In business, anything can happen at anytime. Someone can get hurt. An angry employee may sue. Your database may be hacked. Not everything will be covered by your basic business insurance policy. Before you’re faced with major headaches, skyrocketing expenses, and unplanned perils, find out what kind of insurance you may need that you overlooked in the past.
COMMERCIAL AUTO INSURANCE
If you use your own vehicle for business needs, own one or more business vehicles, or allow employees to conduct business with their personal vehicle, you may need a commercial auto insurance policy. Coverage includes bodily injury, damage, liability, comprehensive, and collision coverage. You can also add on additional options for your specific business needs such as rental reimbursement or trailer interchange coverage.
CYBER SECURITY INSURANCE
Think about the amount of data you have on your customers, clients, and employees. Now imagine if your business was hacked and that information was stolen or became vulnerable. You have a big problem. With cyber security coverage, you’ll be able to take care of your legal responsibilities – investigating the breach, notifying everyone affected, and monitoring their credit for suspicious activity – without going bankrupt to do it.
EMPLOYMENT LIABILITY
No one ever wants to think an employee will sue, but it happens. Employment liability will cover you if you face accusations of discrimination, wrongful termination, harassment, or sexual harassment. The amount you’ll pay in premiums is nothing compared to court costs, attorneys fees, or even a settlement amount.
BUSINESS INCOME AND EXTRA EXPENSE
You’ve got insurance to protect the building and inventory in case of fire or other disaster. What about the loss of income you’ll have while your business is repaired? How will you pay salaries and other regular expenses? A business income and extra expense policy will help cover those expenses for a set period of time until you’re up and running again.
PROFESSIONAL LIABILITY
You – and your business – were hired to do a job, provide a service, and use your technical skill or knowledge. You’re also responsible for knowing the minimum standards within your field. Mistakes happen, and people fail. As a professional, you can be held liable if any damage is caused by that failure. Professional liability insurance covers you when that happens.
UMBRELLA LIABILITY COVERAGE
Not every situation is covered by an insurance policy. Some things are so unique they’ve never been considered before. When the craziest, strangest thing happens and it’s not covered under an existing policy, umbrella liability coverage may take over. It also helps cover the cost of the bigger than expected claims that exceed policy limits – umbrella coverage can help pay the difference.
There are so many insurance options for businesses, it can feel a little overwhelming. Consider your business now and how you want it to grow when deciding what coverage may be best for you. You can always contact us here at Charlotte Insurance – we’ll be happy to discuss the details of your business and what insurance options are available.
Don’t lose your business because you couldn’t predict a lawsuit or disaster. Purchase the right insurance coverage and rest easy knowing you’re protected when the worst happens.