Welcome to Part Two of the Winter Hazards series. In Part One we covered Winter Hazards to Your Car, and now in this second part we’ll focus on commercial business and as the owner of a company what you should be on the watch for during the winter time. New England winters are particularly challenging: from failing systems to commercial vehicles to ice on your lot, so it’s important to be properly prepared for the hazards of winter.
A frozen pipe that bursts or a heating system that calls it quits can spell disaster for your company and its ability to stay open. It’s important to prevent this with regular inspection and maintenance of your business’s systems, and to insure against the risk of damages and replacement of these systems.
Boiler and Machinery Insurance (also known as simply B&M Insurance) is a specific type of liability coverage designed to protect against the sudden and accidental breakdowns of the various machinery that keeps your company running. This include various types of systems and equipment, such as boilers, HVAC units, refrigeration systems, compressors, pumps, piping, phone, and electrical systems, many of which that are not covered under a Business Owner’s Policy (BOP). In addition most policies include initial and regular inspections of your machinery to avoid breakdowns.
Winter is the most dangerous time for cars. New England is known for its aggressive drivers: combining that with snow and ice on the road can create a lot of hazards for your business’s vehicles. From collisions to property damage to your unoccupied vehicle being hit by motorists, plows, or icy debris, if they are covered under a personal auto insurance policy, that coverage may not be enough.
When you buy personal auto insurance, you’re buying a set of assumptions and statistics about your driving habits. If the vehicle you’re insuring for is one you actually use for work, as either a company car, delivery, or service vehicle, personal insurance car insurance will not provide coverage. Commercial car insurance is designed in mind with the higher risks and different behaviors of vehicles used for commercial enterprises and must be used for commercial vehicles.
There’s always liability attached to your business, as the owner and operator you’re liable for all of those who enter your property, regardless if they are employee or customer. Winter time can make your property particularly hazardous, with ice-slick surfaces and obstructing snow.
When it comes to your grounds, you have a care-of-duty obligation to keep them clear of potential accidents for those who use your property. From sidewalks to parking lots, your exterior property is as much of a responsibility as your interior. Assuming you have a Business Owner’s Policy (BOP), it might be worth augmenting it with further coverage from an Umbrella Insurance policy. If you do not have a BOP, you are left paying out-of-pocket for any liability that occurs on your property.
Want to know more about the hazards that can affect your company? Contact the H&K Insurance Agency in Watertown, MA. Protect your company from liability and provide the right coverage to your unique location and services. To learn about more winter hazards, check back soon to learn about the winter hazards for the homeowner.