As a business owner, you know that you are vulnerable to certain risks. This is why you secure commercial insurance coverage. However, you may be surprised to know that your business’s insurance can actually offer coverage for some unexpected situations. Here are some of the surprising risks you can secure commercial coverage for.
While this might take you by surprise, normal business operations can sometimes have an adverse effect on the local environment. If your business accidentally releases smoke, fumes, toxic chemicals, waste materials, or other contaminants, you would be responsible for the injuries and property damage that these pollutants caused. You can protect against this risk by tacking a sudden accidental pollution endorsement onto your business’s general liability insurance.
If your business works with food or other perishable items, such as plants or tobacco, it would suffer major losses if you experienced a problem with your refrigeration system. Fortunately, adding spoilage coverage onto your commercial property policy would protect you against the financial losses associated with this risk. Spoilage coverage offers compensation for the food or other supplies that have gone bad as a result of heating or cooling equipment breakdown or a power outage.
While this is not a risk that many actually face, there is an insurance option to help you protect against being kidnapped. If you are concerned about being kidnapped, adding a kidnap and ransom endorsement to your professional liability insurance would ensure that you have coverage to meet your kidnapper’s ransom demands.
These are some of the surprising things that your commercial insurance will cover. Do you have additional questions about your business’s insurance? If so, contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your coverage needs today.
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