These Business Insurance Coverages Are Often Overlooked
Posted on: December 16, 2015 by Signature Insurance Group
Earlier this year we talked about some of the basic types of coverage that every business owner should carry. Here are some other types of OC Insurance coverages that should not be overlooked when it comes to protecting your business.
Cyber Liability Insurance- This type of coverage is designed to help protect your business from a variety of losses including liability and property losses as a result of data security breaches. Your Cyber Liability policy will help to absorb many of the expenses associated with a data breach including the cost of notifying clients, credit monitoring, claims defense costs, and any fines and penalties that may accrue.
Commercial Auto Insurance- Many businesses have vehicles that are used for business purposes. Similar to your personal auto insurance plan, a commercial auto insurance plan offers protection while driving a work vehicle. A solid commercial auto insurance plan will include: bodily injury liability, medical, uninsured or underinsured motorist, collision and comprehensive coverage
Liability Umbrella Insurance- Umbrella insurance can expand the limits that are set by your existing liability insurance. It will also provide coverage for risks that your policy will not cover. In other words, your Umbrella policy picks up where your general liability coverage stops. For example, if you are covered to drive your company vehicle only in the city the office is located, but you have to make a house call to the next city over, your umbrella plan will keep you covered.
Business Interruption- While property insurance covers any physical damage due to a disaster such as fire or flood, this coverage helps to cover the income losses suffered when business is interrupted after a disaster. It is designed to help your business get back to the same financial standing that it would have been had it not suffered a loss.
Management Liability- Covering exposures faced by management professionals, this form of insurance is great to have to protect you as a business owner from any harm that may come to you because you are the business owner. This includes: Directors ad Officers (D&O) Insurance, Employment Practices Liability (EPL) Insurance, Fiduciary Liability Insurance and even ‘Special Crime’ Insurance which covers the cost of kidnap, ransom and extortion exposure. These can be written as stand alone plans of lumped into a package policy.
At Signature Insurance Group we understand the risks involved with owning and operating a business. Call us today at 855.972.9437 or more information on which of our OC Insurance policies is best for you.
Posted in: Business Insurance