Cybersecurity Awareness Month: Does Your Business Need Cyber Liability Insurance?
Every October, the Cybersecurity and Infrastructure Security Agency (CISA) leads Cybersecurity Awareness Month, a nationwide effort to help individuals and organizations better protect themselves online. For small and mid-sized businesses, it’s also a timely reminder to think about how a cyberattack or data breach could affect operations, and whether cyber liability insurance has a role to play in your risk management plan.
Why Cyber Risk Isn’t Just a Big-Business Problem
It’s a common assumption that cybercriminals mostly target large corporations, but smaller businesses are frequently targeted precisely because they may have fewer resources dedicated to security. Any business that stores customer information, processes payments, or relies on email and cloud-based tools has some level of exposure to phishing attempts, ransomware, or data breaches.
What Cyber Liability Insurance May Help Cover
Cyber liability insurance is generally structured to help address costs that traditional business insurance policies may not cover. Depending on the policy, this can include:
- Notification costs for informing customers or employees if their personal information was exposed.
- Legal and regulatory expenses tied to responding to a breach.
- Business interruption costs if a cyberattack disrupts normal operations.
- Costs related to ransomware, in some cases, depending on policy terms.
- Credit monitoring services offered to affected individuals.
Because cyber policies vary widely in what they include and exclude, it’s worth discussing the specifics with a licensed agent rather than assuming any two policies are alike.
The Financial Impact of a Cyber Incident
Beyond the immediate disruption, a cyberattack can generate costs that continue well after the initial incident, including forensic investigation fees, temporary loss of business while systems are restored, and potential reputational impact with customers. For many small businesses, these combined costs can be significant relative to their overall revenue, which is part of why some business owners choose to explore dedicated cyber coverage rather than relying solely on their general liability policy, which typically isn’t designed to address these types of losses.
Who Might Consider This Coverage
Businesses that handle credit card information, store customer or employee records, rely heavily on email communication, or use cloud-based software are all reasonable candidates to explore cyber coverage. This can include retail businesses, medical and professional offices, contractors who invoice electronically, and nonprofits that maintain donor databases.
Everyday Habits That Support Cybersecurity Awareness Month
Alongside insurance, CISA recommends a handful of practical habits that can reduce risk year-round:
- Using strong, unique passwords and a password manager.
- Turning on multi-factor authentication wherever it’s available.
- Keeping software and systems updated.
- Training employees to recognize phishing emails.
- Backing up important data regularly.
These habits don’t replace insurance, but they can work alongside it as part of a broader approach to managing cyber risk.
Coordinating Prevention and Insurance
Many insurers that offer cyber liability coverage also provide policyholders with access to risk management resources, such as employee training materials or incident response guidance, as part of the policy. Pairing these resources with your business’s own prevention habits can create a more complete approach to managing cyber risk, rather than treating insurance and prevention as separate, unrelated efforts.
Reviewing Your Policy Annually
Cyber risks and the coverage available to address them continue to evolve each year, which makes an annual review of your business insurance program a reasonable habit, rather than a one-time decision. As your business adds new software, payment systems, or customer data practices, your exposure to cyber risk can shift as well.
Talk to an Agent About Your Options
Cybersecurity Awareness Month is a fitting time to ask whether your current business insurance addresses cyber-related exposures, or whether a standalone cyber liability policy might be worth exploring.
Brad Smith Agency can help you understand how cyber liability insurance works and whether it fits your business. Reach out at (765) 791-1255 or request a quote online to learn more.
Insurance Considerations for Independent Contractors and Freelancers
Working for Yourself Comes With Its Own Insurance Needs
More people than ever are working as independent contractors, consultants, or freelancers, whether as a primary career or a side business. While this type of work often offers flexibility, it also means you’re generally responsible for your own insurance protection, since you likely won’t have coverage through an employer. Taking time to understand your options early can help you avoid gaps in coverage as your business grows, rather than discovering a gap exists only after a claim comes up.
