Business Insurance

Marcus Holloway watched fire destroy a $480,000 residential addition mid-build. His CGL paid nothing toward the rebuild. Builder's risk would have.

Wei filed a $200,000 fire claim on his restaurant building. The check came back for $147,000. The shortfall was the coinsurance penalty buried on page nine.

Most small business owners buy a BOP and assume they're covered. They're not - and the claims that actually destroy small businesses fall into the exact gaps a BOP leaves open.

When a longtime bookkeeper drains $47,000 from your business account, your BOP isn't going to write that check. Here's the policy that does.

Marcus finished the bathroom renovation and moved on to the next job. Eight months later, a $38,000 water damage claim landed in his lap - and his GL policy didn't cover it. Here's the coverage gap that follows contractors long after they leave a job site.

Marcus had 11 employees, a landscaping business, and zero insurance coverage when his former assistant manager filed a discrimination claim. Most small business owners don't know their general liability policy explicitly excludes every employment lawsuit they're likely to face.

Marcus's $1 million General Liability policy settled at its cap, and the plaintiff then filed against him personally for the remaining $847,000. A commercial umbrella policy would have cost $600 a year.

A Denver IT firm delivered a buggy platform, got sued for $340,000, and their General Liability insurer declined the claim entirely. GL doesn't cover professional errors, and most service businesses don't know that until it's too late.

A Cleveland deli owner's first settlement offer was $9,800. His documented loss was $42,600. The gap was a three-day paper trail almost no small business owner builds.

A Denver HVAC contractor lost $14,800 in tools to a single break-in, and his commercial auto insurer paid for the door and nothing else. Here is the coverage he should have had.