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Small Business Hazard Insurance

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What Is Hazard Insurance for a Business?

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Business hazard insurance is a type of small business insurance that helps protect the owned or rented building your business is in. It also protects the equipment that you use to run your company. Another name for this coverage is business property insurance.

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 Hazard insurance can help cover the costs to repair or replace your:

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  • Personal property

  • Tools and equipment

  • Inventory

  • Furniture

  • Computers

  • Accounts receivable

  • Valuable documents

  • Outdoor landscaping, like fences

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Business Hazard Insurance and Homeowners Insurance

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If you run your business out of your home, you may be wondering if there’s a difference between business hazard insurance vs. homeowners insurance. When it comes to homeowner’s coverage, hazard insurance applies to the home and other structures, like a shed or detached garage. Even if you had homeowners insurance for a home-based business, you’ll likely need business hazard insurance to help protect your company’s assets.

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 Do I Need Hazard Insurance for my Business?

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Many states don’t require business owners to carry hazard insurance. But, it’s still a good idea to have this coverage to help protect your business’ property. Without it, you’d have to pay out of pocket for repair or replacement costs.

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 Hazard Insurance for an SBA Loan

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The ongoing COVID-19 pandemic has affected millions of small businesses in the US. The Small Business Administration (SBA) offers an economic injury disaster loan (EIDL) to provide relief to small businesses that experienced a temporary loss of revenue due to COVID-19.

 If COVID-19 impacted your business and you need assistance, you can check to see if you qualify for an EIDL. Make sure to read the requirements carefully. You may find that you need hazard insurance for an SBA loan, like EIDL.

 Visit the agency’s website to learn more about EIDLs, SBA hazard insurance requirements and to apply for a loan.

 

What Does Business Hazard Insurance Cover?

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Hazard insurance helps cover property damage from:

  • Fire

  • Theft

  • Lightning

  • Wind

Natural disasters, like blizzards or hailstorms

If you can’t open your business because of covered property damage, hazard insurance can also help replace your lost income.

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