Whether you’re a “solopreneur” or lead a team of hundreds, your company needs protection from the risks of business ownership.
If you can’t operate your business because your property or equipment is damaged, we’ll help cover your costs, up to the actual amount of lost income.
Not every business owner also owns their building. If you rent your shop and it is damaged, up to $50,000 of costs are covered.
This coverage pays your business back if you must defend against a lawsuit connected to a worker’s employment. This has a limit of $10,000.
Coverage specifically for the tools and machines you need in your business is included with the policy.
These types of business offer especially competitive rates and special enhancement endorsements.
While Hastings Mutual’s six-state region isn’t a target for hurricanes, other natural disasters are a threat. Tornadoes, fires… dangerous conditions exist in every season. You can prepare your home and family by creating an emergency plan — it includes an evacuation route if there’s a fire, a first aid kit, a supply of water, food, and medication, and more.
If you're a business owner, you’ll need another emergency plan too, this one for your office or worksite. Here’s what you can do to be ready before disaster strikes your business.
The U.S. Department of Homeland Security recommends starting with a business impact analysis, a study of the effects of a disaster on your company. If your company is shut down for a few days, how much will that cost you? What’s the price of a “business interruption?”
This can mean anything from profits you didn’t earn for the day to long-term effects like customers leaving your business permanently because your door was closed. There is insurance available: Hastings Mutual’s businessowners policy provides coverage for “business interruption.”
After determining how your business could be affected, develop a plan to prevent those losses.
You can’t always be prepared for a disaster, even if you know it’s coming. Developing a business impact analysis, gathering supplies, and having Hastings Mutual business insurance will help you be ready before tragedy strikes.
Click here to learn more about commercial policies here at Hastings Mutual.
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