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What Types of Additional Coverage Does Business Insurance Usually Provide?
Author David Schneider | Nov 15,2007
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Many business owners feel adequately covered under a policy that protects property and liability. However, in order to get the most from business insurance, additional protection may be necessary. Understand what types of additional coverage a business insurance policy can provide.
Examine the size and industry of your business as guidelines for how much coverage you will need. A general Business Owners Policy (BOP) covers the property, basic liability, supplies and equipment. Some BOPs also offer business interruption insurance. However, other necessities, such as workers compensation and health insurance are purchased separately.
Cover a Key Employee With Additional Business Insurance
You may want to consider purchasing a life insurance policy to cover a key employee. A key employee has a strong hand in the survival of your business. The temporary or permanent loss of a key employee can cripple a business. The transition period may involve disruption in the flow of business and result in a loss of earnings.
Business insurance offers additional coverage for employers to protect the business in cases where the loss of a key employee can damage the business. This is much like regular life insurance, except the business owner is the beneficiary. Insurance costs are determined based on the overall health of the key employee and his or her role in running your business.
Additional Coverage for Your Business Under Professional Liability Insurance
Professional liability insurance protects the business from losses that can occur as a result of being sued. Depending on the industry, your business may be vulnerable to certain professional standards. Professional liability can lead to malpractice claims, errors and omissions. If an employee is accused of lacking the principles of his or her field, professional liability insurance helps with court costs and settlements. Home business owners may also want to consider professional liability insurance.
Commercial Auto Insurance Coverage for Your Business
Commercial auto insurance is similar to individual auto insurance. However, for businesses reliant on auto transportation, commercial auto insurance is necessary for adequate protection. If you’re thinking about commercial auto insurance, consider how often you make deliveries, transport goods and have employees conducting business in transit. Commercial auto insurance covers the driver, the vehicle, accident liability and goods while in transit.
Additional Business Insurance Coverage: Employment Practices Liability Insurance
Your workforce is protected under federal and state mandated fair employment practices. However, what about your business? Employment Practices Liability Insurance (EPLI) protects the business against fair employments lawsuits filed by an employee.
EPLI covers the businesses in cases involving wrongful termination, sexual harassment, contract violations and discrimination, among other things. The cost for EPLI varies with regard to the size of your business, number of employees and history of similar lawsuits. EPLI helps with legal fees and settlements. While EPLI provides a wide range of coverage, check with your insurance agent or broker about exclusions. Generally, you won’t receive coverage for criminal fines and punitive damages.
Additional Business Insurance: Kidnap and Ransom Coverage
Kidnap and ransom coverage is another type of additional insurance for business owners. This type of business policy helps with ransom costs, negotiation expenses and other losses incurred in the event of a kidnapping. Kidnap and ransom coverage can be purchased separately, or as an addition to a homeowners or business policy.
Purchase Additional Insurance Coverage for Your Business
Discuss additional coverage with your business insurance agent or broker. You can also shop online and compare offers to ensure you’re getting the best deal. Read all terms and conditions before agreeing to any insurance policy.
Many business owners feel adequately covered under a policy that protects property and liability. However, in order to get the most from business insurance, additional protection may be necessary. Understand what types of additional coverage a business insurance policy can provide.
Examine the size and industry of your business as guidelines for how much coverage you will need. A general Business Owners Policy (BOP) covers the property, basic liability, supplies and equipment. Some BOPs also offer business interruption insurance. However, other necessities, such as workers compensation and health insurance are purchased separately.
Cover a Key Employee With Additional Business Insurance
You may want to consider purchasing a life insurance policy to cover a key employee. A key employee has a strong hand in the survival of your business. The temporary or permanent loss of a key employee can cripple a business. The transition period may involve disruption in the flow of business and result in a loss of earnings.
Business insurance offers additional coverage for employers to protect the business in cases where the loss of a key employee can damage the business. This is much like regular life insurance, except the business owner is the beneficiary. Insurance costs are determined based on the overall health of the key employee and his or her role in running your business.
Additional Coverage for Your Business Under Professional Liability Insurance
Professional liability insurance protects the business from losses that can occur as a result of being sued. Depending on the industry, your business may be vulnerable to certain professional standards. Professional liability can lead to malpractice claims, errors and omissions. If an employee is accused of lacking the principles of his or her field, professional liability insurance helps with court costs and settlements. Home business owners may also want to consider professional liability insurance.
Commercial Auto Insurance Coverage for Your Business
Commercial auto insurance is similar to individual auto insurance. However, for businesses reliant on auto transportation, commercial auto insurance is necessary for adequate protection. If you’re thinking about commercial auto insurance, consider how often you make deliveries, transport goods and have employees conducting business in transit. Commercial auto insurance covers the driver, the vehicle, accident liability and goods while in transit.
Additional Business Insurance Coverage: Employment Practices Liability Insurance
Your workforce is protected under federal and state mandated fair employment practices. However, what about your business? Employment Practices Liability Insurance (EPLI) protects the business against fair employments lawsuits filed by an employee.
EPLI covers the businesses in cases involving wrongful termination, sexual harassment, contract violations and discrimination, among other things. The cost for EPLI varies with regard to the size of your business, number of employees and history of similar lawsuits. EPLI helps with legal fees and settlements. While EPLI provides a wide range of coverage, check with your insurance agent or broker about exclusions. Generally, you won’t receive coverage for criminal fines and punitive damages.
Additional Business Insurance: Kidnap and Ransom Coverage
Kidnap and ransom coverage is another type of additional insurance for business owners. This type of business policy helps with ransom costs, negotiation expenses and other losses incurred in the event of a kidnapping. Kidnap and ransom coverage can be purchased separately, or as an addition to a homeowners or business policy.
Purchase Additional Insurance Coverage for Your Business
Discuss additional coverage with your business insurance agent or broker. You can also shop online and compare offers to ensure you’re getting the best deal. Read all terms and conditions before agreeing to any insurance policy. |
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