What are Miscellaneous Coverages?
Standard Commercial Property and General Liability policies contain various exclusions and limitations. In many cases, standard policies are enough for a small business. However, depending on the operations, a business may need more coverage to protect its assets. The following coverages are generally excluded from the standard policy. These coverages may be endorsed onto a standard policy or may require a separate policy depending on the carrier and underwriting.
Data Security and Cyber Liability
The sensitive customer data stored within servers and in the cloud is vulnerable to attacks from hackers and other cyber criminals. Coverage is provided for a variety of expenses associated with a cyberattack.
Employment Practices Liability
Also known as EPLI, Employment Practices Liability Insurance covers businesses against claims made by workers who believe that their legal rights as employees of the company have been violated.
Directors & Officers Liability
Directors and officers liability insurance covers a company’s directors and officers for claims made against them for allegations of wrongful acts when acting as company executives. Wrongful acts may consist of misstatements, errors, breaches of duty and more.
Liquor liability insurance helps pay for defense in a lawsuit and claims if your establishment is held responsible. While it will not cover willful neglect, it can be utilized for general liquor related claims received by bars, pubs, restaurants, and even for private events.
Crime Coverage, also called Employee Dishonesty or a Fidelity Bond, provides coverage for employee theft of money, securities, or property. It may also provide coverage for forgery or alteration, computer fraud, funds transfer fraud, robbery, burglary, counterfeit money, and more.
Professional Liability/Errors & Omissions
Professional liability insurance is crucial for those who provide a service or advice for a fee. Depending on the profession, professional liability insurance may take on different forms and names, like malpractice and E&O insurance.
Employee Benefits Liability
Employee benefits liability covers and employer for an error or omission in the administration of an employee benefit program.
Electronic Data Processing
Also known as EDP, Electronic Data Processing covers damage to computers and other hardware, electronic media, and data.
Pollution liability is available for a few different types of pollution, such as contractors operations or underground storage tank leaks. It provides coverage for clean up, property damage, and bodily injury.
Builders Risk Insurance
Also known as construction or installation coverage, Builder Risk provides coverage for the insurable interest in materials, fixtures, and/or equipment during the construction or renovation of a building should they sustain physical damage by a Covered Cause of Loss.
Volunteer Accident Insurance
Generally, Workers Compensation policies exclude coverage for volunteers. For non-profits, Volunteer Accident Insurance provides coverage for an injury to a volunteer on a no fault basis.
Special Events Insurance
Special Events insurance protects the insured involved in the event against property damage or bodily injury caused by anyone employed by the insured.