About BC Business Insurance

Why this Product?

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For more details on what our coverage options are, contact one of Megson FitzPatrick’s business insurance brokers today! Our specialists are always ready to help answer your questions.

How does business insurance protect me from natural disasters?

If your business suffers a natural disaster – say, a fire, a storm, or any other insured peril – property business insurance has got your back. Of course, property business insurance will only cover you for the costs of repairs and rebuilding your place of work. During this period, in which your business is unable to function, business interruption coverage will help provide replacement costs for lost income.

Does my home insurance cover my home business?

If you run a business in your own home and make a profit, your home insurance will likely not be enough to cover loss or damage of business property – and this won’t include any losses away from your home, either. Moreover, liability coverage will not be included for any business-related incidents. In order to be covered, you will need a special home-business endorsement or separate business insurance to cover your business assets, property, and protect you from liability risks.

Does business insurance cover damage from flooding?

Generally, a standard business insurance policy will not cover damage from flooding. But it depends on the policy. More comprehensive policies will include the overland water and sewer backup as part of the package. Others you will need to purchase separately. If your policy doesn’t cover flooding, you will need to carry an overland water endorsement. Typically, a business property insurance policy will cover organizations from certain water damage situations where the water was coming from within the building (i.e: the pipes) – but not flooding. It depends on the policy. In order to know what exactly you are covered for, be sure to contact a business insurance broker. They will be able to provide you with the help you need and answer all of your questions.

Insurance Basics: Business Insurance Terms

Insurance has its own vocabulary, which at times can be frustrating if you don’t know much about the industry. The best way to make the most of your insurance is by understanding it – and by understanding your own policy. Megson FitzPatrick has many brokers who are well versed in business insurance and are willing to help you out with the ins and outs of your coverage. For your benefit, here are some insurance terminologies that will help you understand business insurance a little better:

• Actual Cash Value (ACV)
  When your business insurance kicks in after a claim, actual cash value is what you will be paid for the replacements: the purchase value minus depreciation.
• Business Insurance Endorsement
  A business insurance endorsement is an add-on coverage or an amendment to your regular insurance policy and can alter coverage depending on the language it uses.
• Business Interruption Insurance
  For companies who suffer a loss of profit as a result of their business being inoperable after an insured loss or due to a mandatory evacuation, this business insurance coverage will cover business expenses and even lost revenue.
• Deductible
  A deductible is the amount of money that the insured is accountable for paying in the event of a loss. The higher the deductible, the more the policyholder pays, and the less the insurance company does.
• Errors & Omissions Insurance
  This is a type of policy purchased by businesses offering professional services to protect them from claims of wrongdoing. It is also referred to as “professional liability insurance.”
• Named Peril
  A named-peril is a specific cause of damage that is named in your business insurance policy. This is usually covered.
• Premium
  The money that a business must pay towards their insurance company in order to remain insured against potential losses.
• Property Insurance
  A form of business insurance that covers losses or damages to commercial buildings and their contents, inventory, or equipment.
• Umbrella Insurance
  An umbrella policy is additional liability insurance.

Purchasing business insurance shouldn’t be a difficult or complicated task. By being informed about what risks your business faces and what coverage it needs, talk to one of our knowledgeable business insurance brokers! A good business insurance policy can make a world of difference for your organization and provide you with peace of mind in knowing you’re protected.