Our agency insures many businesses of all sizes. When working with new clients, we are often surprised to find that many businesses are not fully educated about some very important coverage and risk management techniques that could be critical to their operation. So, based on our experience, we would like to share with you our 4 Insurance Gaps for Businesses that we consistently see in our reviews that could cost your business substantial monies.
Below are the areas where we find either:
- No Coverage or Action
- Very limited coverage
Cyber Insurance- almost every business is dependent upon computer technology. Therefore, these businesses have exposures such as but not limited to: being hacked, passing along a computer virus to someone else, having one’s identity stolen, liability from having a website and all the notification expenses that are incurred should one of these events occur. There are no industry standardized forms so each policy can provide or leave out important coverage
Employment Practices Liability- provides coverage for allegations and claims involving sexual harassment, wrongful termination and discrimination. There are no industry standardized forms so each policy can provide or leave out important coverage
Property Coverage- property coverage seems simple, but over the years we have been amazed at how property values are evaluated and the types of forms being used to insure the Building and Business Property thus resulting in partial or no coverage.
Policies and Procedures- this is the proactive side of insurance. This includes such items as employee manuals, safety manuals and HR procedures to just name a few. Many businesses have them but fail to update them and use them as living documents in the business.
We all know that premium prices drive many of the buying decisions, but what if the lower premium doesn’t provide the coverage?
The Shropshire Agency will help you review your exposure to these and other threats to your business. Call us at 806.763.7311
Visit our Commercial Lines insurance page for more help for your company.