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Business Insurance coverage is available for almost every conceivable risk your business might face. Cost, amount of coverage, and policies vary among insurers. PlatinumOne Insurance can advise you on the exact types of business insurance you should consider purchasing. The right business insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner here are a few insurance products you need to consider:

Business Income or Loss of Rents

What you do with your building may determine the specific kind of insurance you need. If you own a building and have tenants you will want to consider loss of rents coverage. Typically the coverage includes reimbursement for loss of rent, or rental value, in the case of fire or other serious incident covered by insurance. Business Income coverage increases a business’s ability to survive a substantial loss. For example, if your business suffers a fire that stops all operations for three months, your business will need to continue to pay salaries, utilities, rent, and other fixed costs necessary for operations. In order for the business to become whole, the business is entitled to reimbursement for net income and operating expenses paid during the recovery period.

Data Breach or Cyber Liability

If your business stores sensitive or non-public information about employees or clients on your computers, servers, or in paper files, you are responsible for protecting that information.  If a breach occurs either electronically or from a paper file, a data breach policy will provide protection against the loss.

Umbrella

Standard business liability coverage will take care of you in most situations, but when serious situations arise, commercial umbrella insurance will help ensure that your business is protected. Examples of the need for umbrella coverage:

  • You have a serious fire and are involved in multiple lawsuits that exhaust your primary limits.
  • Your delivery truck is involved in an accident with multiple deaths or injuries.

Contact PlatinumOne Insurance for more information.

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