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Seven Often Overlooked Business Insurance Policies

January 8, 2025

Group of people meeting about Business Insurance policy

Seven Often Overlooked Business Insurance Policies

Running a business comes with risks, and the right insurance can keep your company financially secure when the unexpected happens. While many business owners are familiar with basic insurance like general liability, there are other crucial coverages that often get overlooked. These policies can provide significant protection and peace of mind. Here are seven to consider for your business:

1. Cyber Insurance

As cyberattacks become more frequent and costlier, cyber insurance is a must for businesses of any size. Coverage usually includes two types:

  • First-party: Covers your direct losses, like recovering data or restoring systems after a cyberattack.
  • Third-party: Protects you from claims made by others affected by the attack, such as customers or partners.

2.  Employment Practices Liability Insurance (EPLI)

EPLI shields businesses from legal claims related to employment issues, such as wrongful termination, failure to promote, discrimination, harassment and retaliation. It can be purchased as a stand-alone policy or bundled with other management liability coverages.

3.  Inland Marine Insurance

This insurance covers valuable, moveable property. Whether it’s contractor equipment, artwork, tools, or items in transit, inland marine insurance protects specialized assets that aren’t always covered by traditional property policies.

4.  Business Income Coverage

If damage to your property causes your business to slow down or stop altogether, business income coverage helps replace lost revenue. Some policies also cover extra expenses you incur while getting back on your feet, such as renting temporary space or hiring additional staff.

5.  Equipment Breakdown Insurance

Unexpected machinery or equipment failures can be costly. Equipment breakdown insurance helps cover the repair or replacement of damaged equipment and any additional property damage caused by the failure. It’s essential for businesses that rely on machinery or industrial equipment.

6.  Commercial Flood Insurance

Flooding can happen anywhere, not just in coastal areas. And standard property insurance typically doesn’t cover flood damage. A commercial flood policy protects your building and business property from the financial impact of floods.

7.  Umbrella Liability Insurance

Umbrella policies provide extra coverage once your primary policy limits are reached. In a world where lawsuits can lead to substantial payouts, having umbrella coverage ensures your business is better protected against large claims.

Ensuring your business is well-insured goes beyond just having coverage—it’s about having the best coverage for your risks. Review your policies regularly with your Robertson Ryan Insurance agent to make sure your limits, conditions and exclusions fit your needs.

For personalized guidance and to explore these often-overlooked policies, contact us today!