No matter the size, market, or industry of your company, you need a specific portfolio of insurance policies to help cover your operational exposures. From location-based coverages such as property and general liability to worker-focused protections such as workers’ compensation and employment practices liability, it’s important for you to figure out which policies are necessary for your business. Even insurance coverage for your work deliverable such as professional liability can be a must-have for a comprehensive plan.
Understanding Tail Coverage
For companies that are selling or offloading their business in whole or part may be impacted by outstanding claims. Tail coverage insurance, also known as standalone extended reporting coverage or ERP refers to an endorsement that gives a company that was formerly insured additional time to report or settle past or ongoing claims. You should strongly consider adding this endorsement to your policy, especially if the nature of your business demands it.
Tailoring Your Plan
Nobody knows your business as well you do, but there are insurers who understand the exposures that you face. Volatile industries and changing market industries may lead you to add a tail endorsement to protect your interests as you navigate. The right insurance company can help you come up with a tailored plan that plans for the road ahead while watching your back.