Don’t skimp on these types of business insurance


Not having enough of the right kind of coverage can be devastating to a company in the event of a loss. Here are some important areas of coverage that many businesses don’t think about enough:

Liability. Check with your insurance company regularly to see if you still have enough liability coverage on your building, your vehicles and especially your workers. Things change and you could be underinsured. Don’t forget to ask about employment practices liability insurance, or EPLI,  for short. This type of liability insurance provides protection to a company during hiring, firing and discrimination claims. Businesses should check to see if their standard business liability policy includes EPLI coverage or if they must purchase it separately.

Flood or earthquake coverage. If you’re in a high-risk area for either calamity, ask about the cost of obtaining insurance coverage. These two perils are not included in most standard building policies and must be purchased separately. Without the added coverage, your insurance company will not repair or replace your building in the event of a flood or earthquake.

Umbrella coverage. Whether it’s being purchased for an individual or business, an umbrella policy gives you an extra layer of protection in the event of a costly legal action. Think of it as as added safety net. Should an individual or company file a claim against your business that exceeds the limit of your liability coverage, your umbrella policy would kick in. Umbrella policies aren’t expensive, but they can save the day.

Read more about business insurance coverage in this report by the National Federation of Independent Business.

Sharethis page