What Your Insurance Doesn't Cover Might Surprise You

Sep 04, 2020

Basic business owner’s policy insurance might be fine for some business owners, but minimum coverage just may not be enough for the unique needs of your company. Too often, policyholders are shocked by the types of things that are not included in their coverage. Luckily, getting a rider or supplemental insurance can help fill gaps and provide additional protection. Read on to learn more and see if it affects you.

Protect Your Employees

Whether you have the basic policy or a commercial package policy that’s more customizable, it’s important to note that it likely only covers liability and property risk. If you have a certain number of employees you’ll need to make sure you have a separate workers’ compensation insurance. Some states require this coverage, and the specifics may depend on how many employees you have, so you will want to consult with your insurance agent and get a separate policy. On a similar note you’ll need to get a directors-and-officers policy if you run a non-profit organization.

Group Life Insurance

When it comes to life insurance for your employees, group policies can be an attractive option. This isn’t offered within the minimum coverage in a single or package policy. Though this may not be mandatory it is worth finding out if it’s a good fit for your company and would benefit your employees. The more coverage choices you can offer, the happier your employees will be, but you will likely need enough interest to rationalize the additional expense to provide benefit of more competitive rates.

Disability Riders

This rider is crucial if there is even a moderate to high level of risk to people during their work tasks for your business. Disability riders help if an employee is injured, even if it’s not while they’re working, since this will cover bills if they are unable to work. If you’re able to work part-time or only can remain at work until a certain date this kicks in much the same way that Social Security would for helping with medical bills, rent, utilities, etc. You also may offer an additional purchase option so that an employee can buy extra disability coverage at some point regardless of their health.

Commercial Auto Policies

If you have vehicles that you use solely (or mostly) for the purpose of conducting business, you’ll want to look into getting commercial auto insurance. Even if you already have regular auto insurance on the automobile, the insurance won’t provide the right kind of coverage if the accident involves employees engaged in a work function. Your agent can help you decide if this policy would be beneficial for your specific use of company cars and ensure that you get exactly the right coverage amount you’ll need. Though it’s a separate policy we make it easy for you to add it on so it’s a quick and painless process. Commercial auto insurance can include liability, collision, towing, and medical payments for injured drivers and their passengers.

Consult A Reputable Insurance Agency

Don’t hesitate to ask if you have a question to determine what is covered by a business owner’s policy insurance from Oliver & Associates, LLC. We pride ourselves on being compassionate and making it an efficient process to sign up for insurance so you don’t have to second guess anything or have nasty surprises down the road.