Three Key Coverages Your Business May Need

By January 26, 2018 Personal Insurance

You’ve worked hard to build and grow your business: countless hours and immeasurable effort. You want to keep it safe, and an endorsement can help.

An endorsement is an amendment to your insurance policy that changes your coverage under certain special circumstances. Endorsements may be purchased to help you customize your insurance policy to your business’s unique needs.

There are three endorsements that all small businesses should consider.

1. Mechanical and electrical breakdown coverage – Covers the costly physical and financial damage that can result from an equipment breakdown. It provides protection for damage caused by short circuits, electrical arcing, power surges, mechanical breakdown, motor burnout and centrifugal force. The coverage can pay for:

•    Direct property loss to cover the cost to repair or replace damaged equipment.
•    Lost business income and costs for temporary replacement equipment.
•    Other expenses incurred to limit the loss or speed restoration of operations.
•    The loss value of spoiled products or materials caused by a covered breakdown.

2. Income protection for off-premises utility failure – Replaces lost business income caused by a covered utility failure (power, communication or water services) occurring off the premises. For instance, if lightning damages the power lines, the coverage will pay for the loss of income for the time it takes for the power to be restored to your business, which could take up to several days or even weeks.

3. Computer fraud – Provides coverage for damage resulting from computer fraud, such as a person hacking into your business’s account and transferring money to another account.

Contact us today to learn more about these important and affordable endorsements. We can help you select the best coverage to protect your business.