Many businesses carry basic limits that don’t reflect real-world risk. Lawsuits can easily exceed $1 million, and defense costs alone can be significant.
What to consider: Higher general liability limits and an umbrella or excess liability policy.
Yes. Property insurance covers physical damage, but it doesn’t replace lost income. Rent, payroll, and loan payments continue even when operations stop.
What to consider: Business interruption coverage with appropriate limits and coverage periods.
Usually not. Most general liability policies exclude data breaches, ransomware, and phishing attacks.
What to consider: A standalone cyber liability policy with first- and third-party coverage.
Personal auto policies often exclude business use. This can lead to denied claims.
What to consider: Hired and non-owned auto liability or a commercial auto policy.
Yes. Errors, omissions, or allegations of negligence can be costly to defend—even if the claim is unfounded.
What to consider: Professional liability (E&O) coverage tailored to your services.
Improperly classifying employees or contractors can result in denied claims, audits, or penalties.
What to consider: Annual payroll and classification reviews with your broker.
Construction, labor, and equipment costs increase over time. Outdated limits can leave you underinsured.
What to consider: Annual replacement cost reviews and confirmation of replacement cost coverage.
