Your business already has liability and property insurance. You believe that you have enough coverage. But do you? The checklist below includes policies that may be important to managing company risk:

• Are you protected if your company loses a key employee? What if your business has a fire and must rebuild? Do you have protection for lost income?
• What is your protection should equipment fail? Does your business insurance cover the cost of repair or replacement?
• Data breaches are a costly event. Are you covered for the expenses related to a data breach?
• If you operate a client-based business, do you have coverage for clients who sue you for errors that led to a negative result?

Many small and medium-sized businesses buy business insurance off the shelf. Some buy their business insurance online, without contact with an insurance advisor. This may not be the right approach to getting a policy. You may miss out on important coverage you might need.

Following is a bit more detail on the coverage you may not have and may need.

1. Key employee insurance protects companies from the potential costs of replacing key executives. This type of insurance pays for the recruitment of a replacement. It also covers training of the new executive. If the key executive was in sales, key employee coverage may cover lost profits due to them leaving.

2. Loss of income protection helps if your business has to close temporarily due to a covered event. Events like fire or severe storms may damage the business. Loss of income insurance helps pay fixed costs, such as payroll, utilities, and rent.

3. Equipment breakdown insurance covers most equipment, from computers to complex manufacturing machinery. Breakdowns can cause your assembly line to grind to a halt or leave your office without computers. This negatively impacts productivity. The insurance pays for the repair or replacement of covered equipment.

4. Data breach insurance covers the numerous expenses related to a data breach. Covered items may include credit monitoring for clients, repairs or replacements to damaged systems, dealings with regulatory authorities and more.

5. Errors & Omissions (E&O) insurance helps businesses such as architects, accountants, doctors and lawyers in the event they are sued for not fulfilling a service promise or guarantee. This insurance generally protects the business by paying legal fees and any settlement or jury award, up to the limits of the policy.

New businesses need to seek the advice of an experienced business insurance advisor. Established companies should conduct an insurance review annually. Trusted insurance advisors help to keep businesses protected from unusual incidents. With the right attention to detail, you can get coverage for the risks facing your operation.