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A Publication of WTVP

The definition of insurance, according to Webster, is “a system of protection against loss in which a number of individuals agree to pay certain sums (premiums) periodically for a guarantee that they will be compensated under stipulated conditions for any specified loss by fire, accident, death, etc.”

Simple, right? That definition sounds like receiving compensation for a loss would be easy, assuming you purchased the “stipulated conditions.” Many consumers believe when they buy a commercial package policy that they have unlimited property, liability, and other coverages for any losses that occur in their business. As insurance has evolved, the industry continuously reviews coverage forms to make sure the companies are receiving adequate compensation for the exposure.

These reviews sometimes lead to the creation of a coverage that must be purchased for an additional premium. This article reviews some of the important coverages many customers don’t purchase because they assume they already have coverage in their commercial insurance policy. The topics will be discussed in general terms, but you should contact your insurance professional to review them at greater length.

This is just a small sample of some coverages available to your small business, which could have a large impact if left unprotected. Again, I encourage you to spend time with your trusted insurance professional, in reviewing the need for the above-mentioned coverages, and others that pertain to your specific business. The insurance industry is rapidly changing based on market conditions. Make sure you do periodic reviews of your business in relationship to the changing insurance marketplace. IBI

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