You might be thinking of the potential risks; that’s why you’ve chosen the current coverage you have. But now that you’ve heard of stand-alone insurance, what is its coverage, and how does it work?
Stand-alone insurance is a type of insurance aimed at covering a specific cost. It is the opposite of a whole insurance policy which may cover almost everything. Take this example; business insurance will cover property damage during natural disasters. On the other hand, stand-alone insurance can cover the businesses’ other investments and non-physical assets.
Different Types Of Stand-Alone
This insurance is available not only for business owners but for individuals and customers. Listed below are the types and the coverage.
Company property or facilities are insured. For individuals, houses will be covered.
If customer complaints result in lawsuits, legal costs will be handled by the insurance. In most cases, it pays for settlement fees.
C. Loans and investment
To protect the company from losses in an investment, stand-alone will help cover expenses. It can also cover loans and other company assets like trademarks, patents, and copyrights.
Reasons To Use Stand-Alone
If you currently have your existing insurance, you might want to add stand-alone to complement your current coverage. This way, your business will be secured from unforeseen additional expenses in the future. For example, your restaurant is located in a fire-prone area, and your insurance may only cover property damage. You’ll need coverage for the loan since the bank still owns your restaurant.
What Should You Consider?
If you want to complement your existing insurance, you’ll need stand-alone. To cover for events for risk that might only happen to you, you’ll need this to supplement your security. If your business runs an architectural firm, trades and copyrights need protection from potential cyberhackers. Each business will have its unique risk, so you need to think of yours.
Running your business is a great avenue to make your ideas happen. But, what would happen if the unexpected came? Stand-alone will supplement your existing coverage should any risk happen to your business.
At Valencia Insurance Group, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (772) 344-8899. Get your free quote today by CLICKING HERE.