Fires. Storms. Theft. These are the situations you might think of when considering commercial insurance. You know you’re covered if one of these disasters strikes your business. Did you know business insurance covers many other situations that you might not have considered? You might be surprised at what insurance can cover.
Spoiled food: A power outage can prove costly to businesses that handle perishables. How much might you lose if your refrigeration systems stopped working for a day? If you have spoilage coverage on your commercial property policy, you can recoup the cost of any lost merchandise.
Ransom fees: Most business owners aren’t at high risk of getting kidnapped, but if you ever were abducted, a kidnap and ransom endorsement on your professional liability policy would have you covered! This might be a good option for those who travel to volatile parts of the world for business.
Machinery malfunction: If your machinery breaks down, the necessary repairs can drastically affect your bottom line. Machinery breakdown insurance covers the cost of repairing or replacing machinery. The policy can also cover the cost of renting temporary equipment and expedited delivery of replacement parts.
Product recalls: Recalling a product can involve complex logistics and expensive follow-up, including destroying defective items. Product liability policies offer coverage for these costs.
Tax audits: No business owner wants to hear the word audit. Fortunately, if you must undergo this process, the costs you incur from the audit and investigation can be covered by tax audit insurance.