Hopefully, you have taken advantage of a Business Owners Policy for your small business in Fredericksburg, VA, so you can save money while enjoying the feeling of security that comes with being protected. When you purchased your policy through Pete Webb Agency, though, you probably spent more time discussing what was covered, and little to no time discussing exclusions.
Exclusions Related to Nature
There are several kinds of exclusions related to nature and natural disasters. These may include damage that occurs because of fog, earthquake, and any kind of water damage or flooding, including sewer backup or hurricane. Normal wear and tear are also usually excluded, as is damage caused by rust or decay. Damage caused by insects, birds or animals is unlikely to be covered.
While you are protected from several kinds of crimes, like theft and vandalism, there are some that are normally excluded. These normally include any acts committed by you or someone who is in your employee, especially if they are acting in the course of employment. This includes acts of fraud by you or an employee.
Computer or Planning Error
If damage occurred because of poor design or planning, it may be excluded from your policy. Losses that came about because of computer error will likewise be excluded, as will errors and omissions in the computer operations of your business.
Failure to Preserve
One important exclusion common to many insurance policies is the failure to preserve your own property. In those cases, the insurance company is refusing to pay for what would essentially be your neglect.
You may not encounter all of these perils in Fredericksburg, VA, but it is important to understand what your policy does and doesn’t cover. If you have any questions about your policy, call Pete Webb Agency and we will be happy to discuss your policy with you.