More Insurances You Want to Consider

We have gone over some of the important coverages a small businessperson might overlook, and which could make the difference as to whether a business survives a loss or can continue to run.

Let’s look at a few more you might want to discuss with your licensed insurance professional so the two of you can weigh the risks and benefits of them.

Glass Insurance
Glass insurance is a policy, usually in the form of a rider, that will pay for plate glass storefronts and broken store windows which may be excluded in other policies.

Ordinance or Law Insurance
This type of insurance, covers losses when a replacement of your building may not satisfy town or city regulations which may have been enacted after your building was established or if your property is grandfathered. This comes into play when, for example, your building is 100 years old and was built before today’s environmental standards were even thought of.

Crime Insurance
Crime insurance is the type of insurance which is meant to cover losses which are incurred by robbery, burglary, and other types of theft of money, property and/or securities whether that theft is committed by outsiders or by your employees.

Fidelity Bonds
A fidelity bond is a type of insurance protection which indemnifies against theft or damage to property by another person during work hours. Fidelity bonds are frequently address the losses of your employees and their losses.

Again, you will want to ask your licensed insurance professional to tell you about any other coverages of which you might want to avail yourself.

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Optional Coverages

Every business should consider optional coverage depending on their need.

We often discuss the basic insurance needs of any business. Liability insurance, property insurance and workers compensation insurance fall into this category. In addition, there are coverage options within the general liability and property insurance, or separate insurance which may need to be considered. In this article, we’ll begin to explore the options which should be explored by business owners.

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

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

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

Flood and disaster insurance is not generally covered.  As your agent for the specific coverage in your existing policy.

Debris removal is generally not covered in business property insurance.

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

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

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

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

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

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

Obviously, there are numerous coverage options and endorsements. Work with your licensed insurance professional in determining what makes sense in design your business insurance package.  Remember to review your coverage at least annually, and inform your insurance agent or broker of changes with your business. This includes employees, new types of products or services and how your project your business to evolve.

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