Your commercial insurance is a lifesaver, but it isn’t perfect. Luckily, you can add special coverage to boost your commercial insurance. Endorsements or add-ons are special policies you buy to fill gaps in your underlying policy.
If you are unsure about add-ons you should buy for your commercial insurance, NCIB Group Inc. in Chicago, IL is here to guide you.
Like home insurance, your standard commercial insurance doesn’t cover flood damage. The good news is that you can purchase flood insurance to protect your business premises and the contents inside against flood damage. Flood damage compensates you for losing your building and assets up to your coverage limit.
While earth movements are common, the sad bit is that your standard commercial insurance doesn’t cover damage from mudslides, landslides, and other earth movements. Luckily, if your business is in an earthquake-prone area, you can purchase earthquake insurance to protect your business.
General liability insurance
Although general liability insurance isn’t mandatory in Illinois, all businesses should invest in this coverage. General liability insurance covers your business when it sustains bodily injury or property damage to others. Additionally, general liability insurance covers your business against lawsuits. Legal fees can be costly, especially when the case isn’t ruled in your favor. Thankfully, you don’t have to worry about liability claims if you have the relevant coverage.
Cyber liability coverage
While digitalization eases the operations of businesses, it’s also an opportunity for hackers to terrorize businesses. When cybercriminals are successful, your business can incur significant losses. However, investing in cyber liability insurance can lessen your financial burden.
Would you like to invest in commercial insurance? Are you a resident of Chicago, IL, or the surrounding area? Please contact NCIB Group Inc. for all your business insurance solutions.