You already have business insurance, but have you overlooked a situation that could jeopardize your business? We offer a list of the most overlooked types of business insurance, as well as a brief explanation of each type.
- Working Methods Liability Insurance (EPLI) : This insurance protects against claims made against your business by an employee, such as wrongful termination, harassment, discrimination and others. These applications are expensive to defend when submitted and often lead to a solution or judgment that your company may not be able to afford. With this insurance it is covered.
- Car insurance: Your company-owned vehicles can be covered by commercial car insurance, but if an employee uses his own vehicle for business activities and ends up in an accident, your company can be held liable.
- Flood insurance: Your company property insurance does not protect against floods in any case. You need to purchase a separate (usually very affordable) policy to protect against this risk. Floods can occur anywhere, especially in changing weather conditions, and flooding your facility can be a financial disaster.
- Insurance cancellation insurance: Your business can be protected against various dangers by your property insurance, but when you are closed due to a disaster, you need protection. Business interruption insurance protects against many risks that are not covered by standard corporate insurance.
- Eventual Business Interruption Insurance: Several issues can affect your company's ability to produce your products. These include a supplier who does not supply a necessary component. Any business interruption coverage protects against the risk of partial or total losses in connection with the delivery of third-party components that led to revenue losses.
- Professional Liability Insurance: This type of insurance protects against claims against your company for negligence, copyright issues, personal injury and other lawsuits. Errors and accidents occur, even in the best-run companies.
- Liability Umbrella Insurance: These insurances have been introduced to provide coverage beyond the limits of your business insurance, which can be critical in serious cases of damages or deaths.
- Insurance liability for business management: A business owner may risk becoming a target for a claim or lawsuit. Various types of insurance are available to protect against damages, including directors 'and executives' insurance, management liability insurance or insurance for exceptional circumstances such as kidnapping, redemption claims and extortion.
Which business insurance is right for you?
If you are concerned about the risk of financial loss and are unsure if you have sufficient liability insurance, we encourage you to meet with one of our qualified agents to discuss your situation and advise you on the insurance you need to keep your business secure and thriving.