Business Insurance Basics

Besides basic business insurance, what other coverage should I consider for my business?

Often, we discuss basic insurance needs for businesses.  These types of insurance include general liability insurance, property insurance, and workers compensation insurance. However, there are a variety of coverage options either available through a rider, or a separate insurance policy which a business owner may wish to consider for their specific business and needs.

Here are some available options in alphabetical order and not in order of any importance.

Business interruption insurance will provide income to cover costs if the business in closed or unable to operate for a period of time.

Crime insurance will protect against burglary, theft, and robbery from outside parties and employees.

Commercial umbrella policy will kick in if cover limits are exceeded for further protection of business assets.

Debris removal is generally not covered in business property insurance.

Directors and Officers Liability Insurance is for protecting the officers and directors from lawsuits.

Disaster insurance such as flood insurance which generally isn’t covered in the property insurance policy.

Employment practices insurance deals with hiring and employment issues such as wrongful termination, sexual or other discrimination, privacy issue and more.

Equipment breakdown insurance will protect from losses suffered if machinery or equipment vital to the business breaks.

Glass insurance for protection against broken store and plate glass windows repair and replacement.

Kidnap and Ransom insurance is designed to protect individual and companies working around the globe

Professional liability insurance should be considered if you recommend and advise or offer a service such as accounting or law.

There are many types of coverage options available. Ask your licensed insurance professional about options that may fit with your specific business and location. The department of insurance in your state can be a very good resource as well.

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