What Is Not Covered by a Business Owners Policy?

You may believe a standard insurance policy will cover any eventuality that occurs in your business. For many issues, such as dwelling, liability, and business interruption issues, you are likely right. However, there are a myriad of other circumstances under which a standard business owners policy does not provide coverage. Below are a few examples of incidences for which a business owner might seek additional coverage.

Car accidents: If employees are driving on the job, a business owner might wish to obtain a separate auto insurance policy to ensure that every vehicular eventuality is covered.

Professional liability: For professions such as medicine, law, and other professional services that can be subject to malpractice suits, separate malpractice insurance is often a must for business owners. This specialized coverage is often essential to the survival of many professional services businesses.

Workers’ compensation: Any business can have an on-the-job accident, and workers’ compensation is the employee’s remedy for lost wages and medical bills. Businesses should consider ensuring they are covered beyond legal minimums so their out-of-pocket deductibles are not debilitating to business operations.

Health and disability: Business health and disability insurance must usually be negotiated separately and is based on a variety of factors.

Given the rise of specialized businesses, it may be folly for a business owner to assume a standard policy will do. Contact us today to help you determine the risks to your business and pick the right insurance policy for you.