What Types of Insurance Does Your Industry Need?
October 3, 2017
All businesses face risk. In the telecommunications industry, companies are faced with the hazards most businesses deal with, plus even more unique risks specific to the industry. With such distinct coverage needs, it can be hard to determine what insurance is best for you.
By carrying these types of insurance, you can protect your business and employees against hazards commonly seen in the telecommunications industry.
- Workers’ Compensation
Workers’ Compensation coverage is mandatory in most states. It will cover an employee’s lost wages and the cost of resulting medical treatment if they happen to have an accident on the job and suffer a work-related injury. It will also cover any services an employee might need in order to return to work.
- General Liability
General Liability will protect your business in case of third party claims, such as bodily injury or property damage. This insurance is usually considered core coverage, particularly for businesses or jobs that are considered physical, or where employees face heightened amounts of physical risk.
- Business Automotive
This insurance will protect your business in the case of any incidents involving a vehicle that has been used by the company for any business-related purposes. In the case your business uses other vehicles which are not property of the business, it will also protect against unforeseen accidents.
When equipment is working as it should, we take it for granted. But equipment breakdown insurance is important to protect against breakdowns caused by any potential risk factors. This includes power surges, burnout, malfunction and operator error. Equipment breakdown insurance covers all sorts of equipment and includes coverage for new technology.
In addition to equipment coverage, an installation floater is an insurance policy that covers personal property installed, fabricated, or erected by a contractor. It covers the property until the installation work is accepted by the purchaser or when the insured’s interest in the installed property ceases.
A property policy protects a business’s physical assets and is appropriate whether you own or lease your space. If you have a mortgage or a lease, you may be required to have property insurance. This is the best way to protect your work environment and the property in case of a natural disaster or other accidents.
However, this policy will only offer protection in the case of covered events. Make sure you double check what is covered in your policy, and if you need protection for certain scenarios, you may need additional coverage.
Umbrella insurance offers excess liability protection in case your General Liability, Commercial Auto Liability, and/or Employer’s Liability coverage is insufficient. It essentially acts as a backup plan, providing additional financial protection for situations where your business faces a particularly large claim that exceeds the limits of a single policy. This policy is especially important for businesses in the telecommunications industry that face a variety of risks.
- Professional and Pollution
Professional Liability and Pollution Incident policy is purpose-built coverage for the needs of employees. Coverage includes failure to detect faulty workmanship of subcontractors, pollution incidents, such as mold growth resulting in bodily injury or property damage, reimbursement for legal fees, expenses incurred in responding to regulatory or administrative actions, and more.
With an increasing focus on the environment and a growing list of pollution sources, there have been an increased number of costly lawsuits against companies. Without a Pollution incident policy, one of these sources could cause great harm to your business or employees.
Call the Experts
USA Telecom Insurance Services can work with you to develop an insurance policy that best suits your needs, so don’t wait to schedule your appointment. With over 40 combined years of experience in the telecommunications industry, our team will get you exactly what you need. Contact us today at (800) 645-8699 with any questions.