Business Hazard Insurance

What is business hazard insurance?

Small business hazard insurance protects your property from damages caused by events like fire, theft, and vandalism. Most insurers call this coverage  commercial property insurance. You can get hazard insurance through a  business owners policy (BOP), which combines commercial property coverage with liability and other protections.

Progressive Commercial makes finding the right insurance simple. We offer reliable coverage and expert support so you can focus on growing your business. Get a quote today or speak with an agent to learn more.

What does small business hazard insurance cover?

Hazard insurance helps protect your small business from unexpected damage. It covers the building you rent or own along with additions, permanent fixtures, and equipment. It also provides insurance for what's inside your building, like computers, inventory, and tools.

Business hazard insurance guards against risks like theft, fire, vandalism, and certain weather events. For example, if a hailstorm harms your roof, business equipment, or furniture, insurance can help pay to repair or replace what's damaged.

Do I need business hazard insurance for my small business?

All companies that own or rent property should consider business hazard insurance to safeguard against damage. Paying out of pocket for unexpected events, like theft or vandalism, could disrupt your business if you're unable to function normally. Commercial hazard coverage can help you recover quickly and get back to work.

Do I need business hazard insurance for SBA loans?

Yes, the U.S. Small Business Administration (SBA) requires hazard insurance when getting an SBA loan. This coverage helps protect both the business's assets and the SBA's investment. In other words, it minimizes financial risk for everyone involved.

Commercial property coverage on a BOP meets the guidelines for SBA hazard insurance.

Do home-based businesses need business hazard insurance?

Home-based businesses can also benefit from hazard insurance. A homeowners policy will cover physical damage to the building if something happens, but it might not protect the equipment, inventory, and other company property you have inside. Customized commercial insurance can help fill those gaps.

What isn't covered by business hazard insurance?

Business hazard insurance has its limits. Here are some types of damage that typically aren't covered:

• Earthquakes and hurricanes: You'll probably need to add specialized coverage to your business owners policy for these types of natural disasters.
• Commercial autos: Company vehicles need their own  commercial auto insurance policy.
• Employee injuries and illnesses: Workers' compensation insurance helps with these claims. While most employers need this coverage, it's a good idea to review workers' comp rules by state to learn what's required.

Your insurance should be tailored to your specific needs. Talk to a Progressive Commercial expert or review your options with a quote to make sure you're protected with the right mix of coverages.

How much does business hazard insurance cost?

Your  commercial property insurance cost depends on your overall risk. Insurance companies will consider the following factors when determining your rate:

• Company size
• Profession
• Years in business
• Employees
• Location
• Property value

Getting hazard insurance coverage on a business owners policy can help lower your overall insurance cost since it combines key coverages in one package. See what influences your BOP price and find affordable rates. Customized protection is a quote away.

Why choose Progressive Commercial for business hazard insurance

Progressive Commercial has been insuring small businesses like yours for over 50 years. We offer flexible coverage options, competitive rates, and dedicated support. You can get a quote online in as little as 7 minutes or call us to talk with one of our knowledgeable insurance experts. Either way, we'll help you find coverage to meet SBA loan hazard insurance requirements and stay protected.