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Insuring against physical disasters

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With the frequent occurrence of natural disasters in recent years, many business owners are wondering what they can do in preparation for events in nature that, though out of their control, may cause serious damage to their work-related property. According to MainStreet.com, the solution may be a Business owner's policy.

BOPs are comprehensive insurance coverages that include property coverage, business interruption insurance and liability insurance, as well as other forms of protection, the source says. Some small business owners find this type of coverage popular because it encompasses a number of potential needs, including property damages resulting from geological hazards.

In order to determine the correct amount of coverage needed under a BOP, business owners should consider all potential risks they may face, the source recommends.

"Any business that wants to thoroughly protect themselves should conduct an exhaustive analysis of what they own, the income they generate, the liabilities they expose others to and the outside factors that can affect them," insurance agent Ken Foley told the source.

Business insurance can be important, particularly in regions that are prone to natural hazards, according to MSNBC, which described small businesses going without insurance coverage in the Katrina area as a "risky strategy".

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