General Liability Insurance
General liability insurance is often one of the first policies independent contractors and freelancers consider. It can help cover costs related to third-party bodily injury, property damage, or advertising-related claims that may arise from your work. Some clients may even require proof of general liability coverage, often in the form of a certificate of insurance, before agreeing to a contract, particularly in fields like construction, event planning, or in-home services.
Professional Liability Insurance
If your work involves providing advice, services, or expertise, such as consulting, design, writing, or technical work, professional liability insurance, sometimes called errors and omissions insurance, may be worth exploring. This coverage can help address claims that your work caused a client financial harm due to an alleged mistake, omission, or failure to deliver as promised.
Business Property, Equipment, and Vehicle Coverage
Many independent contractors and freelancers work with valuable equipment, whether that’s tools, a vehicle used for business purposes, or a home office full of computers and specialized software. Homeowners or renters insurance policies typically limit coverage for business-related property, so a separate business property policy, sometimes called inland marine coverage for tools and equipment, or an endorsement may be needed to fully protect these items. If you use your personal vehicle for business purposes, it’s also worth confirming with your auto insurer whether your current policy extends to that use.
Workers’ Compensation and Hired Help
If your freelance or contracting business grows to the point where you bring on employees or regularly hire subcontractors, workers’ compensation insurance may become a requirement in your state. Even before that point, it’s worth understanding your state’s rules, since requirements can differ depending on how many people you employ and how they are classified.
Health and Income Protection Considerations
Because self-employed individuals don’t have access to employer-sponsored benefits, it’s also worth thinking beyond property and liability coverage to health insurance and disability insurance, which can help replace income if illness or injury prevents you from working. Speaking with an insurance agent about your specific situation can help you understand which coverages make sense and which may not be necessary for your line of work.
Bundling Coverage as Your Business Grows
As a freelance or contracting business grows, some owners find it useful to combine multiple coverages, such as general liability and business property, into a single business owner’s policy, sometimes called a BOP. Bundling coverage this way can simplify managing your policies and, in some cases, be more straightforward to budget for than maintaining several separate policies. As your revenue, client base, or the type of work you take on changes, it’s worth revisiting whether a bundled policy or individual coverages make more sense for your business.
Certificates of Insurance and Client Requirements
Clients increasingly ask contractors and freelancers to provide a certificate of insurance before work begins, which is simply a document verifying your active coverage and its limits. Some clients may also ask to be listed as an additional insured on your policy for the duration of a project. Understanding how these requests work, and confirming with your agent that your policy can accommodate them, can help you respond quickly when a new client asks.
Brad Smith Agency can help independent contractors and freelancers explore business insurance options suited to their work. Call (765) 791-1255 or request a quote online today.
Disaster Preparedness for Small Businesses: Why a Continuity Plan Matters
National Preparedness Month Is a Reminder for Business Owners, Too
Every September, FEMA’s National Preparedness Month encourages individuals and organizations to think ahead about how they would respond to emergencies. For small business owners, this is a good opportunity to ask an important question: if a fire, storm, cyber incident, or other unexpected event disrupted your business tomorrow, would you be prepared to keep operating or recover quickly? Many owners assume they’ll figure it out in the moment, but a little advance planning tends to make an enormous difference when time and resources are limited.
What Is a Business Continuity Plan?
A business continuity plan outlines how your company will continue operating, or resume operating quickly, after a disruption. This can include identifying essential functions, backup locations or remote work arrangements, communication plans for employees and customers, and a clear understanding of your insurance coverage. A written plan that is shared with key staff members tends to be far more useful in an actual emergency than one that exists only informally. Insurance plays a central role in continuity planning because it can help offset the financial impact of property damage, lost income, or other losses.
Business Interruption Insurance Explained
Many business owners are familiar with property insurance that covers physical damage to a building or its contents, but fewer are aware of business interruption coverage, sometimes called business income insurance. This type of coverage can help replace lost income and cover ongoing expenses, such as payroll or rent, while your business is unable to operate due to a covered event. Since interruption coverage is often included as part of a broader commercial property policy, it’s worth confirming with your agent exactly what triggers this coverage, how the waiting period works, and for how long benefits apply.
