Your Business May Be Exposed

Your Business May Be Exposed

A Business Insurance Update From Heaton Bennett Insurance

Insurance coverage is available for almost every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. We can advise you on the exact types of insurance you should consider purchasing. The right insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner, there are a few insurance products you may not have considered.

Business Income or Loss of Rents

Depending on what you do with your building may depend on 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 case of fire or other serious incidents covered by insurance. Business income coverage increases a business’ ability to survive a substantial loss. If your business suffers a fire, that stops all operations for three months; the business will want to continue to pay salaries, utilities, rent and other fixed costs necessary for operations. 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.

Commercial Umbrella Coverage

Standard business liability coverage will take care of you in most situations, but when dangerous situations arise, commercial umbrella insurance will help ensure that your business is protected. Here are two examples:

  • You have a severe 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.

One way to make sure you get the best possible combination of coverage, price, and service is to have us help you identify the top insurers in your industry.  Other things to consider are your deductibles and limits purchased.  When selecting an insurance company, allow your agent to do most of the heavy lifting.

Heaton Bennett Insurance is an independent insurance agency, which means we represent many different companies, so we can find the one that is right for you. We can shop your insurance for you and find the right combination of coverage, price, and service. 

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