Andrew Troi
I have had an incredible experience with Harrison Insurance and Jennifer in particular. She is true professional and handles all questions and concerns in a timely and kind manner. I’m so glad I switched my auto and renters policy to Erie and Harrison insurance.
Andrew Troi
Kayla Courtois
Fantastic customer service! Very knowledgeable, patient, and friendly. We were a new business starting up with absolutely NO clue what to do. Fred made the process very simple and got us the coverage we needed in a field that is hard to get coverage in!
Kayla Courtois
Thomas Sweeney
Used Fred for my executor bond, he worked with me over the phone as I was out of town to fill out the paperwork. The prices were much cheaper than anywhere else I found.
Thomas Sweeney
bryan acheson
Fred and team at Harrison Insurance are awesome. I requested a review of my insurance coverage for my business and found that I was grossly under covered. Fred explained where I was needing additional coverage and why it was important. Needless to say, I'm now a client. Fred truly cares for his clients. I think my premiums basically stayed the same, for additional coverage I might add, but I would have been willing to pay more just for the service and knowing I was being taken care of. I highly recommend Fred for your business.
bryan acheson
Kayla Furrow
Harrison Insurance is a great company to work with! I worked with Fred and the personal touch he adds makes you feel like you’re truly being taken care of, like you’re a part of the family. Fred never settles for the bare minimum, and if he sees something lacking in your insurance policy, he will tell you what he can do to fix it and what kind of options you have to make sure you’re covered in every area possible. Harrison Insurance is a small town agency, but their impact is huge. If you’ve got any kind of insurance, it is always worth giving Harrison a call and seeing where you can improve your coverage while lowering your rates. You definitely won’t regret touching base with them!
Kayla Furrow
Wes Tatum
Highly recommend this company. Fred Zehrer was my agent and he provided top notch service. The process was simple and Fred saved me over $600 a year on my business vehicle insurance. I can't say enough good things about Fred and Harrison Insurance. If you want peace of mind and fair prices, this is where you need to be.
Wes Tatum

Business Hazard Insurance: Protecting Your Business

Business owner stopping dominoes symbolizing Business Hazard Insurance

Business Hazard Insurance: Protecting Your Business

Every business, big or small, faces a multitude of risks that could potentially disrupt its operations or even lead to financial ruin. From natural disasters like fires and floods to unexpected events such as theft and vandalism, these hazards are lurking around every corner. This is where business hazard insurance comes into play, offering a safety net that can protect your business from the unforeseen. In this article, we’ll explore the world of business hazard insurance, its benefits, and common hazards covered, and provide guidance on how to customize coverage to meet your unique needs. We’ll also discuss how to shop for the best insurance deal and offer tips for lowering your premiums. Let’s dive in!

Understanding Business Hazard Insurance

What is Business Hazard Insurance?

Business hazard insurance, often referred to as commercial property insurance or business property insurance, is a crucial component of a comprehensive insurance strategy for businesses. This type of insurance is designed to protect your physical assets, including your building, inventory, equipment, and more, against various hazards and perils. It provides financial assistance when your business property is damaged, destroyed, or stolen due to covered events.

Importance of Business Hazard Insurance

Imagine running a retail store, and a fire breaks out, causing extensive damage to your building and inventory. Without insurance, you’d be left to bear the full financial burden of repairs and replacing lost merchandise. Business hazard insurance steps in to help cover these costs, allowing you to recover and continue your operations.

Additionally, many lenders and landlords require businesses to have hazard insurance as part of their agreements. Having adequate coverage not only protects your assets but also helps you meet these obligations.

Benefits of Business Hazard Insurance

1. Financial Protection: The primary benefit of business hazard insurance is financial protection. It ensures that your business doesn’t suffer severe financial setbacks when disasters strike.

2. Business Continuity: With the right insurance, you can get your business back on its feet faster after a disaster. This minimizes downtime and revenue loss.

3. Peace of Mind: Knowing that you have insurance coverage in place can provide peace of mind, allowing you to focus on running your business without constantly worrying about potential hazards.

