When it comes to keeping your business, assets, and employees protected, you need to put a strong emphasis on selecting the right insurance plan. While it might seem straightforward in some regards, there are plenty of options that will be presented to you along the way. If you’re not sure how to respond to these decisions, you could be missing out on some important opportunities for your company and its security. Tail coverage, for example, is one area that might be important to consider.
Protected From the Unknown
Understanding the basics of tail coverage for medical is not too difficult. This is an alternative method available on most policies. Also known as a Standalone ERP, this is a kind of option that is used in specific situations. If your business merges or is purchased by another entity, this option will come into play. While it might not seem necessary from the start, you can view this policy as a sort of contingency plan for a worst-case scenario. Other points to consider in relation to ERP coverage include:
• Modification of limits, costs, and terms
• Difference between tail policies and standard ERP endorsements
• Length of the continued coverage period
Prepared for Anything
In order for you to feel as if your insurance policy is ready for whatever life throws at your business, you need to take time to think about all the options presented to you. Review how a tail policy works and determine if it is a good fit for your company’s future.