing a service, somebody could get hurt. It covers your liability in that case.
If your business owns items such as equipment, desks, computers and those types of things, if it were a fire and those were to be destroyed, a business insurance policy written properly would cover those items for you.
Also, if the business owns the building in which it is housed, it would also cover the building in case the building burns down. So, in that regard, it works very much and very simply like a homeowners policy.
There’s a lot of other little avenues and things that are unique to different businesses that needed to be considered. So Make sure you reach out to a business insurance expert, such as myself, and have the policy custom built for you. Thank you.