Don’t Overlook Supply Chain and Utility Disruptions
Some business interruption policies can extend coverage to situations beyond direct physical damage to your own property, such as when a nearby utility outage or a supplier’s disruption affects your ability to operate. These provisions vary widely between policies, so understanding the specific language in your coverage can help you know what to expect if a disruption originates outside your own walls.
Testing and Updating Your Plan Regularly
A continuity plan isn’t something to write once and file away. Walking through the plan periodically with your team, and updating contact information, vendors, and procedures as your business changes, helps ensure it will actually be useful when needed. Reviewing your plan alongside your insurance coverage at least once a year, or after any significant change to your operations, is a practical habit worth building.
Common Risks Small Businesses Overlook
Beyond storms and fires, business owners sometimes overlook risks like a burst pipe, a cyber incident that takes down ordering or payment systems, or the sudden loss of a key employee. Building a continuity plan that considers a range of scenarios, rather than only the most dramatic ones, can make it more useful when an actual disruption occurs. Many insurance agents can help identify these blind spots by reviewing your operations with fresh eyes.
Insurance for Employees Working Remotely During Recovery
If your continuity plan includes employees working remotely while your primary location is restored, it’s worth confirming how your workers’ compensation and business property coverage apply to that situation. Some policies address remote work scenarios explicitly, while others may require an endorsement to fully account for equipment and liability exposures outside your usual place of business.
Building Your Plan Starts With a Conversation
A continuity plan doesn’t have to be complicated to be effective, but it should be reviewed regularly, especially as your business grows or your risks change. Sitting down with your insurance agent to review your current coverage against your continuity plan is a practical first step, helping you identify any coverage gaps before an emergency puts them to the test.
Brad Smith Agency can help you review your business insurance coverage as part of your continuity planning. Contact us at (765) 791-1255 or request a quote to get started.
Business Interruption Insurance: What Happens When Your Business Has to Close Temporarily?
Most business owners think about insurance in terms of protecting physical assets—the building, the equipment, the inventory. But what about the income your business generates? If a fire, storm, or other covered event forced your doors to close for weeks or months, how would your business survive without revenue coming in?
That is the problem business interruption insurance—also called business income insurance—is designed to help address. For many small business owners, this coverage can be a critical part of a well-rounded commercial insurance plan.
What Is Business Interruption Insurance?
Business interruption insurance is not typically sold as a standalone policy. It is usually added as part of a commercial property policy or business owners policy (BOP). It is designed to replace lost income and help cover ongoing expenses when a covered peril—such as a fire, windstorm, or vandalism—forces a business to suspend operations temporarily.
What It Typically Covers
When a covered loss causes a business to close, business interruption insurance can help with several types of costs:
- Lost revenue refers to the income your business would have earned during the period of restoration. This is typically calculated based on your financial records.
- Fixed operating expenses continue even when your business is not generating income. Rent, loan payments, and certain payroll costs may be covered during a shutdown.
- Extra expenses are additional costs incurred to keep the business running during the disruption—for example, renting temporary space or equipment.
It is important to note that business interruption insurance generally only applies to closures caused by covered perils. It does not apply to losses caused by floods or earthquakes unless those are covered separately.
The Waiting Period and Period of Restoration
Most business interruption policies include a waiting period—often 48 to 72 hours—before coverage kicks in. The period of restoration refers to the timeframe the insurer recognizes for rebuilding or repairing, which affects how long benefits are paid.
Understanding these details is important when reviewing any policy, as the specifics can vary by insurer and policy type.
Why August Is a Good Time to Review
Late summer can bring severe weather, and it is also a natural checkpoint for businesses to review their overall financial exposure heading into the fourth quarter. Taking time now to understand whether your business income is protected can make a significant difference if an unexpected event occurs.
