Business owners, ask yourself these four questions.
Business can be unpredictable even at the best of times. Yet, your insurance coverage shouldn’t be. Far too often business owners find themselves in the position of learning that an event they assumed would be covered is not. The best way to be informed is to ask the right questions when selecting coverage – and with every policy renewal! Here are a few questions you should ask about your insurance coverage.
Do I have the right coverage for my industry?
Every industry is different, so it pays to be sure you have the right coverage for yours. A restaurant owner requires far different insurance than the owner of an autobody shop. Your insurance agent should be familiar with your industry-specific needs and be able to advise you on what coverage you need.
Do I have any gaps in coverage?
It’s important to note that no one is every fully covered against every single possible event and claim. However, you can be protected from the most common and most expensive. As a business owner, you should consider what you would do if a catastrophe were to occur. Are your limits high enough? Do you have sizeable gaps in coverage? Work with your insurer to make sure you understand your coverage limitations and exclusions.
What other types of business insurance should I know about?
Although you may have the standard policies in place, you should always consider adding on coverage that would help your business. For example, business interruption insurance is coverage that every business can benefit from but it is often overlooked. It helps your business when it is forced to close temporarily due to a covered peril. You should also consider cyber insurance, which helps to cover the costs related to recovery from digital hacking. Since most businesses operate online, this coverage is essential.