Commercial insurance is a vital tool for protecting your business, but it’s important to understand what your policy does, and doesn’t, cover. Insurance exclusions are specific situations or risks that your policy won’t protect against, and overlooking them can lead to costly surprises. Let’s explore what every business owner should know about exclusions and how to address them.
What Are Insurance Exclusions?
Exclusions are conditions or events that are not covered by your commercial insurance policy. For example, a standard property insurance policy may exclude damage caused by floods or earthquakes. Similarly, liability insurance might not cover intentional acts or certain types of professional errors. Wiser Insurance Agency works with businesses in Mound, MN to help them understand these exclusions and find solutions to fill coverage gaps.
Common Exclusions in Commercial Insurance
While exclusions vary by policy, here are some common ones to watch for:
- Natural Disasters: Events like floods, earthquakes, or hurricanes may require separate coverage.
- Employee Injuries: Workers’ compensation insurance is typically needed to cover workplace injuries.
- Professional Errors: Mistakes made during professional services may require professional liability insurance.
- Intentional Acts: Damage or harm caused intentionally is usually excluded.
Understanding these exclusions can help you avoid surprises and ensure your business is fully protected.
How to Address Exclusions
If your policy has exclusions that concern you, there are ways to address them. You can purchase additional coverage, such as flood insurance or professional liability insurance, to fill the gaps. Regularly reviewing your policy with an experienced insurance provider can also help you identify exclusions and find solutions. Wiser Insurance Agency has years of experience helping businesses in Mound, MN navigate their insurance needs and customize their coverage.
Protect Your Business with Confidence
Knowing what your commercial insurance policy excludes is just as important as knowing what it covers. By understanding exclusions and working with a trusted provider, you can ensure your business is prepared for any situation. Contact Wiser Insurance Agency today to learn more about your options and find the right coverage for your business. Visit our website here.
