Every business faces unique risks and challenges based on the size and scale of operations, location, industries served, products and services offered, etc. Having standard business insurance may not be enough to stay protected, as it just covers basic things like liability and property damage. You may need additional coverages to cover your industry-specific risks and related losses or damage. Let us discuss the vital insurance plans for small businesses.

Cybersecurity Insurance

If your business collects and stores financial, personal, and other sensitive information of customers and clients, this coverage is crucial. Even a single data breach or cyber-attack is enough to steal your customers' details and the company's confidential data, leading to liability issues and lawsuits while causing financial losses.

However, cybersecurity insurance covers your business against loss or theft of confidential data and cyber security threats (activation of malware, spyware, or virus). It also covers the costs associated with a threat or breach, including:

• Recovering lost data
• Notifying affected customers and employees
• Providing credit monitoring services to cyber-threat victims
• Running a public relations campaign to enhance your company's reputation

Flood Insurance

Standard home and business insurance policies don't cover flood insurance. You may need this coverage if your business location (a building dedicated to professional work or a home office) is prone to flooding.

Commercial flood insurance covers damages or losses to your business's property, and contents inside are caused by flood water, including:

Building Coverage

• Windows
• Foundation walls, anchorage systems, and staircases
• Appliances Electrical and plumbing systems
• Permanently installed carpeting
• Detached garages
• Solar equipment
• Furnaces and water heaters
• Permanently installed cabinets, bookcases, and paneling
• Fuel tanks, well tanks, and pumps

Contents Coverage

• Currency, precious metals, and valuable items
• Curtains
• Personal property (furniture or clothing)
• Carpets not included in building coverage, such as carpets installed over wood floors
• Portable and window air conditioners

Umbrella Insurance

It provides extended coverage to cover liability claims exceeding the limits of your other business insurance policies, such as commercial property insurance, commercial auto insurance, and general liability insurance.

Commercial umbrella insurance pays for:

• Third-party property damage and bodily injury (including medical payments and repair/replacement costs)
• Your legal expenses if you are sued for advertising injuries or third-party injuries

Sexual Harassment Insurance

Sexual harassment and discrimination in the workplace are increasing today, so it is crucial to protect your business against such claims. Otherwise, they can lead to employment liabilities and lawsuits, resulting in expensive settlements. You can buy employment practices liability insurance (EPLI) to protect your business against claims related to sexual harassment discrimination and related legal expenses if you are sued. EPLI also covers your business against allegations of:

• Wrongful termination
• Indiscipline or negligent acts
• Breach of contract
• Failure to promote

With these insurance policies in place, you do not need to worry about unexpected incidents or risk factors while ensuring that your business is well-protected throughout its operation.

We Help Protect Your Small Business Everlastingly

Contact our insurance experts at Bell Black Insurance today if you need a basic business insurance policy or a customized policy with extended coverage. We will tailor your business insurance with all-inclusive coverage options to ensure unmatched protection.