Your insurance policies may be providing more coverage than you think!
Your insurance policies are meant to provide coverage for some of the most common perils that you encounter. However, the coverages don’t just end at the expected. Your policies can also provide protection against many uncommon incidents that you may face. Use this guide to help you get a better understanding of how much protection your insurance policies are providing.
1. Product recalls – if you manufacture any goods, there is always the chance that something will go wrong, leading to a recall. Recalls can cost thousands of dollars. Your product liability insurance policy will most likely provide coverage for some of the cost of recalling any defective products.
2. Death of a key person – if a key employee of your company, such as a cofounder, passes away, your insurance can help to provide the coverage you need to stay afloat while finding a way to replace the employee. Key person insurance works like a life insurance policy for your essential employee.
3. Ransom demands –kidnapping may be the furthest thing from your mind when you are traveling. Unfortunately, it does happen, especially if you run a successful business. Kidnap and ransom insurance will cover the cost of your ransom so you can get back to your daily life.
4. Accidental destruction of the environment – many regular business activities can lead to serious environmental issues. Your general liability insurance policy will provide coverage in case your company accidently releases vapors, smoke, fumes, acids, gases, liquids, or waste material into the environment.
For more information on exactly what your insurance policies will and will not cover to ensure you have the right amount of protection, contact the insurance professionals at CV Mason Insurance Agency in Bristol, Connecticut.