 Your business insurance covers your day-to-day operations, but it may not include all of your activities. For instance, if you run a website, have your employees use their cars, own a fleet of company cars, or ship product overseas, or across the country, you may not be covered under your current policies. Here are some types of insurance policies that protect in cases where standard business liability and property insurances may not protect you adequately:
Business Insurance goes high-tech with Cyber Insurance If you are like most companies, you have a website, and it is an integral part of your marketing plan. If you have any place on your site that asks people to submit their information you are vulnerable to being hacked. The potential loss caused by hacking is staggering. Furthermore, there are laws that you must stay in compliance with if you are going to ask people for even something as simple as an email address. Cyber insurance covers you for losses caused by a security breach, any subsequent lawsuits, fines, and also pays for the action needed to recover data and increase security on your site. Professional Liability Insurance Professional liability insurance covers you from lawsuits by people who are dissatisfied with your product or service. This policy is especially helpful for people who provide personal services, such as photographers, dry cleaners, or any business where somebody can claim you didn't meet the minimum levels of professional satisfaction. Contingent Business Insurance If you rely on other companies for parts or services, and they fail to deliver, contingent business insurance covers you for losses you incur from their failure. This also covers you if your business is forced to close because a neighboring company suffered from a broken pipe, fire, or other mishap and it forced you to close down. Employee Non-Owned Auto Insurance Employees often do tasks for their companies using their personal vehicles. If you instruct somebody to run an errand or if they decide to do it on their own to handle a task in their car, and there is an accident, you could be partially liable for any damages. Commercial auto insurance policies cover the vehicle, but they do not include the person driving the car. Hopefully, your employee will have personal car insurance, but if they were working for you during the accident, be could file a claim against your company. Employee non-owned auto insurance covers you and your business for damages in cases like this. Inland Marine Insurance The name of this insurance may make you think it is business insurance for companies in the maritime shipping industry, but it is not. This insurance covers your product if it is damaged or lost while in-transit from one location to another. This includes shipping done by trains, trucks, ships, or plane. Your business insurance only covers your property within 500 feet of your business. This insurance covers it after it leaves your property and en route to the customer. At Culture Insurance Services, we work with companies from a variety of industries. We examine your business and see where you will most likely need to add additional insurance to make sure you are fully covered. We invite you to contact us for a full review of your current insurance coverage so you can see where you are strongest, and where you may need additional coverage. |