Four More Obscure Types Of Business Insurance Your Company May Benefit From

Every business owner knows that they need liability insurance, unemployment insurance and a variety of other insurance policies. But if it exists, there's likely insurance to protect it -- and there are some smaller insurance policies for less common risks that your company might need. Insurance policies for smaller items are often not very expensive, so they aren't a huge line item on your business budget; they just offer some additional security.

1. Data Breach Insurance

Data breach insurance was unheard of ten years ago, but it's rapidly becoming more popular. Data breach insurance is designed to help a business protect itself and to recover following a data breach. Many businesses today keep their records on computer systems which may then be connected to the Internet. When a data breach occurs, client information can be stolen along with banking information and other sensitive data. 

2. Business Life Insurance

Business life insurance is designed for companies who have a CEO, CFO, CTO or other professional who makes up the core of the business. If the business will have a difficult time existing without that one individual, the business life insurance policy will cover the company while it attempts to formulate a succession plan. The business life insurance policy will also cover the financial cost related to losing that individual, should it be non-recoverable. This is common in situations in which a chief engineer may have developed a company or product.

3. Glass Insurance

Glass insurance is a small insurance policy that's very useful for businesses that have open storefronts -- especially in major metropolitan areas. Glass insurance is specifically for large windows and glass panes, which can be expensive to install. It also covers injuries that could occur due to poorly installed glass windows, which can be more significant than one might think. 

4. Interruption Insurance

Interruption insurance, also known as business interruption insurance, is important for any business that often operates on very slim margins. Business interruption insurance will help replace your income in the event that your business is shut down for a significant amount of time. For instance, if there is a fire, your fire insurance will cover the cost of your repairs -- but your business interruption insurance will cover the income that you would have made if your business wasn't shut down and undergoing the repairs. 

Commercial insurance can be quite complicated and the last thing you need is to have insurance gaps. To that end, you can talk with a local agent, such as Hale & Associates Inc, about having an umbrella insurance policy or other additional insurance coverage.