The end of the year is a good time to review your business insurance policies, especially business income coverage. The following additional endorsements are often overlooked:
1. Coverage for restoration period
It is common to underestimate the time it will take for a company to return back to normal operations after a loss. Cleanup and debris removal can take much longer than anticipated. Building codes, permits and inspections all add many months to the process. Two years of business interruption insurance is generally needed. Make sure to review the dollar limits in your policy.
2. Increased monthly limits for peak months
Be sure your Business Income amount is adequate for your business type. If your business is seasonal, the peak months need adequate limits. Review coverage and limits often
3. Transit coverage
Most businesses rely on fully insured carriers, like UPS or FedEx for shipping customer goods. These carriers generally use a release bill of lading for most shipments. If the shipper damages or loses your items, your coverage may be limited to as little as $100, and you may have no further recourse. If you ship large quantities and values consider a blanket transit policy.
