When you own a business, you want it (and you!) to be as protected as possible. Purchasing property insurance, liability insurance, and workers’ compensation coverage is an excellent start, but the reality is that it may not be enough. As you’re considering how best to protect your new or established business, consider policies that go beyond the basics. You may find a type of coverage that you didn’t even realize you needed.
Employment Practices Liability Insurance
If you own a small business that has employees, it is a good idea to have employment practices liability insurance. This coverage protects you and your company in the event that an employee files a claim against you for wrongful termination, discrimination, breach of contract, sexual harassment, negligent evaluation, or mismanagement of employee benefits. Hopefully, this is never an issue you’ll deal with, but having the coverage means you’re better safe than sorry.
Casualty Insurance
Companies like Novatae Risk Group provide businesses with casualty insurance. This type of coverage can range from common, such as auto liability insurance, to lesser-known policies you may not realize you need, like foreign liability or product recall coverage. Other situations that are usually under the umbrella of casualty coverage include liquor liability, political risks, special events, and railroad liability. While many types of industries may benefit from these types of policies, they are most common in areas such as cannabis, entertainment, healthcare, media, and nonprofits.
Business Interruption Insurance
Unfortunately, would be business insurance need to close unexpectedly sometimes due to unforeseen circumstances. If you have business interruption insurance, you may receive compensation for money lost due to closed doors or damaged merchandise. It may also help you with situations such as temporarily moving to a new location. A business interruption policy usually covers situations such as fires, lightning strikes, falling objects, and theft.