Brad Smith Agency can help you review your current commercial insurance and explore whether business interruption coverage is part of your plan. Call (765) 791-1255 or visit our website to request a quote.
General Liability Insurance 101: A Foundation for Every Small Business
If you own a small business, you’ve likely heard that general liability insurance is something you should have. But what exactly does it cover, and why is it considered such an important part of a business insurance plan?
General liability insurance—sometimes called GL insurance or commercial general liability—is one of the most fundamental types of coverage available to businesses of all sizes. Understanding how it works can help you make more informed decisions when shopping for business insurance.
What General Liability Insurance Covers
General liability insurance is designed to protect your business from financial losses related to third-party claims. This typically includes three main areas:
- Bodily injury coverage applies when a customer, vendor, or other third party is injured at your place of business or as a result of your business operations. If someone slips and falls in your store, for example, general liability can help cover the associated medical costs and legal expenses if a lawsuit follows.
- Property damage coverage helps when your business operations cause damage to someone else’s property. If an employee accidentally damages a client’s belongings while performing a service, this coverage may apply.
- Personal and advertising injury coverage addresses claims related to libel, slander, copyright infringement in advertising, or other non-physical harms caused by your business activities.
What General Liability Does Not Cover
It is equally important to understand what general liability insurance does not cover. It generally does not cover damage to your own business property, employee injuries (which typically fall under workers’ compensation), professional errors or negligence (covered by professional liability or errors and omissions insurance), or vehicle accidents involving business vehicles.
This is why many businesses carry general liability as part of a broader insurance plan that includes other policy types suited to their specific risks.
Who Needs General Liability Insurance?
Almost any business that interacts with customers, operates from a physical location, or provides a service or product can benefit from general liability insurance. Many landlords, clients, and government contracts require proof of general liability coverage before doing business with a company. Even home-based businesses and independent contractors can face liability claims that make this coverage worth considering.
Taking the Next Step
Understanding your business’s specific risks is the first step toward choosing the right coverage. At Brad Smith Agency, we work with business owners in Covington, Indiana and throughout the region to help explore insurance options suited to their industry and operations. Call us at (765) 791-1255 or fill out a quote request on our website to start the conversation today.
Commercial Auto Insurance: What Business Owners Should Know About Covering Company Vehicles
Whether your business relies on a single work truck or a fleet of delivery vans, the vehicles you use for business purposes likely need more than a standard personal auto insurance policy. Commercial auto insurance is designed to cover vehicles used for business operations and can provide protections that personal policies typically do not. Understanding the difference between the two can help business owners avoid unexpected gaps in coverage.
Personal vs. Commercial Auto Insurance: What’s the Difference?
Personal auto insurance is designed to cover individuals and their households for everyday driving. When a vehicle is used for business purposes—such as making deliveries, transporting equipment, or visiting clients—many personal policies either exclude coverage or provide limited protection for business-related incidents.
Commercial auto insurance, on the other hand, is designed with business use in mind. It can cover a broader range of vehicles, higher liability limits, and the unique risks that come with using vehicles as part of business operations.
What Does Commercial Auto Insurance Typically Cover?
A commercial auto policy may include several types of coverage:
- Liability Coverage: Helps pay for bodily injury or property damage your business vehicle causes to others in an accident.
- Collision Coverage: Helps pay to repair or replace your vehicle if it’s damaged in a collision.
- Comprehensive Coverage: Helps cover damage from non-collision events such as theft, vandalism, weather events, or fire.
- Uninsured/Underinsured Motorist Coverage: Provides protection if your vehicle is involved in an accident with a driver who has little or no insurance.
- Medical Payments Coverage: Helps pay for medical expenses for you and your passengers following an accident.
Who Needs Commercial Auto Insurance?
Commercial auto coverage is worth exploring for a wide range of businesses and self-employed individuals, including:
- Contractors and tradespeople who use trucks or vans to transport tools and equipment
- Businesses that operate delivery vehicles
- Real estate agents or sales professionals who frequently drive to client locations
- Food trucks and mobile service businesses
- Independent contractors who use their personal vehicle for work-related driving on a regular basis
Even if you only occasionally use your vehicle for business purposes, it’s worth checking with your insurance agent to understand whether your current policy provides adequate protection.
