Business insurance has some hidden features which you may not have known existed.
Business insurance can protect your business and assets from covered damages. And aside from that, you may think of your policy as a rather dull piece of paper. But there may be a few surprises that your business insurance policy has up its sleeve. Here are a few things you likely didn’t know about small business insurance.
- Product Liability Protection for Spontaneous Products
Whether your business sells shoes, toys, electronics, or baked goods, your business is liable for the physical injuries your products may cause. Liability complaints also have a possibility of arising from:
• Design defect
• Defective or lack of warning/instruction
• Production flaw
- Cyber Liability for Data Breaches
Businesses, large and small, all have a risk of being hacked. Cyber threats continue to grow, so it is smart to invest in cyber liability insurance.
• First-party coverage: This can help pay for things like an investigation, notifying those customers affected, PR, and the crisis management after such an event.
• Third-party coverage: This covers the legal costs if your business is sued by a customer whose information was stolen.
- Business Interruption for Closed Doors
If there’s construction outside your business, your business may not receive the foot traffic it’s used to and may force you to shut your door. Business interruption can help you make up for these lost wages.
Your business insurance can cover your business, but it can also cover these aspects about which you may not have known. Business insurance can give you the peace of mind that you deserve when it comes to the covered damages. Contact the experts at Stromsoe Insurance Agency for all of your commercial insurance coverage needs.