4. Compliance: Meeting the requirements of lenders, landlords, or local regulations is another advantage. Being insured demonstrates responsibility and compliance.

Common Hazards Covered

Business hazard insurance typically covers a range of hazards and perils. While specific coverage may vary depending on your policy, here are some common hazards that are often included:

1. Fire: Fires can devastate businesses, and insurance helps cover the cost of repairs or rebuilding.

2. Theft and Vandalism: Protecting against theft and vandalism is crucial, especially for businesses with valuable assets.

3. Natural Disasters: Coverage can extend to natural disasters such as earthquakes, floods, hurricanes, and tornadoes.

4. Damage from Burst Pipes: Water damage from burst pipes or plumbing issues is often covered.

5. Explosion: Explosions, whether due to gas leaks or other causes, are typically covered events.

6. Smoke Damage: Smoke damage resulting from a covered fire is usually included.

Customizing Your Coverage

One size doesn’t fit all when it comes to business hazard insurance. Your business is unique, and so are its risks. That’s why it’s important to customize your coverage to suit your specific needs. Here are some factors to consider:

1. Property Valuation: Determine the value of your business property accurately. This includes your building, equipment, inventory, and any other assets. Make sure your coverage limits align with this valuation.

2. Deductibles: The deductible is the amount you’ll have to pay out of pocket before your insurance kicks in. Choosing a higher deductible can lower your premiums, but it also means you’ll bear more of the initial cost in case of a claim.

3. Specialized Coverage: Depending on your business type and location, you may need specialized coverage. For example, if you operate in an area prone to earthquakes, you might want to add earthquake coverage to your policy.

4. Business Interruption Insurance: Consider adding business interruption insurance, which provides coverage for lost income and additional expenses if your business is forced to close temporarily due to a covered event.

Shopping for Business Hazard Insurance

Why Work with a Local Insurance Agency

When shopping for business hazard insurance, you have the option to go directly to insurance providers or work with a local insurance agency. Here are some reasons why a local agency might be your best choice:

1. Personalized Service: Local agencies offer a more personal touch. They take the time to understand your business and its unique needs, ensuring you get the right coverage.

2. Local Expertise: Agents who know the local market can provide valuable insights into the specific risks your business faces.

3. Multiple Options: Local agencies often work with multiple insurance providers, giving you access to a wider range of coverage options.

4. Claims Assistance: In the unfortunate event of a claim, local agents can provide guidance and support throughout the process.

Tips for Lowering Premiums

While business hazard insurance is essential, there are ways to manage your premiums effectively:

1. Risk Management: Implement risk management practices to reduce the likelihood of hazards. For example, installing security systems can lower the risk of theft.

2. Bundle Policies: Consider bundling your business hazard insurance with other types of coverage, such as liability insurance, to potentially get a discount.

3. Review Your Coverage Annually: As your business grows or changes, your insurance needs may evolve. Periodically review your coverage to ensure it remains adequate.

4. Increase Security: Improve security measures, like fire sprinkler systems and alarm systems, to reduce the risk of damage and theft.

Frequently Asked Questions (FAQs)

  1. Do I need business hazard insurance if I rent my business space?
    • Yes, even if you rent, you should consider business hazard insurance. While your landlord’s insurance may cover the building structure, it won’t protect your assets inside.
  2. What is the difference between business hazard insurance and liability insurance?
    • Business hazard insurance covers physical property damage, while liability insurance covers injuries or damages your business may cause to others.
  3. Is flood insurance included in business hazard insurance?
    • Not usually. You may need to purchase separate flood insurance if your business is in a flood-prone area.
  4. How can I determine the right coverage limits for my business?
    • Consult with an insurance professional to assess your business’s specific needs and risks.

Protecting Your Business’s Future

In the unpredictable world of business, safeguarding your assets is paramount. Business hazard insurance is your partner in ensuring that unforeseen events don’t lead to financial disaster. By customizing your coverage, working with a local insurance agency, and implementing risk management practices, you can protect your business’s future and continue to thrive even in the face of hazards.