How can businesses mitigate risks not covered by traditional property insurance?

Businesses can effectively mitigate risks that are not addressed by traditional property insurance by purchasing specialty insurance policies that are specifically tailored to cover those unique or specialized risks. Traditional property insurance generally has limited coverage and may not account for industry-specific threats, emerging risks, or unusual operational hazards that a business might face.

Specialty insurance policies can provide additional protection by addressing these gaps. For example, businesses in sectors like technology or manufacturing might need coverage for cyber liability, equipment breakdown, or errors and omissions that are not typically included in standard property insurance. By selecting the right specialty policies, businesses can enhance their risk management strategies, ensuring that they are better prepared for potential losses that could arise from these vulnerabilities.

Other options, such as ignoring potential threats or relying solely on government assistance programs, do not provide a proactive or reliable approach to risk management. Increasing deductibles may reduce premiums but does not address the coverage gaps for specific risks.