4 Unusual Types of Small Business Insurance

Small Business Insurance

If you are a small business owner, you know you need a basic liability policy. However, you may be unaware of other types of small business insurance coverage to help mitigate unique risks.

Equipment Breakdown

If you feel that your livelihood is at the mercy of inanimate objects, then equipment breakdown insurance might be right for you. Not only does it cover the costs of repairs, but it also makes up for lost production time when machines malfunction.

Cyber Liability

Cyber liability insurance protects from loss of digital information due to common internet risks such as ransomware. It also covers legal claims due to breaches in security caused by hackers.

Excess Liability

Also known as umbrella insurance, this policy takes over where others leave off. If you worry that reparations for a terrible accident might cause you to lose your business, this additional coverage might help you sleep better at night.

Directors and Officers Liability

No matter the size of the business, those in charge must bear the brunt of bad decisions. When lawsuits exceed the limits of other policies, directors and officers’ liability protects the assets of upper-level managers.

You may never have heard of these coverages, but they might save you money. Talk to your insurance agent about the unusual policies that are right for you.