To a business owner, their business is everything. A loss can be devastating for not only the owner but also for their family and employees. For any business that wants to continue in business after an unexpected loss, there are some essential Commercial Insurance types that are must-haves. Here is your quick list.
1. Property
Your building and all your contents on your premises can be covered. Usually, coverage is done on a replacement basis(like kind and quality. Stock for sale is treated a little differently but will be included. Mobile Equipment can be specifically added.
2. Earthquake, Flood, and Sewer Backup
Extensions for disastrous events can be added, as the main policy excludes these events.
3. Machinery Breakdown
also know as Boiler & Machinery coverage, any system in operation from production machinery to elevators to phone or heating systems need this coverage for losses occurring while in use.
4. Business Interruption
For any covered direct loss to insured property, this coverage will pay for ongoing bills, employee salaries, and other continuing costs, until the business is re-opened, or returns to previous profitability. While repairs are guaranteed, this monetary assistance is important, or a business may never reopen. Extra Expense to operate at another location is another option.
5. Crime and Cyber Crime policies
As money or computer data is not covered by the main policy, do not disregard this add-on. Crime policies cover lost cash, and cash equivalencies, inside and outside the premises, including losses from both strangers and employees. Cyber coverage for your online presence includes ransoms and costs of notifications for data breaches and options for credit monitoring for your customers.
6. Property in Transit
everything from Parcel Post to your stock being shipped to and from your location can be added to your policy. And if your business is transporting goods of others, your responsibility for their goods is covered, whether local or international.
7. Liability
Things do go wrong, and a third party will look to recover if you were responsible for something you or your employees did or failed to do or prevent. If you are a professional in any area, Professional Liability can provide you with additional coverage. Clarify all your business activities with your agent, so that your coverage is appropriate.
These Business Insurance coverages have exclusions and conditions, so many smaller riders or endorsements can fine-tune your policy for your specific business. Each type of coverage listed above has different options, which can help you custom design your policy package. Some businesses may be a little different from others, and we recommend a review by an AMC licensed insurance agent in order to determine what is right for you, and your risk tolerance. AMC has policies from several of the top Insurance Companies available to customize your Commercial Insurance policy. Call for a review today.
