Does Your Business Have All the Insurance Coverage It Needs?

Nov 1, 2011

If you’ve only purchased general liability and property insurance for your business, you may not have all the coverage you need, according to Ryan Hanley, an insurance agent based in Albany, New York, who wrote about the topic in a recent Small Business Trends article.

“[G]eneral liability is not the only coverage crucial to the success of a small business,” Hanley wrote. “There are other, relatively well-known coverages like property and loss of income that many small business owners are quite aware of. But there are many more beyond general liability, property and loss of income that, if left out of a small business insurance program, can have a nasty effect on a business should a loss occur.”

Hanley suggested small business owners look into professional liability, workers’ compensation, hired and non-owned auto liability, employee dishonesty, electronic data processing equipment, property in-transit, employment practices liability, and cyber liability policies.

There are also specific types of insurance available to restoration shops, such as garage keepers’ insurance.

Learn more about those offerings in this article from the archives.

“Business insurance is not one-size-fits-all,” Hanley wrote. “Find your greatest needs and address those first. Then work your way into the additional types of coverage necessary for future growth.”

To read the complete Small Business Trends article, click here.