When it’s time to look at broad and comprehensive business insurance, many business owners and executives can be confused. There is some difference in the typical jargon used in this part of the insurance industry, and some ambiguity in exactly what these types of umbrella policies cover. In actuality, specific coverage is often written on a case-by-case basis because each business is uniquely different and has different needs, as well as different assets.
Here are some of the essential ideas involved in crafting a business policy that will really cover all of those unforeseen extras.
Covering All Physical Assets
One basic idea in comprehensive or umbrella business policies is that business owners can add on coverage for specific vehicles or pieces of equipment. It pays to plan out and document who will be operating vehicles or heavy equipment in order to get specific coverage. In many cases, a broader umbrella policy kicks in where an individual vehicle policy leaves off in terms of liability. Insurance company representatives can help dovetail these two types of policies correctly.
Coverage Against Liability
Another fairly major aspect of business umbrella policies is that these larger policies can help cover major liabilities that may not be fully covered by different types of insurance, like workers’ compensation, commercial space coverage, or the above-mentioned vehicle and equipment policies. Businesses can also secure different types of special events coverage and more, depending on their operations at any given time. Insurance companies will look at the “real risks” of operating a business or holding an event in a specific space within a specific region by assessing potential types of risks, such as natural disasters, crime, or even terror-related incidents.
Some Business Insurance Semantics
It’s important to note that in some cases, insurance companies may refer primarily to umbrella policies as personal coverage, where comprehensive business policies may be referenced differently. Whether it’s specifically stated or not, a “business umbrella” policy is supposed to branch out and cover all kinds of extra risks and liabilities that aren’t factored into individual basic policies for properties, vehicles, and more. Business owners can bring their own detailed analysis to an insurer and ask about how these policies are calculated and how specific coverages are provided. This kind of collaboration can result in a policy that’s tailored to the business and its biggest challenges, no matter what industry is involved.
For more information on Fort Lauderdale business umbrella insurance policies, speak with one of the professionals at Pro Players Insurance Group at 855-367-7744. We look forward to helping you!