4 INSURANCE GAPS FOR BUSINESSES

Our agency insures many businesses of all sizes. When working with new clients, we are often surprised to find that many businesses are not fully educated about some very important coverage and risk management techniques that could be critical to their operation. So, based on our experience, we would like to share with you our 4 Insurance Gaps for Businesses that we consistently see in our reviews that could cost your business substantial monies.

Below are the areas where we find either:

  • No Coverage or Action
  • Very limited coverage

Cyber Insurance– almost every business is dependent upon computer technology. Therefore, these businesses have exposures such as but not limited to: being hacked, passing along a computer virus to someone else, having one’s identity stolen, liability from having a website and all the notification expenses that are incurred should one of these events occur. There are no industry standardized forms so each policy can provide or leave out important coverage

Employment Practices Liability– provides coverage for allegations and claims involving sexual harassment, wrongful termination and discrimination. There are no industry standardized forms so each policy can provide or leave out important coverage

Property Coverage– property coverage seems simple, but over the years we have been amazed at how property values are evaluated and the types of forms being used to insure the Building and Business Property thus resulting in partial or no coverage.

Policies and Procedures– this is the proactive side of insurance. This includes such items as employee manuals, safety manuals and HR procedures to just name a few. Many businesses have them but fail to update them and use them as living documents in the business.

We all know that premium prices drive many of the buying decisions, but what if the lower premium doesn’t provide the coverage?

The Shropshire Agency will help you review your exposure to these and other threats to your business. Call us at 806.763.7311

Visit our Commercial Lines insurance page for more help for your company.

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Great people to deal and do business with
Glenn Estes
Glenn Estes
Great people. They are able to shop through several different insurance companies to find the best deal to suit you personally.
Logan Shelburne
Logan Shelburne
I've been with The Shropshire Insurance Agency since the mid 1970's and they have always been there for me when needed. They are a stellar agency!
Debe Snedigar
Debe Snedigar
Thank You, Chuck S.
Chuck Sudduth
Chuck Sudduth
Jeff has been great to work with for our business insurance. I started a new business in Lubbock and he was with us every step of the way. The staff at Shropshire Agency has the best communication for any policy from start to finish. Don't waste your time with anyone else, they cover auto and home as well!
Lubbock Cleaning Solutions
Lubbock Cleaning Solutions
The Shropshire Agency has covered my business for the last 8 years. They are very thorough and go through my policy every year and have the ability to shop the policy to get the best prices. Great agency!!
Katrina Kohnle
Katrina Kohnle
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