Why Does the SBA Require Hazard Insurance and how to get Hazard Insurance
The Small Business Administration is a lender and like any other lender, the SBA is trying to protect their loan’s collateral from unforeseen circumstances. Small Business Administration requires all borrowers to obtain hazard insurance. All borrowers are required to maintain coverage throughout the life of the loan. SBA want hazard insurance policy to cover at least 80% of her business assets.
What Does Hazard Insurance Cover?
As the term implies, hazard insurance will cover the property in the event of catastrophic damage or hazards. Those events may include, but are not limited to:
Civil unrest and riots
Vandalism and theft
Other Damage (eg: a tree crushing your roof)
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