As a business owner, you might have insurance to cover your company’s assets and a liability policy to shield you from lawsuits, but sometimes a risk falls in between coverage scenarios. Unfortunately, many business owners only find out until later that they have unforeseen gaps in their policy and it doesn’t extend to certain situations. Below are some of the most important types entrepreneurs often forget about.
3 Types of Commonly Neglected Business Insurance
1. Cyber Liability
While big data hacks of major corporations make the news, it’s small businesses that bear the brunt of these attacks. 61% of data breaches target small businesses. Without cyber liability insurance, you might be held liable for the damages your customers suffer, which could put the survival of your business at risk.
2. Home-Based Business
If you run a business out of your home, you might assume that your homeowners insurance policy will cover your equipment and inventory if the unexpected occurs. Unfortunately, business property is specifically excluded from most homeowners policies, so you’ll need to purchase separate coverage to protect those assets.
3. Income Replacement
If a hurricane tears the roof off your building or a fire breaks out, your property insurance will usually pay for repairs. But can you afford to keep paying the bills until you’re ready to reopen? An income replacement clause in your business policy will ensure you have the resources to keep going until repairs are completed. Without it, a single disaster might affect the health of your business long-term.
No matter what industry you’re in, you can rely on the Phillip Kent Beck Agency in High Point, NC, to protect you from the unexpected. As a Nationwide® agency, they offer a broad range of business insurance plans backed by one of the nation’s leading carriers. Visit their website or call (336) 434-2111 to discuss your coverage and request a quote, and follow their Twitter for regular updates and news.