Understanding Hired and Non-Owned Auto Insurance
If your employees drive their own vehicles for business purposes—such as running errands or making client visits—your business may have exposure that commercial auto insurance alone doesn’t cover. Hired and non-owned auto insurance (HNOA) can help fill this gap by providing liability coverage for vehicles your business uses but doesn’t own.
HNOA coverage is often available as a standalone policy or as an endorsement to an existing commercial auto or general liability policy. It does not cover physical damage to the employee’s vehicle, but it can help protect your business from liability if an employee causes an accident while driving their own car on company business.
If your business relies on vehicles in any way, it’s worth making sure your coverage is up to the task. Contact Brad Smith Agency in Covington, Indiana at (765) 791-1255 or submit our online form to explore commercial auto insurance options for your business.
Cyber Liability Insurance: Does Your Small Business Really Need It?
When most people think of cyberattacks, they picture large corporations making headline news after a major data breach. But the reality is that small businesses are frequent targets of cybercriminals—and often less prepared to handle the financial and operational fallout. Cyber liability insurance is designed to help businesses manage the costs associated with data breaches, ransomware attacks, and other cyber incidents. If your business stores customer data, processes payments, or relies on digital systems, it may be worth exploring what this type of coverage can offer.
What Is Cyber Liability Insurance?
Cyber liability insurance is a type of business insurance that helps cover costs related to cyber incidents and data breaches. It is distinct from standard business insurance policies, which typically do not include coverage for cyber-related losses. As businesses have become more dependent on digital technology, cyber liability insurance has grown into an important consideration for many business owners.
What Types of Incidents Can a Cyber Policy Help Cover?
Cyber liability policies vary widely, but many are designed to help cover costs related to:
- Data Breaches: If customer or employee information is exposed, a cyber policy may help cover notification costs, credit monitoring services, and legal fees.
- Ransomware Attacks: If a cybercriminal locks your systems and demands payment to restore access, cyber insurance may help cover recovery costs.
- Business Interruption: If a cyber incident disrupts your operations, some policies may help compensate for lost income during the downtime.
- Legal Costs and Regulatory Fines: If your business faces legal action or regulatory penalties related to a data breach, cyber coverage may help with those expenses.
It’s important to read the terms of any policy carefully and speak with a licensed agent to understand what is and isn’t covered.
Which Businesses Are Most at Risk?
While any business that uses technology can be a target, some industries face elevated cyber risks due to the type of data they handle. Businesses in healthcare, financial services, retail, legal services, and professional services frequently collect sensitive customer information, which makes them attractive targets for cybercriminals.
However, small businesses of all kinds are increasingly targeted simply because they tend to have fewer cybersecurity resources and defenses than larger organizations. Phishing emails, weak passwords, and outdated software are common entry points for cyber incidents across businesses of every size.
Questions to Ask When Evaluating Cyber Coverage
If you’re exploring cyber liability insurance for your business, here are some useful questions to consider:
- What types of cyber incidents does the policy cover?
- Are there coverage limits for specific types of losses, such as ransomware or business interruption?
- Does the policy cover first-party costs (your own losses) as well as third-party liability (claims from affected customers)?
- What is the claims process if an incident occurs?
- Are there any cybersecurity requirements you must meet to maintain coverage?
A licensed insurance professional can help you work through these questions and find options that may align with your business’s needs.
Wondering if cyber liability coverage makes sense for your business? Reach out to Brad Smith Agency in Covington, Indiana at (765) 791-1255 or fill out our online form—we’re here to help you explore your business insurance options.
What Is a Business Owner’s Policy (BOP) and Is It Right for Your Business?
