Does your business have risks that are not covered by your business owners and commercial auto policies? It can be hard to know which policies your business might need. You may want to consider one of the following policies to improve your coverage and ensure your business does not suffer financial loss due to one of these risks.
An umbrella policy can add significant coverage to both your business owners liability insurance and your commercial auto policies and should be one that businesses of any size should consider. Umbrella policies raise the coverage limits of both policies and often are required when working as a contractor for another company. This policy usually cannot be purchased on its own, and it often does not cover professional liability risks, which usually requires a separate policy.
If your business is in a designated flood zone, your insurance provider should notify you about this risk when you seek a business owner’s policy, such as from a business insurance Newark DE company. Your mortgage lender may even require flood insurance if the location warrants it. Flood insurance is an additional policy to a business policy, but if you are in a flood zone, your business might suffer significant damage from even a small amount of water.
An earthquake policy is another coverage that you may want to consider if you live in an earthquake-prone area. Like flood insurance, this coverage is separate from your business owner’s insurance, but most earthquake policies also cover damages from mudslides, sinkholes and man-made tremors such as from construction or fracking.
Protecting your business is an enormous responsibility. Whether you need a basic policy or need additional coverage for a localized risk, you should contact your insurance agent to make sure your business is covered when an emergency strikes.