is your business fully insured?

Is your Business Fully Insured? Top 4 Additional Coverages to Add

A commercial business owner’s policy is a great starting point to insure your risks for many businesses. It can help you insure business property, including real estate, supplies, inventory, and equipment. However, many businesses need some additional coverage. Here are four additional coverages to consider adding to your commercial insurance policy:


Commercial Auto Insurance

If your business owns a vehicle or if you use your car for business uses like making deliveries, it’s time to talk to your advisor. A personal auto insurance policy doesn’t cover most business-related uses, and a mishap can put your business at risk. In some cases, your personal assets could also be at risk. A commercial auto policy addresses this coverage gap, although a rider that adds more coverage to your personal policy could also solve some situations.


Professional Liability Insurance

Also known as errors and omissions coverage (E&O), professional liability insurance now covers more industries. What started as coverage for accountants, insurance agents, and other advisors has become a way to protect professionals in several industries. If your business gives advice, a professional liability insurance policy can help protect your business if your business’s actions or inactions cause a financial loss to someone else.


Cyber Liability Insurance

In our connected modern world, cyber risk is everywhere. Small and midsize businesses frequently become targets of cybercriminals because these businesses may not have the resources or tech-savvy to defend against attacks and breaches. A cyber liability policy can cover your legal costs if you have a violation and customers are damaged. However, your policy can also cover the costs of repairs, data restoration, and downtime.


Commercial Umbrella Insurance

Much like a personal umbrella policy, a commercial umbrella offers a way to extend your liability coverage amounts well above the amounts your business owner’s or commercial auto policies offer. Think of your commercial umbrella as excess insurance. In the event of a big claim that exceeds the policy limits for your business or commercial auto policy, your umbrella policy can cover the difference. Because umbrella coverage is only triggered for large claims, the cost per dollar of coverage is often much lower when compared to the underlying liability policies.


While there are often similarities, every business is unique. The best way to ensure your risks are covered is to review your coverage with your advisor. Make some notes on your questions or concerns. With a better understanding of your business and the potential risks you might face, your advisor can work with you to craft a customized solution.

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Sourced from Pathway