Running a business, big or small, comes with plenty of risk. There are ways to mitigate that risk, however. The right financial loss insurance coverage is one of the better ways to do so.
A number of coverages fall under the financial loss umbrella. An experienced insurance agent can sit with you to determine what policy and coverages work best for your situation. Here are three of the more popular financial loss insurance products:
Fidelity and Third Party Crime
As the name implies, this coverage protects you from fraud, certain computer crimes, and copyright infringement. It also protects you if an employee is discovered as the one perpetrating a crime.
Possibly the most well known financial loss insurance, business interruption helps replace lost income due to events that temporarily shut down the business. Property damage due to fire or flood is the most common business interruption.
This coverage is important if you run any kind of manufacturing business, but could apply to restaurants, bakeries and any place that relies on freezers or refrigerators. If these machines fail, it could impact the business and lead to lost income.
There are a number of other financial loss insurance products that could aid your company in your time of need. An experienced agent can help you pick the best policy for you.