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9 Types of Commercial Insurance Coverage that you may not know Exist.

1. Cyber Crime Insurance:

As of late, companies all over the United States have been experiencing data breaches. Although the big businesses have been all over the news, it’s the smaller guys being most impacted. Smaller companies have less security but still hold large amounts of sensitive customer information making them a hacker’s gold mine. One data breach comes with a hefty bill big enough to bankrupt a small business. Cyber crime insurance takes the burden off and covers most of those expenses for you.

2. Employee Dishonesty Insurance:

The harsh reality is that some people steal. The harsher reality is that sometimes those people are in positions where great responsibility has been entrusted to them. According to the Association of Certified Fraud Examiners, U.S. organizations lose an estimated six percent of their annual revenues to occupational fraud and abuse. Employee dishonesty is insurance that covers the company from money, property and other items taken by an employee.

3. Directors & Officers (D&O) Coverage:

Directors and Officers Liability insurance provides coverage for the Directors and Officers of a business or organization for claims made against them while they are serving their position. This is complex coverage, so we strongly advise calling us or partnering with your agent for more information.

4. Event Coverage:

Whether big or small, events have a huge possibility for the unexpected. You could work months planning everything down to the very last detail and something could still get in the way. Event coverage is great in that it steps in for things like cancellation/postponement and coverage for guests in the event that someone is injured.

5. Needlestick Coverage:

Needlestick coverage is a special option for medical offices that provides coverage for doctors, nurses and other medical practitioners who use needles. This unique coverage typically covers the medical bills for testing after a practitioner is pricked with a needle on the job. Some insurance companies, like Hartford, will even pay for the patient to be tested as well (with their permission).

6. Umbrella Insurance:

Umbrella policies function exactly like an actual umbrella – They are an added layer of protection. If you file a claim and the payout is larger than the coverage limits on your policy, your umbrella insurance steps in and takes care of the rest (provided that you have enough coverage on your umbrella policy). They can be placed with homeowner’s, automobile and even business policies.

7. Railroad Protective Liability:

Railroad Protective Liability (RRP) insurance is required of contractors who perform work within 50 feet of any railroad-owned property or that affect any railroad bridge, trestle, tract, roadbed, tunnel, underpass or crossing. –Travelers Insurance Company

8. Business Income Endorsement:

Anything can happen when you’re a business owner but that doesn’t mean that your bills and other obligations stop rolling in. Business income is typically an endorsement that a business owner can add to their company’s policy that will provide reimbursement to the business owner if company operations are forced to cease as a result of a covered loss. It’s important to give us a call or meet with your agent to add this endorsement, as it may not already be a part of your policy.

9. Food Contamination &/or Food Spoilage:

Small eateries, delis, restaurants and other food-related establishments cannot afford to have snow days and other forced closings because they result in large amounts of food contamination and spoilage. A small business has the potential to lose thousands of dollars when that takes place, which can be crippling. That’s why food contamination &/or food spoilage is so important. It assists the business owner in getting back on their feet after a loss.

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