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The Business Insurance Most People Forget

By Compuquotes Team on March 27th, 2008

Business Insurance

When you insure your business against loss, you probably think that you've covered all the bases. You have business liability to protect your business from injury claims arising from doing business, and property liability to cover any injuries that happen to customers and visitors to your property. You've got yourself covered against fire and theft, and insured all the vehicles that your employees use in their day to day business transactions. Depending on your business, you may have insured yourself against specific types of loss that are peculiar to your business - malpractice insurance for professionals, indemnity insurance for service businesses and workers' compensation to cover any injuries to employees arising from employment. Chances are, though, that you may be missing some specialized types of insurance that could save your company thousands and even hundreds of thousands of dollars. Here are just a few of the types of insurance that you may or may not have considered.

Key Asset Protection
What would happen if your single delivery truck broke down and needed repair? What losses would you incur? The vehicle repair itself may not cost much - but what about the cost of renting a truck to make deliveries? The potential lost sales because you were unable to make deliveries? Key asset protection is a very flexible type of insurance that will reimburse you for losses suffered when some key asset fails. The key asset may be a printing press, a database, a cash register, garage equipment, delivery trucks, catering equipment, computers - in fact, any equipment that is vital to the operation of your business can be insured under key asset protection. The policy will cover the cost of repairs as well as reimburse you for losses that arose from the breakdown or loss of that equipment.

Key Employee Insurance
The same holds true of certain employees in your business. Some employees are essential to your business operations. What happens to your company if your chief financial officer is out of work for an extended period of time with an illness? Does business grind to a halt if the foreman of your biggest project breaks a leg? Key employee insurance will pay your business if something happens that prevents a covered key employee from working for an extended period of time, from illness up through death. The benefits from the policy can pay a temporary replacement, cover losses incurred through their absence or fund a recruitment search for a permanent replacement.

Seasonal Loss Protection
Some businesses have a traditional busy season. For retail shops, that may be the holiday season between Thanksgiving and Christmas. For accountants, it may be January through April. When something happens that shuts down your business during your busiest time of year, your standard insurance protection may not be enough to help you recover from the loss. Many companies that insure business offer seasonal protection insurance that automatically increases the amount of damages that you can recover if something happens to your business property during your busy season.

Data Insurance
For many businesses, the most valuable asset isn't a piece of equipment, it's information. If a fire destroys a computer server, your insurance may pay to replace the computer - but it seldom extends to the data that may have been stored on that computer's drives. Even more vital in today's world is the protection of your sensitive data from hackers and attacks. What is your company's liability if a hacker breaks into your secure database and steals customer credit information? Will you be defending yourself against claims arising from identity theft and credit card fraud? Data insurance and hacker insurance are new types of insurance on the block, but in today's world, they are becoming increasing necessary and important.

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