Purchasing real estate for a unique business operation comes with many responsibilities to consider. For many business types, necessary insurance coverage may only be included in a monoline property insurance policy. To ensure that your business has the coverage it needs, consideration should be made for coverages that are typically excluded from general policy packages. Three common liabilities that may require monoline policies are as follows.
1. Products Liability
Product liability applies to certain businesses in the manufacturing, distribution, or retail industries. If you are serving to make products available to the public, you may need to add product liability coverage to your plan through a monoline policy.
2. Cyber Liability
Any business that conducts transactions with customers is at risk of being targeted by cybercriminals who seek to claim sensitive information. Though cyber liability insurance is a common need, it is not always included in general liability coverage.
3. Liquor Liability
Though liquor liability coverage is in niche demand, your business fits into that niche if it sells or distributes alcohol. Many entrepreneurs may neglect to realize that they could be held liable for damages caused by an intoxicated person on their business’s property.
Property risks that don’t usually fit into general liability programs need to be covered by other means. Common liabilities can easily be mitigated through an additional customizable plan. For such risks which might occur at your place of business, a monoline property insurance policy should be considered.