Consider these Common Business Insurance Gaps:

• General Liability Limits too Low and No Umbrella or Limits too Low:
  • One or many clients, customers, or contractors could claim that your business caused them bodily injury or property damage and file a lawsuit.
  • Because claim frequency and severity, as well as medical and legal costs, are increasing, your current Liability limit may not be sufficient.
  • How to fix it: Add or increase an Umbrella Policy.
  • For General Liability information, read our blog, Commercial Insurance Regulations in Georgia: General Liability Insurance. 

• No Cyber Coverage or Limits too Low:
  • Every business that uses technology has cyber exposure, regardless of size.
  • Cyber attacks are on the rise, and a single attack can be costly without insurance.
  • How to fix it: Add or increase a Cyber Policy.
  • For Cyber Security Tips, read our blog, Cyber Security Tips for Companies and Employees.

• No Employment Practices Liability Policy (EPLI)
  • One or many employees, former employees, or applicants could allege wrongful termination, harassment, or discrimination and file a lawsuit.
  • Employment-related lawsuits can result in high legal fees and financial loss for every business, regardless of size.
  • How to fix it:  Add an Employment Practices Liability Policy.

• Business Income Coverage Gaps:
  • Your business could be shut down due to an unexpected, covered property loss. This coverage provides business continuity and financial support during restoration.  
  • It helps cover ongoing expenses and recovery costs, which may avoid permanent business closure. Additionally, rebuilding timelines are longer, and material and labor costs have increased.
  • How to fix it: Add or increase Business Income Coverage.
  • Read our blog, Business Continuity Planning, for tips on how to plan for Business Interruptions.

• Property Limits Outdated:
  • Your business could experience damage to physical assets like buildings, equipment, and inventory from covered losses minus your deductible, up to your limits, if coverage is not excluded. 
  • If your property limits/valuations are too low or outdated, you risk sizeable out-of-pocket expenses. Additionally, inflation and construction costs have increased significantly.
  • How to fix it: Review Property Limits and ensure your replacement cost is accurate.
  • For Property information, read our blog, Commercial Insurance Regulations in Georgia: Property Insurance.

If you are unsure whether you have these coverage gaps, it’s time to talk to your agent to ensure your business is protected.