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A Business Insurance Update

We don’t expect you to be experts in business insurance, but we thought it might be fun to test you on what you do know about your business insurance. Business insurance is designed to cover unexpected losses. We can offer a wide range of business insurance options, so please call our office today.

Business Insurance Quiz (answers at the end)

  1. Your deductible is the amount you are responsible for if a covered loss occurs.

True       False

  1. Flood and earthquake coverage are always part of your business property coverage.

Ture       False

  1. Cyber Insurance is protection against losses caused by hackers from businesses dealing strictly in e-commerce, but it does not exist.

True       False

  1. Business Interruption covers your lost income no matter what kind of loss closes your business.

True       False

  1. My employees are prohibited from suing me, as this would be a workers’ compensation claim.

True       False

If you added any other personal items of value you may want to review your personal property limits to make sure you are covered correctly. Craven Insurance is a family owned, locally operated independent insurance agent and broker.  As an independent insurance agent, we can provide the best possible insurance products and prices from a number of different insurance companies. We love our local Washington state communities in Whidbey Island and Lake Stevens, but we’re happy to provide coverage for you no matter where you are

Answers

  1. True-
  2. False- You need to add this coverage under a separate policy
  3. False- Cyber insurance can be purchase by all business
  4. False- Business interruption only applies to covered losses under the policy

False- Your employees have rights under federal and state laws to sue you if they feel they have been wronged.  You would need employment practices