Here are some of the surprising things that you can secure business insurance for.
As a business owner, you know that you are subject to a certain amount of risk. This is why responsible business owners secure the right commercial insurance to keep their companies safe. However, you may be surprised to learn how far your commercial coverage can actually extend. Here are some of the unexpected situations you can secure business insurance for.
Product recalls occur when there is a major defect in a product that a company manufactures or distributes. Because this faulty product poses a risk to the consumer, the company must remove the item from sale and also issue warnings to all consumers that may have purchased the product. This naturally results in considerable losses for the company. Fortunately, most product liability policies include coverage for product recalls. This insurance will cover the cost of recalling products and destroying the defective ones.
If your business works with food or other perishable items, you would face considerable losses if your refrigeration system were to fail. However, adding spoilage coverage onto your commercial property policy will ensure that you are reimbursed for the items that have gone bad as a result of equipment failures or a power outage.
While this is not a risk that many business owners face, if you have received threats or frequently travel to unstable parts of the world, you do run the risk of being kidnapped. Luckily, you can actually secure a commercial insurance policy to cover the cost of your ransom. Adding a kidnap and ransom endorsement to your professional liability policy will ensure that you have coverage for this specific threat.
These are some of the surprising things that can be covered by
commercial insurance. Do you have other questions regarding your business insurance needs? If so,
contact the experts at
Weeks & Associates Insurance Services in Thousand Oaks. California. Our dedicated team is ready to assist you with your commercial coverage today.
