All businesses need insurance to a certain extent. However, some insurance policies are much more common and popular than others. Some are less common, and some are hardly heard of. These are three examples of policies that you might need but haven’t yet considered:
Errors and Omissions Insurance
You might or might not have heard something about errors and commission insurance. It’s something that not all businesses secure, but many businesses end up needing. This type of policy or coverage pays for legal fees and damages related to missed deadlines, neglect accusations, undelivered services, and oversights. It could be a godsend for your business to have such a policy in place.
Flood insurance is something you might need to secure if your business is in a high-risk area. You can check the FEMA listings and maps to determine if your business is in such an area. It would behoove you to consider getting a policy if you’re able to do so. You don’t want to get caught out there with no coverage for your business.
Ransom Reimbursement Insurance
Ransom reimbursement insurance is something that you might not ever think you’ll need, but it could be necessary for you to grab a policy. This type of insurance will reimburse money to you if one of your executives ever gets taken and kidnapped with a ransom request. Many businesses have the coverage, but it’s one of the less popular and less talked about options. You can find out if you need this type of policy by scheduling a meeting with a knowledgeable insurance agent.
Now you know of a few policies to think about getting so that you can protect your business to the fullest extent. Reaching out to an insurance provider will help you secure the plans you need for your business entity.