Is Your Commercial Insurance Right For You?
Recently, Forbes ran an article about the top 10 risks businesses face. The article focused on some of the risks that are hard or impossible to insure through “standard” business or commercial policies. Business insurance is designed to cover unforeseen accidents to third parties, per the terms of the insurance policy. There are many risks that may keep a business owner or manager up at night, and we thought we might share our list with you.
1. Business interruption. We recommend business interruption insurance if your business is closed due to a covered loss. This coverage can be a lifesaver for your business. Knowing you have a revenue stream during a period of recovery can help you sleep at night.
2. Employment Liability. Now more than ever, employees know their rights. The State and Federal Governments are also creating new laws to protect employee’s rights. This increases the risk of being sued for many different reasons including civil rights, discrimination, and even lawsuits from illegal workers. Employment Practices Liability insurance addresses many concerns business owners may have regarding their employment liability.
3. Regulatory Risk. Over the past 10 years, the government has become more involved in regulating your business. Since the financial crisis in 2008, governments have stepped up their regulatory functions in setting and determining policies for businesses.
4. Natural Disasters. No one can predict the weather, especially in our part of the country. Weather-related losses are growing at a fast pace. Commercial insurance covers most weather-related damage. However, earthquake, flooding, and hurricane losses are excluded from most policies.