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Desirable Coverages

Some types of insurance coverage, although not absolutely essential, will greatly add to the security of your business. These coverages include business interruption, crime, glass, rental, boiler and machinery insurance.

Business Interruption Insurance

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1. You can purchase insurance to cover expenses that would continue if a fire shut down your business--such as salaries to key employees, taxes, interest, depreciation, and utilities as well as the profits you would lose. _____ _____
2. Under properly written contingent business interruption insurance you can also collect if fire or other peril closes down the business of a supplier or customer thus interrupting your business. _____ _____
3. The business interruption policy provides payments for amounts you spend to hasten the reopening of your business after a fire or other insured peril. _____ _____
4. You can get coverage for the extra expenses you suffer if an insured peril seriously disrupts but doesn't actually close your business. _____ _____
5. When the policy is properly endorsed you can get business interruption insurance to indemnify you if your operations are suspended because of failure or interruption of the supply of power, light, heat, gas, or water furnished by a public utility company. _____ _____

Crime Insurance

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1. Burglary insurance excludes such property as accounts, fur, articles in a showcase window, and manuscripts. _____ _____
2. Coverage is granted under burglary insurance only if there are visible marks of the burglar's forced entry. _____ _____
3. Burglary insurance can be written to cover, in addition to money in a safe, inventory, merchandise, and damage incurred in the course of a burglary. _____ _____
4. Robbery insurance protects you from loss of property money and securities by force trickery or threat of violence on or off your premises. _____ _____
5. A comprehensive crime policy written just for small business owners is available. In addition to burglary and robbery it covers other types of loss by theft destruction and disappearance of money and securities. It also covers theft by your employees. _____ _____
6. If you are in a high-risk area and cannot get insurance through normal channels without paying excessive rates you may be able to get help through the federal crime insurance plan. Your agent or state insurance commissioner can tell you where to get information about these plans. _____ _____

Glass Insurance

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1. You can purchase a special glass insurance policy that covers all risk to plate-glass windows, glass signs, motion picture screens, glass brick, glass doors, showcases, counter tops, and insulated glass panels. _____ _____
2. The glass insurance policy covers not only the glass itself but also its lettering and ornamentation if these are specifically insured and the costs of temporary plates or boarding up when necessary. _____ _____
3. After the glass has been replaced full coverage is continued without any additional premium for the period covered. _____ _____

Liability Insurance

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1. You can buy rental insurance that will pay your rent if the property you lease becomes unusable because of fire or other insured perils but your lease calls for continued payments. _____ _____
2. If you own property and lease it to others you can insure against loss if the lease is canceled because of fire and you have to rent the property again at a reduced rental. _____ _____

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This article is reprinted by permission of the SBA and The Travelers, Hartford, Connecticut.
For more information on SBA programs go to www.sba.gov


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