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Electronic Merchant Systems Helps Businesses Understand What Is Small Business Hazard Insurance

May 09, 2022
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Cleveland, Ohio -

Cleveland, Ohio-based Electronic Merchant Systems (EMS) has recently published a blog post that presents everything that businesspeople will need to know about hazard insurance for small business. This blog article is part of their commitment to helping small business succeed and explains that business hazard insurance is less concerned with personal bodily injury but mainly focuses on covering the building that is owned or being rented by the business. It also covers any equipment that is being used to run the company. The blog post can be accessed at

A spokesperson for EMS says, “Hazard insurance for small business will offer financial protection for your business, its commercial buildings, and other physical assets from natural disasters like severe storms, fires, and other intensive weather events. Many businesses use hazard insurance interchangeably with catastrophe insurance, but they are two different policies. How do they differ? Hazard insurance refers to natural disasters, such as storms, floods, and tornadoes. On the other hand, catastrophe insurance includes human-related disasters, such as explosions and riots.”


It is important to note that the hazard insurance component of a commercial property insurance typically includes coverage for property damage due to: theft; lightning; fire damage; explosions; snow, sleet, or ice; hail; wind damage; and power surges. The dangers of earthquakes, flooding, nuclear attacks, acts of terror, or damage from war may often be excluded and need another coverage option and different business insurance policies. Businesses located in areas that are prone to natural disasters will want to consider a separate hazard insurance policy for the business property from their insurance providers.

Hazard insurance for a business is not just important because of the protection provided but also because having the appropriate hazard insurance can also help a business in securing some financing arrangements. And additional coverage can provide the business owners with peace of mind that will allow them to focus on running their business and help it grow.

With regards to the amount of hazard insurance needed, this will vary depending on the property and the value of the items. The actual cash value of an item is typically lower than its replacement cost because assets depreciate over time. This means that actual cash value coverage is frequently less costly compared to replacement value coverage.

The Small Business Administration (SBA), when granting a financing arrangement for a business, requires hazard insurance. This includes those financing deals to cover economic injury disaster as a result of COVID-19 or other similar circumstances. It is possible that the needed coverage may already be present in the business property insurance policy, and those who are unsure can check with their insurance company. Location-related add-on flood insurance coverage may be required by SBA within 12 months of the approval of the financing arrangement.

SBA mandates certain kinds of business insurance coverage in order to protect the business owners and their business. It will also mitigate the risk exposure of the company providing the funding. Having such insurance coverage will also lower the interest rates.

Started in 1988, Electronic Merchant Systems is a national payment processor and merchant services company with more than 30 years of experience in the payment industry. They have played an important role in helping local businesses grow by enabling them to accept card payments, such as all credit cards, electronic check services, major debit cards, electronic bank transfers, and stored-value cards. They also offer 24/7 customer support whenever it is required and they have already provided assistance to tens of thousands of Internet, start-up, and retail businesses all over the country. Approximately 95 percent of EMS customers have already benefited from the significant savings from a rate review. EMS has 11 regional sales offices in various locations in the US and more than 100 cities have got an EMS presence.

Those who are interested in knowing more about small business hazard insurance can visit the Electronic Merchant Systems website, or contact them through the telephone or via email.

SOURCE: Press Advantage [Link]

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About Electronic Merchant Systems:

Established in 1988, Electronic Merchant Systems has grown to become a leading provider of payment processing & merchant services. Electronic Merchant Systems’ mission is to be the industry leader in merchant services and payment processing solutions.

Contact Electronic Merchant Systems:

250 W Huron Rd #400
Cleveland, OH 44113
(800) 726-2117

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