Getting Commercial Insurance? Key Coverages To Add To Your Policy
Carrying current business insurance is essential to the lifeblood of your company. Risks come in many shapes and forms so it helps to know that if the unexpected occurs you have the backing to assist with the fallout.
Basic business insurance traditionally consists of liability coverage in case your organization is accused of being negligent in some way, along with property protection to take care of damage to the actual structure where you conduct your affairs. However, there are other coverages that go over and above the aforementioned ones that you may be able to benefit from as well. If you don't have the following types of insurance listed in your policy keep reading to see why you might want to add them on immediately.
Income Protection Is A Must
If you are a full-time business owner whose sole livelihood is derived from the profits your company generates, it is absolutely vital for you to invest in business income protection. This particular form of insurance is there to provide supplemental income in case your facilities are damaged by a covered peril and you can no longer operate in the manner that you normally do. The importance of this coverage cannot be overstated because the smallest emergency could mean that you are unable to service your customers. If the issue persists for an extended period of time you could fall severely behind with overhead bills and revenue, so much so that you end up in the red.
Having business income protection gives you a bit of a cushion to rely on in moments of distress. You'll have time to get the building repaired and habitable again and receive the money you need to stay afloat.
Umbrella Insurance Adds An Extra Layer Of Protection
Umbrella coverage is great because it pads on an additional amount of money that exceeds the limits you currently carry on your main commercial insurance policy. An example of this would be if your company was sued by an individual who fell on the premises. If the suit is for half a million dollars and you only have one hundred thousand dollars in liability coverage, you could be on the hook for the remainder if the other party is successful. However, if you have umbrella coverage that is worth one million dollars this would provide you with more than enough to cover the balance.
Protecting your business is protecting yourself. Add these vital coverages to your policy as soon as you can.
Reach out to a business insurance provider to learn more