Small to midsize business owners can really benefit from “broadening endorsements” – extra coverage that is thrown in on insurance policies for a flat fee of typically $250 to $300 or for additional minimum costs.
The most common policies with broadening endorsements are the General Liability, Auto and Property insurance policies.
An example of coverage on a General Liability policy is an increase in Medical Payments. These will pay for the medical bills and associated additional costs of someone you are liable for injuring without having to go through major hoops the claims process.
The Auto Liability broadening endorsement can provide or increase a limit for Hired Physical Damage, which is collision coverage for rented vehicles. The additional amount can be anywhere from $35,000 to $50,000. If a rented car is crashed this coverage pays the actual cash value of the repairs.
The Property Liability policy can have many broadening endorsements that can be useful. Anything from replacing lost keys to insuring valuable papers and records may be included. It can also provide building coverage for the first 90 to 180 days of a new building purchase.
Every insurance carrier has its own version of these broadening endorsements because it’s their way of giving you more bang for your buck. Take a minute and see what your carrier is offering you. If you find that your policy doesn’t already have these endorsements ask your agent to inquire specifically for you. Most of these expanded coverages can be added for minimal cost.