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Does Business Insurance Protect Against Hazards Outside My Office?

Does Business Insurance Protect Against Hazards Outside My Office?

When business owners get insurance for their workspace or place of operation, they are often concerned about the potential incidents that may occur within that location’s walls – and usually, this is what most plans end up covering. Some business insurance plans may extend so far as to cover property within 100 feet of your company or incidents involving a shared company car, but what happens if someone trips and falls in your parking lot? What if outdoor furniture belonging to your company gets stolen?

Not every business will require additional outdoor insurance, but if your company has an outdoor space then you need to consider all of the possibilities when it comes to making sure that your business owner’s policy covers common outdoor hazards as well.

Typically, general outdoor related hazards such as a damaging storm is often covered by your business owner’s insurance, or BOP. This is often because this damage extends to the physical structure of the company so it would cover issues such as a fallen tree on your roof or broken windows etc. But what how far does your BOP extend, exactly?

Not every business is going to need additional coverage, but in order to know whether your company needs to enact supplemental insurance protection, it helps to refer to a checklist and to always be sure to ask your insurance agent any questions.

When it comes to potential outdoor situations that may need additional coverage, there are some conditions that you may want to consider as a business owner before looking into add-on coverage:

  • Do you have any outdoor signs that are not attached to your main building?
  • Does your business have any outdoor fences, antennae or satellite dishes?
  • Does your company regularly carry its own equipment offsite?
  • Do you have extensive landscaping at your company location?
  • Does your business regularly utilize outdoor tables, chairs, heaters, lights, and other outdoor fixtures?

In order to cover some of these additional company features, you may need to consider policies for outdoor signage, mechanical breakdown, outdoor property, property-in-transit and off-premises insurance policies.

If you want to be absolutely certain that your BOP covers the costs of any hazards or potential incidents completely, you will need to look at your company, how you operate your business, what your place of operations looks like and what kind of property you have. If you are still unsure, it is always best to ask questions first instead of waiting around for an accident to happen only to find that you are not sufficiently covered.

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