We continue our series on business insurance blind spots with two cases that caught our attention—and should catch yours.
Bad Luck Case #3:
The Debris Nightmare A fire destroys a small manufacturing facility. The building is insured, but no one considered the cost of demolition and debris removal before rebuilding can begin. The policy's limited debris coverage leaves the owner with a six-figure out-of-pocket expense.
Additional surprise:
The business is shut down for four months. Rent, payroll, and loan payments continue. There's no revenue coming in.
The solutions:
Debris Removal Coverage
Ensure your property policy includes adequate limits for clearing a site after a total loss.
Business Income Insurance
Replaces lost profits and helps pay ongoing expenses while your business is temporarily closed.
Bad Luck Case #4:
The Ransomware Attack A small professional services firm's computer systems are infected with ransomware. Every client file is encrypted. The attacker demands payment in cryptocurrency.
The solution:
Cyber Liability Insurance with Data Ransom Coverage pays the ransom (when necessary), covers the cost of forensic IT specialists, and helps with legal obligations and client notifications.
The bottom line:
If your business insurance review only covers the basics, you're leaving yourself exposed. The devil is in the details—and the endorsements.
