All businesses need insurance to protect them from unexpected expenses. Your job as an insurance provider is to help companies find policies that meet their unique needs. Sometimes, traditional coverage is not enough to benefit certain businesses. If you have commercial clients and specific industries, you may want to offer additional insurance to help pay the cost of huge, unexpected expenses. Here are five types of companies that may benefit from supplemental insurance.
- PR and Consulting Firms
Because PR and consulting firms are businesses that help develop and protect a company’s reputation and image, they are prone to defamation and libel lawsuits. If one of their clients does not like the way the company represents his or her business, they may hit the firm with a lawsuit that incurs a significant amount of legal expenses. Partnering with a Long Island insurance broker is a great way to offer additional coverage that meets your clients’ needs for commercial insurance.
- Medical Practices
Medical practices require specific types of insurance, including malpractice insurance. Because this coverage is not applicable to businesses in every industry, you may not offer it in your policy. You can reach out to an additional insurance provider that offers malpractice insurance so you can provide medical clients with policies that meet their needs. Offering them the option of additional coverage also allows them to raise their coverage limits without blowing their budget.
- Retail Stores in High-Risk Zones
Many retail stores sit in areas where tornadoes or hurricanes are frequent occurrences. These storms can cause a significant amount of property damage, but if you represent clients from all over the nation, your standard policy may not be enough to cover the costs of repairs. In this case, retail stores can greatly benefit from having additional insurance so they can get back to making sales as quickly as possible.
- Legal Firms
Legal firms have a reputation to maintain, so when they get hit with a defamation lawsuit, it can be extremely damaging. Purchasing additional insurance gives companies in this industry the resources to handle legal matters without touching the business’s profit margin. The company can function as usual while the legal process occurs. Without additional insurance, the legal firm may not have enough capital to pursue legal action while operating the business as normal.
- Real Estate Agencies
Real estate agencies are another type of company that relies on image and reputation to gain business. Because this industry is high profile and generates a significant amount of high-value sales, it should avoid defamation lawsuits at all calls. Additional insurance may give these businesses the resources they need to maintain their reputation and image when they are hit with a defamation case or a personal injury lawsuit from someone getting injured on one of their properties.
Not all companies benefit from additional insurance coverage. Knowing the unique needs of your clients is important as a commercial insurance provider. If you are trying to find the perfect policy for any of the companies discussed above, adding the option for additional coverage may help create the right policy.
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