When you open up a web browser and type in “business insurance,” “near me” typically auto-fills shortly after. That means it’s one of the more common searches people make when researching their options for covering their business.
Despite being such a popular search, many people don’t know what exactly is covered by business insurance. That’s understandable, though, because there are numerous add-ons you can include to ensure your company has the protection it needs, including these benefits that might surprise you.
Surprising coverage options included with some business insurance policies.
E-business breaches.
The e-commerce industry was already growing exponentially, but the COVID-19 pandemic has accelerated the mass adoption of shopping online. That’s resulted in an increasing number of businesses opening up digital stores, and while that’s convenient for consumers, it also opens you up to potential threats from hackers.
An e-business insurance policy is designed to provide protections if your company is affected. You can use it to cover revenue loss, damage to your professional reputation, and the cost of consultants to stop the attack and build in protections from future hacks.
Accidental pollution.
If your business generates any pollution as part of its daily operation, you might want to search “business insurance near me” to protect yourself. That’s because you could be held responsible for any injuries or property damage that results from the pollutants your produce.
This includes the accidental release of smoke, fumes, toxic chemicals, and waste materials that have an adverse effect on the environment. A sudden accidental pollution endorsement on your policy will ensure you have the coverage you need to cover the damages.
Product recalls.
This type of policy is intended for businesses that produce actual products rather than provide a service. If the product you create malfunctions or negatively impacts the health of the consumers, you could be on the hook for the damage it causes.
Depending on how many people are affected, this can be devastating to a business. It can even cause a company to shut down entirely. If you add a product liability insurance policy to your general business insurance, however, your insurance provider will cover the cost of recalling a defective product.
Machinery breakdowns.
Market sectors like manufacturing, production printing, laundry mats, and restaurants rely on industrial machinery to provide their goods or services. When those machines break down, it can have a significant impact on your business’s bottom line. Machinery breakdown insurance can help mitigate the damage caused by losing any equipment that is instrumental to your company’s success.
Not only does it cover the costs associated with repairing or replacing the affected machines, but it can also provide financial assistance if you have to procure temporary equipment or request express delivery or air freight to get the required replacement parts more quickly.
Don’t just search “business insurance near me.”
If you want to ensure your business has all of the necessary coverage it needs in the event of an emergency, then it’s best to reach out to a professional insurance brokerage and consulting firm like villaNOVA Insurance Partners. As a full-service insurance provider, we understand that there is no one-size-fits-all approach when it comes to protecting your business.
That’s why we always strive to learn as much about your business as possible, so we can help find the ideal policy to fit your company’s unique needs. We have partnerships with the industry’s leading insurance providers, so we can shop various plans and bundle your policies, so you’re covered no matter what happens. Learn more about the solutions that we offer, or send us a message online to schedule your initial consultation and learn how we can help you.