In fact, according to the Insurance Information Institute, natural disasters cause billions of dollars in property losses in the United States each year.
While commercial property insurance is an essential component of a business’s risk management portfolio, it can exclude coverage for floods and earthquakes. To address potential gaps in coverage, many businesses secure difference-in-conditions (DIC) insurance. This Coverage Insights provides an overview of DIC insurance, including what it is and what types of businesses can benefit from such a policy.
Regardless of who you work with, business arrangements with contractors and vendors can open you up to a number of risks—risks that need to be accounted for through insurance.
However, even if you do everything you can to ensure smooth relationships with your staff, employment practices liability (EPL) risks remain. That’s why it’s crucial for your organization to have EPL coverage. Such a policy can offer protection for claims that result from employees alleging various employment-related issues—such as discrimination, harassment and wrongful termination.
That’s why it’s crucial for your organization to develop an effective workers’ compensation program.
A key element of ensuring a robust insurance program is to take steps to avoid experiencing potential gaps in coverage during policy transition periods.
One common cause of such coverage gaps stems from claims that are reported after a policy expires. Fortunately, that’s where an extended reporting period (ERP) can help. Review the following guidance for more information on ERPs and when to consider implementing this offering.
We are here to help explain the types of insurance policies available and how they can help protect you, your employees and your business’s bottom line.