The Total Coverage Blog
No matter your industry or your niche, you depend on business insurance to cover you in the event of a catastrophe. If you’re like most business owners, you have WAY more important things to think about than insurance — and that’s understandable.
However, you might assume that your basic business insurance plan covers you for everything — but you’d be wrong. Gaps in your business insurance plan are more common than you’d think. We’ll break it down industry-by-industry — here are some of the most crucial business insurance gaps and how you can fix them.
Unruh Insurance Agency has been a premier business insurance agency for decades. Across numerous industries, we’ve seen many businesses without adequate insurance before they work with us. Not having a sufficient amount of insurance or having gaps in coverage can open you and your business up to serious financial risk.
Here are the most common gaps we’ve seen and the best types of coverage to rectify them:
As a home contractor, you need comprehensive insurance and you need a healthy amount of it. We almost always recommend voluntary property damage coverage to fill a common insurance gap for contractors. Voluntary property damage coverage protects you if you have to move or adjust something to complete your job. We often see this issue occur when damaging televisions while moving them. If your business only has general liability insurance, the cost of this damage won’t be covered.
Since commercial contractors work on expensive, large-scale projects, Unruh Insurance recommends a minimum of one million dollars in liability coverage. Commercial contractors should also make sure that their tools and materials are not excluded from their general business insurance.
Restaurants and bars need a wide range of insurance coverage. While an owner may have secured sufficient coverage in one area, the business can still be blindsided by an insurance gap in another. For example, we recommend that restaurants possess these three types of business insurance coverage:
When creating products that will go out for general consumption, a company — no matter how big or small — exposes themselves to risk. If the product doesn’t perform or causes an injury, the manufacturer can be sued. Due to the nature of the field, this risk can’t be entirely avoided, but you can put protection in place. Talk with your insurance agent to make sure you have sufficient products and completed operations coverage.
Gas stations see a large volume of vehicle traffic on any given day, and property damage happens as a result. A common business insurance gap, many gas station owners or managers neglect to secure gas station specific canopy and gas pump coverage.
Auto Repair and Sales
Since cars can be pretty expensive, auto repair shops and car dealers need to have robust coverage. Designed to protect repair shops, actual loss sustained coverage pays out the actual amount needed for the customer’s full replacement of their vehicle if damaged during repair. This iron-clad coverage can save mechanics from a disaster.
Grocery stores don’t have the same requirements to cover niche gaps in their business insurance. Instead, grocery stores require large amounts of general liability insurance. Firstly, grocery stores need rock-solid general liability coverage to protect them from customer slip and fall lawsuits. In addition, grocery stores also need protection to recoup losses from spoiled food in the event of a power failure.
Since beverage distributors sell alcohol in large quantities, they can find themselves as a target for lawsuits relating to drinking and driving. Simply because they sold the alcohol in question, distributors can be held liable for the results. To compensate, the owners of beverage distributors need to invest in liquor liability coverage just like bars and restaurants.
Worried your business insurance has a gap or two? Set up a meeting with one of our business insurance agents to go over your coverage. After all, you know your business better than anyone — and we know business insurance better than anyone.
Make sure you work with an agency that doesn’t just offer business insurance, but truly specializes in it. At Unruh Insurance, we have dedicated business insurance agents who specialize in business coverage for a wide variety of industries.
Set up a no-obligation meeting with a business insurance agent today to analyze your current business insurance for crucial gaps in coverage — and find the ideal full-coverage plan unique to you. Contact us to start the conversation today.