If you own a small or medium-sized business, you’ve probably heard the term “Business Owner’s Policy” or BOP. It’s one of the most common types of commercial insurance, but many business owners aren’t sure exactly what it includes — or whether it’s the right fit for their needs. Here’s a clear breakdown.
What Does a BOP Include?
A Business Owner’s Policy typically combines three core coverages into a single, bundled package: commercial general liability insurance, commercial property insurance, and business interruption insurance.
Commercial general liability protects your business against claims of bodily injury or property damage caused by your operations, products, or services. If a customer slips and falls in your store or your product causes damage to someone’s home, general liability helps cover legal costs and settlements.
Commercial property insurance covers your physical assets — your building (if you own it), equipment, inventory, and furniture — against risks like fire, theft, vandalism, and certain weather events.
Business interruption insurance kicks in when a covered event forces you to close temporarily. It helps replace lost income and cover ongoing expenses like rent and payroll while your business recovers.
Who Is a BOP Designed For?
BOPs are typically designed for small to medium-sized businesses that operate in low-to-moderate risk industries. Retail stores, professional offices, restaurants, small service businesses, and independent contractors are common candidates. The specific eligibility requirements vary by insurer.
Businesses with higher risk profiles — such as manufacturers, contractors working on large projects, or businesses with significant fleet operations — may need standalone commercial policies or specialized coverage in addition to or instead of a BOP.
What a BOP Typically Does Not Cover
It’s just as important to understand what a BOP does not include. Most BOPs do not cover professional liability (errors and omissions), commercial auto insurance, workers’ compensation, or health and disability insurance for employees. These coverages typically need to be purchased separately.
The Benefit of Bundling
One of the main advantages of a BOP is cost efficiency. Bundling multiple coverages into one policy is often more affordable than purchasing each policy separately, and it simplifies your insurance management.
Is a BOP Right for Your Business?
The best way to find out is to speak with an independent insurance agent who can assess your specific risks and help you explore options. Brad Smith Agency works with multiple insurers and can help you compare coverage so you can make an informed decision. Call us at (765) 791-1255 or fill out our online form to get started.
Protecting Your Business This Summer: Why Seasonal Risks Deserve a Coverage Review
For many businesses, summer is the busiest and most profitable time of year. From restaurants and retail shops to contractors and event venues, the warmer months bring increased foot traffic, more employees, and new operational challenges. That also means new risks — and it’s worth making sure your business insurance is ready for the season ahead.
Increased Foot Traffic and Premises Liability
More customers on your property means more opportunities for slip-and-fall accidents, property damage claims, and other incidents that could result in a liability lawsuit. General liability insurance is the foundation of most business insurance programs, covering bodily injury and property damage claims that arise from your business operations.
If your business hosts outdoor events, sets up seasonal displays, or expands into outdoor seating during the summer, talk to your agent about whether those activities fall within the scope of your current policy.
Contractor and Seasonal Worker Considerations
Summer often brings a need for additional staff. Seasonal employees and temporary workers may be covered under your workers’ compensation policy, but it’s important to verify this before onboarding new team members. Misclassifying a worker as an independent contractor when they should be an employee can create gaps in coverage and expose your business to significant legal risk.
If you hire independent contractors for seasonal projects, ask whether they carry their own liability and workers’ compensation insurance, and consider requesting a certificate of insurance before work begins.
Property and Equipment Exposure
Summer storms, high winds, and flooding can cause serious damage to commercial properties. Review your commercial property insurance to understand your coverage for weather-related events. If your business relies on equipment — refrigeration, HVAC, outdoor furniture, or specialized machinery — ask your agent about equipment breakdown coverage and whether your current policy addresses outdoor property.
Business Interruption Insurance
What happens to your business if a summer storm causes significant damage and you can’t open for several weeks? Business interruption insurance can help cover lost income and ongoing expenses during a covered shutdown. This coverage is often added as an endorsement to a commercial property policy and is worth considering for businesses that could not sustain an extended closure.
