Optional/Specialty Coverages

Optional/Specialty Coverages

Add specialty coverage for your business, and rest easy.

 

As a businessowner, there are plenty of things that can keep you up at night. Worrying about insurance coverage doesn’t have to be one of them. Select from among Mutual Benefit’s optional and specialty coverages for added protection. You’ll rest easy.

Equipment Breakdown Coverage

Almost every business depends on some type of equipment to keep operations running. And, almost all of that equipment is powered by sensitive technology, including computers, retail point-of-sale systems, air conditioning and refrigeration units. When your equipment stops working, so may your business. You could find yourself with an out-of-pocket expense, since standard property insurance doesn’t cover losses that result from power surges, short circuits and mechanical breakdown. Then, there’s the income you’ll lose if you can’t serve your customers.

Learn about real-world equipment breakdown scenarios and how this coverage protects your equipment and your business income in the event of a breakdown.

Coverage is provided through Hartford Steam Boiler Inspection and Insurance Company.

Data Compromise Coverage and Cyber One™ Coverage

Cyber crimes are more common than you think. According to the Small Business Technology Institute, more than half of all small businesses in the U.S. had a security breech last year. Could you respond quickly if the personal data of your customers was lost or stolen? Could your budget sustain the significant costs of recovering or recreating lost data? Could you pay to defend yourself in court if you were held liable for insufficient computer system security? Mutual Benefit offers two coverages for businessowners policies that provide the professional help and insurance coverage you need to protect your customers’ information, your reputation and your business in the event of a data breach or cyber attack. 

For additional information about this coverage read our convenient brochure. 

Employment Practices Liability Coverage

Here’s a case study small-business owners need to read: The owner of a small gift and flower shop was sued by an employee for pregnancy discrimination and wrongful termination. The employee alleged that the shop owner had repeatedly treated her differently as a result of her gender and condition. Several fellow employees attested to the treatment by the employer during the investigation. Settlement costs totaled $30,000, and expenses for defense in court came to $12,000.

As a small-business owner, would you have realized that your actions could be seen as discriminatory? Would you have been prepared to pay the total expense of $42,000 out of pocket?

Small businesses are especially vulnerable to employment practices claims, which can include alleged age, gender and pay discrimination; sexual harassment and wrongful termination. Small businesses often do not have a human resources specialist or legal counsel on staff to develop employee handbooks and procedures and provide training on employment practices. In addition, they may not have the financial resources to cover settlement and defense costs.

Mutual Benefit Group’s Employment Practices Liability Insurance program not only covers the costs of settlement and defense up to policy limits, it also provides exclusive access to a website with resources that will help business owners avoid employee practices liability claims. The site includes a helpline number for free legal guidance on general employment practices, as well as samples of up-to-date, ready-made employment policies, procedures and training modules. 

Read our Employment Practices Liability Coverage brochure for more details.

Condominium Directors and Officers Liability

If you serve on the board of a condominium association, you can be held personally liable for the decisions and actions of your association, even if you’re a volunteer. A general liability policy will cover bodily injury or property damage that the association may be responsible for, but it won’t cover financial damages from lawsuits or other claims made against the association and/or its officers. This coverage can be added to your Businessowners policy.

Liquor Liability

If your business serves alcohol, you need to protect yourself from potential financial losses that could occur if one of your patrons becomes intoxicated and causes injury or damage as the result of a fight or accident. Standard liability insurance policies offer no protection for liquor-related claims. Liquor Liability coverage can be added to your businessowners liability policy, which helps cover your legal and civil damages/costs. Talk with your agent about the laws in your state concerning your liability as a businessowner if you make, distribute, sell or serve alcohol, and the coverages you need.

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