What Business Insurance Is Most Overlooked?
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Frequently Overlooked Types of Business Insurance

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Business insurance is critical for keeping your company afloat should the worst-case scenario happen. Once you’ve created your business plan, obtaining business insurance should be one of the first moves you make to protect your investment. Although most business owners know to purchase a general liability policy, it’s common to accidentally overlook other types that could make the difference between losing everything and continuing to operate your company after a pitfall occurs. Double-checking to see if you might need to add these types of business insurance to your policy can help you expect a full recovery after a major financial downfall.

Umbrella Liability Insurance

This type of insurance covers potential liabilities that could cost more than what’s already covered under your general business policy. One of the most common types to add involves personal injury coverage. Your company might need this form of insurance if the operations include situations that pose a higher risk of serious personal injuries. While you’ll always want to do your best to uphold safety protocols, knowing you have additional coverage can give you peace of mind during high-risk operations.

Uninsured Motorist Coverage

Commercial auto insurance is a must-have for companies that have fleets of vehicles employees use regularly. You’ll naturally want to work with your insurance agent to make sure all the vehicles have the appropriate level of coverage, but business owners often overlook this essential add-on. Making sure your policy includes coverage for accidents that involve at-fault motorists who lack their own insurance ensures your company won’t be on the hook for potentially thousands of dollars in vehicle repairs.

Cyber Liability Insurance

This is a type of insurance that wasn’t as important in the past. If your company has been operating for decades, it’s easy to overlook the need to add newer forms of insurance coverage. Or you might underestimate just how costly a major data breach can be for even a small company. 

When you consider this type of insurance, you’ll want to ask about the various kinds of coverage. For instance, cyber extortion protection can help your company recover costs that occur due to dealing with ransomware attacks. Meanwhile, third-party coverage pertains to assisting with the legal costs that could be incurred if customers file claims against your business following a cyberattack.

Business Interruption Insurance

Many things can disrupt a company’s ability to turn a profit each day. Cyberattacks could result in significant downtime. Major power outages could also bring operations to a sudden and lengthy halt. Whether major equipment breaks down or there’s a lack of power, having this insurance can cover lost income along with funds that can keep your company going during difficult times. Keep in mind this type of insurance can also vary regarding the situations that are covered along with how much the policy pays out for claims. Working closely with your insurance agent can help you know how much of this type of insurance to purchase. 

Businesses owners need to make sure their companies and employees are protected by purchasing appropriate insurance coverage. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and auto insurance, call on the trustworthy professionals at Altra Insurance Services. Reach out to us today to learn how we can satisfy all your insurance needs.

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