Three Types of Business Insurance Cover You Never Knew Existed: Do You Need One of These?


Whilst you're likely already familiar with the basic types of business insurance, it may surprise you to learn that there's much more than just public liability, workers compensation, and general property coverage. Your business is unique and may have specialised needs, so one of these following unique business insurance types might just be a good addition to your other business cover. Here are three types of business cover you never knew existed.

Builder's Risk Cover

Whilst constructing or adding to the buildings on your business property, there's always a chance of disaster. For example, your new building could be nearly complete when a major storm suddenly destroys all the progress.Your standard property cover doesn't include this type of damage in most cases, but specialised builder's risk cover does. This cover can be a wise way to protect your investment in new construction. 

Equipment Breakdown

Whilst your property cover will help you purchase new equipment in the event of theft or destruction, it doesn't cover situations like mechanical failure. However, your business may be quite reliant upon equipment for production of products or for the delivery of services. For every day that your equipment is non-functional, it costs your business more and more money. Equipment breakdown cover compensates your business for loss of revenue whilst your equipment isn't functional.

Debris Removal Cover

Debris removal cover addresses a problem that many business owners never even think about until it occurs. After any type of covered event -- whether it's a flood, a fire, a storm, or something else that causes the destruction -- there's a big mess left to deal with. For example, if your business property is virtually destroyed due to a major storm, there will be considerable debris left behind. This debris must be removed before your standard business property insurance will pay for rebuilding or repair -- and that cost comes out of your business budget unless you have specialised cover. Debris removal cover pays for a team to remove all of the debris so it can be disposed of properly prior to the repair or rebuild.

As a business owner, you have many different things to contend with on a daily basis -- and it's important to lessen your worries and burdens as much as possible through maintaining optimal business insurance. Contact your business insurance agent straight away to find out if one of the types of extra business cover discussed above might be helpful for your business.

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Offering Employees Insurance as a Benefit: An Insurance Blog

As an employer, you have the hard job of attracting qualified talent to your business. Part of that involves creating a nice work environment or paying adequate wages, but another side of the equation is the benefits you offer. While you have to offer a certain amount of holiday and illness leave, you don't necessarily have to offer insurance products, but doing so can be a helpful way to attract and keep talent. If you want to learn about using insurance to motivate your employees, please take a look at these posts. My name is Lena, and I have worked with insurance in a range of capacities – as an insurance agent, as a financial adviser, as an employer and as an employee. That gives me unique perspective from all sides. Please, get comfortable, take a look at these posts, and learn how to reward your employees with insurance coverage.

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