There are many hazards businesses face that aren’t covered under a typical insurance policy. However, you can offset significant financial losses by securing extra protection through comprehensive business insurance. Consider the following business insurance coverages:
Company vehicle contents: Do you operate a business with employees on the road making service calls to customers? Chances are there is valuable equipment contained in the company vehicles. A typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment is lost or stolen.
Tenant property improvement insurance: Do you rent space to conduct your business? Have you made interior improvements to accommodate your business needs? Many property insurance policies don’t include the value of the improvements made by a tenant to the existing structure. If you’ve invested in improvements, it’s worth considering the coverage to protect your investment.
Home-based business equipment: An increasing number of people are working from home at least part time, even if they maintain an office or site elsewhere. Homeowner’s insurance generally does not cover business equipment. If you have expensive business equipment at home, you may want to consider purchasing additional protection.
Key person insurance: In many companies, the knowledge and skills of a single person or a top few are absolutely essential to the enterprise’s success. Key person insurance can help a company recover if an essential employee dies or becomes disabled for a lengthy time. The coverage can provide needed funds that allow the company to continue operating during a search for a successor or until the key employee returns.
Business interruption insurance: Remember the series of hurricanes that hit Florida? The wild fires that damaged cities and towns in California? The flooding that disrupted life in the Midwest? These types of disasters can bring businesses to a standstill for weeks or even months. Business interruption insurance can provide a way to get back on your feet.