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Business Insurance: What to Purchase?

When most business owners think about business insurance, they generally consider protection against hazards such as fire, flood or theft at their company sites as adequate.

Of course, these types of protections are important to have. Yet, there are other types of hazards that may not be quite as high on the list, but protection could be every bit as important to offset significant financial losses. Here are three examples that underscore the need for business owners to consider a more comprehensive business insurance policy:

Company vehicle contents: If you operate a business with employees on the road making service calls to customers, chances are there is valuable equipment contained in the company vehicles.

But a typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment was lost or stolen.

Tenant property improvement insurance: Do you rent space to conduct your business? Have you built out the interior of your space or made improvements to accommodate your business needs?

If so, you probably made a considerable investment in the improvements. But many property insurance policies don’t include the value of the improvements made by a tenant to the existing structure. If you’ve invested in improvements, it’s worth taking a look at securing coverage to protect it.

Home-based business equipment: More and more people are working at home at least part of the time, even if they maintain an office or site elsewhere. Most don’t have insurance on the business equipment they keep at home; many assume their homeowner’s insurance would cover it.

However, homeowner’s insurance generally does not cover business equipment. If you have expensive business equipment at home, you may want to consider purchasing additional protection.

As you can see, there are many hazards businesses face that aren’t covered under a typical insurance policy. However, you can get extra protection with the types of coverage outlined here.

Since you invest so much time, money and effort into your business, it pays to make sure you have the protection you need. Give us a call at 860-589-3434 so we can help you review your business insurance policy today!