Most Business Insurance policies contain the typically standard Property and Liability coverage’s, but there are three other coverage’s (not included in these standard coverage’s) that you really should make sure you have in your policy.
- If you are a Habitational owner, or Landlord, my claims people tell me one of the most common losses is for “Back up Sewer and Drain” claims. If your plumbing gets clogged, and the resulting “back up and overflow” causes damages to your property, or your tenants have to move out, this situation could cause you lost income from rents not being collected, and cost you thousands in repairs. This prevalent loss is also one not covered by your standard property coverage’s. They won’t do you any good when/if this happens, and the endorsement is not very expensive to add. If you are a Habitational owner, or Landlord, my claims people tell me one of the most common losses is for “Back up Sewer and Drain” claims. If your plumbing gets clogged, and the resulting “back up and overflow” causes damages to your property, or your tenants have to move out, this situation could cause you lost income from rents not being collected, and cost you thousands in repairs. This prevalent loss is also one not covered by your standard property coverage’s. They won’t do you any good when/if this happens, and the endorsement is not very expensive to add.
- One of the fastest growing threats to all Business Owner/Landlords is Cyber Liability. If you are renting to people, or doing business with others, they generally have some assets. So they are not necessarily millionaires, but they have a job/business that is making them some money. This makes you an attractive target for Cyber criminals. If they hack into your client records, and steal your clients identity, this could come potentially come back to haunt you. Many carriers offer stand alone Cyber Liability policies, and others (like Farmers) offer endorsements to your business insurance policy for a lot less than the stand alone coverage’s. You may think ‘why would any one come after my records?” but welcome to the modern world, with modern threats you need to be aware of, and take steps to protect against!
- Also, if you are an Employer, it has been said that you face more Liability exposure form your own Employees than from your Client-Customers. In today’s litigious environment, Employers are sued for wrongful termination, discrimination and harassment. And your common General Liability coverage does NOT protect you from these clams! You need to make sure you have Employment Practices Liability Insurance (EPLI) to protect yourself from claims like these. Again, many carriers off standalone policies, or Farmers has a much more affordable endorsement which can be added to its Business insurance policy.
- While it is obvious having Business Insurance is important, it is equally important to have the right kind of insurance! If you do not have these coverages, your typical standard policy will not do you any good if you suffer a claim for one of these prevalent, and growing threats to your business! Please contact me to review your coverages, and let’s see if we can do better for you? 650-FARMERS (327-6377), or 650-876-9600. ctrowbridge@farmersagent.com
