1- If you have your policy or certificate of insurance handy make sure you can locate business personal property (BPP) on it.
2- If you can’t find BPP on your insurance documents and you know for a fact you only have general liability (GL) you will need to contact your insurance agent/broker.
Since beginning of this Pandemic we have been asked this question many times;
“What would I do? My EIDL loan has been disbursed or its going to be disbursed but SBA is asking for proof of Hazard insurance.”
Well depending on type of business and industry some of our existing clients already had their business owner policy (BOP) with us. BOP’s may not have the liability coverage but for sure they offer protection for your Business Personal Property (BPP).
What SBA really cares about is the coverage for your business content such as computers , electronics, equipments, etc … . The most common misconception especially for one-person-operation businesses is that the business owner assumes his/her current stand alone general liability (GL) that is in force for the business would satisfy this required condition.