You already have business insurance, but have you overlooked a situation that could put your business at risk? We offer a list of the most overlooked types of business insurance, as well as a brief explanation of each type.

• Employment Practices Liability Insurance (EPLI): This insurance protects against claims filed against your business by an employee, such as wrongful termination, harassment, discrimination, and others. When filed, these claims are expensive to defend and often lead to a settlement or judgment that your business may be unable to afford. With this insurance, it is covered. 
• Liability Insurance for Cyber Breaches: If your employee files, financial files, or other online personal information falls victim to a cyber breach, the economic damage to your business can be extensive. The average cost to a business suffering a cyber breach is in the range of $2.25 million for a larger firm, and about $200,000 for a small business, as reported by CNBC. 
• Auto Insurance: Your company-owned vehicles may be covered with commercial auto insurance, but if an employee uses their own vehicle for company business and is in an accident, your business could be held liable. 
• Flood Insurance: Your business property insurance does not protect against flooding in almost all cases. You will need to purchase a separate (typically very affordable) policy to protect against this peril. Floods can occur anywhere, particularly with changing weather conditions, and if your facility floods, it could be a financial disaster.
• Business Interruption Insurance: Your business may be protected against a range of perils by your property insurance, but when shuttered due to a disaster, you need protection. Business interruption insurance protects against many risks not covered by standard business insurance.
• Contingent Business Interruption Insurance: Several issues can impact your business’s ability to produce your products. These include a vendor who fails to deliver a needed component. Contingent business interruption coverage protects against the risk of partial or total losses associated with the delivery of third-party components that led to revenue losses. 
• Professional Liability Insurance: This type of insurance protects against claims filed against your business for negligence, copyright issues, personal injury, and other lawsuits. Mistakes and accidents happen, even in the best-run companies.
• Liability Umbrella Insurance: These policies are put in place to provide coverage above and beyond the limits of your business insurance, which can be critical in cases of serious injury or death claims.
• Business Management Liability Insurance: A business owner can be at risk of being the target of a claim or lawsuit. Various insurance types are available to protect against damage, including director and officer insurance, fiduciary liability insurance, or insurance for exceptional circumstances such as kidnapping, ransom demands, and extortion.

What Business Insurance is Right for You?

If you have concerns about the risk of financial losses and are unsure if you have enough liability insurance, we urge you to meet with one of our qualified agents to discuss your situation and advise you about the insurance you need to keep your company safe and flourishing.