As a business owner, you never want to have any gaps in your insurance that would leave you vulnerable to claims and hefty legal costs. One insurance mistake can put your entire business at risk. Learn more about some commonly overlooked types of business insurance — and what they cover — so you’re fully protected.
General liability
Small business owners especially may forgo general liability insurance, deciding to take the risk to save money. But if a customer, for example, has a slip or fall on your property and ends up with an injury, you could wind up with a $20,000 lawsuit. When it comes to general liability, it’s better to be safe than sorry.
Cyber liability
The average cost of a cyber breach could set you back $2.235 million. Since most targets are startups and small to medium-sized businesses — because they usually don’t have the resources to combat the attacks — this is one risk you don’t want to take.
Employment practices
Employment lawsuits, such as wrongful termination, discrimination, harassment, etc., are the biggest threat to any business. Judgment costs can average to about $200,000, and employment practices liability can protect you.
Hired and non-owned auto
Hired and non-owned auto coverage should be added to your commercial auto policy to protect your business from damage and losses should an employee have an accident while driving their own vehicle while conducting business.
Flood insurance
Most commercial policies don’t cover damage to property as a result of a flood, which would necessitate commercial flood insurance for additional coverage. With commercial flood insurance, your property is covered for flooding damage to ceilings, walls, fixtures, furniture, equipment, inventory, and business property.
Business interruption
Add business interruption insurance to your existing insurance coverage to make sure you are protected in case your company is forced to cease operations for any reason. This would help to cover such costs as profits you could have made during that time period, fixed operating costs, costs from temporary relocation, training costs, employee wages during the closure, mortgage payments, and more.
Inland marine insurance
This lesser-known type of insurance often gets overlooked due to its name. If your business ships products, transports any valuables, or cares for other people’s property, you’ll need inland marine insurance. While business property insurance covers what’s on site at your company’s location, inland marine insurance covers any lost or destroyed property your company might transport by car, boat, truck, or airplane.
There are a host of variables that could make your company liable if you don’t have the right coverage. One of our insurance specialists can help you understand your insurance needs and find the best options to protect your business.
At Swarts, Manning & Associates, we provide a unique perspective on all of your commercial coverage options, and we help to determine which carrier best fits your business needs. We strive to find you the broadest coverage at the best available rate. Give us a call to get started: (833) 878-2820.
Each week, Swarts, Manning & Associates covers relevant topics for your business. Stay tuned to hear more discussions about managing your insurance and industry-specific tips.
