Besides property and casualty insurance, are there any other types of business insurance?
We often discuss the basics of business insurance which includes general liability, property insurance and worker’s compensation insurance. Just like there are numerous types of businesses and industries, there are numerous types of insurance coverage available beyond the basics. As a business owner, you should consider whether your business may need to consider any other types of coverage which may not be included in your basic business insurance policies. Here is an alphabetical listing of some other types of coverage:
- 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 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 is 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; and
- Professional liability insurance should be considered if you recommend and advise or offer a service such as accounting or law.
In addition to the list above, there are many types of coverage options available. Check with 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.