Make Time for a Mid-Year Review
The shift into summer is a natural checkpoint for a business insurance review. Has your business grown since you last updated your coverage? Have you added new equipment, hired more staff, or expanded your services? Changes like these can affect the amount and type of coverage you need.
Brad Smith Agency can help you review your current business insurance and explore options that fit where your business is today. Call (765) 791-1255 or request a consultation through our website.
5 Common Business Insurance Gaps
Many businesses carry insurance but still face coverage gaps when a claim arises. That usually does not mean the business had no insurance at all. It means the policy in place did not match the loss that occurred. A company may have general liability coverage but no protection for a professional mistake. It may insure a building but not carry enough coverage for storm damage, lost income, or newly purchased equipment. These problems often stay hidden until a business is already under pressure.
That is why it helps to look beyond whether a business is insured and focus on what the policy actually covers. The right business insurance program should reflect how the company operates today, not how it operated two years ago. As a business grows, adds vehicles, signs larger contracts, stores more data, or sends employees to new locations, the risk of a coverage gap may increase.
1. Natural Disasters
Extreme weather is a common source of insurance gaps. A business may think its property policy covers all storm damage, but that’s not always the case. Wind, hail, rain, wildfire, and flood can affect coverage in different ways. Some losses are covered, others are limited, and some need separate protection.
Natural disasters can damage buildings, inventory, equipment, and signs at once. Some policies may not fully cover cleanup, code upgrades, or lost income. If your business operates in hurricane, hail, wildfire, or flood zones, review policy details closely.
2. Professional Liability
Another common gap involves professional liability. This applies when a business gives advice, provides a service, or makes recommendations that clients rely on. If a client says the business made a mistake, missed a deadline, left out important information, or delivered flawed work, general liability insurance usually does not cover that kind of claim.
Service businesses often overlook this risk because it causes financial, not physical, loss. Consultants, accountants, designers, marketing firms, IT providers, and similar businesses could face costly claims—even if the claims are unfair, legal defense is expensive.
3. Commercial Auto Accidents
Commercial auto exposure is another area where businesses make costly assumptions. A personal auto policy may not provide the protection needed for a business-owned vehicle, and general liability insurance usually does not cover most auto accident claims. If a company owns cars, vans, trucks, or other work vehicles, it may need commercial auto insurance.
This risk applies beyond delivery firms and contractors. Any business using vehicles for sales, service, tools, or meetings includes the risk of accidents. Vehicle damage, injuries, legal claims, and repairs can escalate after one crash.
4. Cyber Risks
Cyber attacks have become a major source of business losses, yet many companies still lack meaningful cyber coverage. Phishing emails, ransomware attacks, wire fraud, and data breaches can disrupt operations and incur high costs. A business may need to restore systems, notify affected customers, hire forensic experts, and manage legal or regulatory issues.
Even small businesses are targets because they often have fewer internal safeguards. A company that stores payment information, employee records, or customer contact data can suffer significant losses from a single attack. Downtime alone can hurt revenue and customer confidence.
5. Travel Abroad
Travel abroad can create a gap that many businesses do not consider until an employee is already overseas. A domestic health plan or standard business policy may not provide the right protection for international travel. That can be a problem when an employee needs medical care, emergency evacuation, or help replacing lost travel arrangements during a work trip.
International travel insurance can help address risks tied to business travel outside the country. This may be important for companies that send employees to conferences, client meetings, job sites, or vendor visits abroad. Without the right coverage, one unexpected event overseas can become expensive fast.
We Can Help You Spot Gaps Before Renewal
The best time to look for business insurance gaps is before renewal, not after a claim. Review your operations, payroll, locations, vehicles, contracts, services, and any major changes from the past year. A policy that fit the business last year may not fit it now. New equipment, new staff, international travel, data exposure, and added service lines can all change the risk.
A careful review of business insurance coverage can help identify weak spots before they turn into expensive problems. Our local Indiana insurance agents at Brad Smith Agency can help you compare business insurance options, review current protection, and close coverage gaps before a claim happens. Give us a call at (765) 791-1255.