When you own a business, you want it (and you!) to be as protected as possible. Purchasing property insurance, liability insurance, and workers’ compensation coverage is an excellent start, but the reality is that it may not be enough. As you’re considering how best to protect your new or established business, consider policies that go beyond the basics. You may find a type of coverage that you didn’t even realize you needed.
Employment Practices Liability Insurance
If you own a small business that has employees, it is a good idea to have employment practices liability insurance. This coverage protects you and your company in the event that an employee files a claim against you for wrongful termination, discrimination, breach of contract, sexual harassment, negligent evaluation, or mismanagement of employee benefits. Hopefully, this is never an issue you’ll deal with, but having the coverage means you’re better safe than sorry.
Casualty Insurance
Companies like Novatae Risk Group provide businesses with casualty insurance. This type of coverage can range from common, such as auto liability insurance, to lesser-known policies you may not realize you need, like foreign liability or product recall coverage. Other situations that are usually under the umbrella of casualty coverage include liquor liability, political risks, special events, and railroad liability. While many types of industries may benefit from these types of policies, they are most common in areas such as cannabis, entertainment, healthcare, media, and nonprofits.
Business Interruption Insurance
Unfortunately, would be business insurance need to close unexpectedly sometimes due to unforeseen circumstances. If you have business interruption insurance, you may receive compensation for money lost due to closed doors or damaged merchandise. It may also help you with situations such as temporarily moving to a new location. A business interruption policy usually covers situations such as fires, lightning strikes, falling objects, and theft.
Cybersecurity Liability Insurance
Companies across all industries use computers, the cloud, and the internet to conduct business. Unfortunately, with the rise of online business operations comes a new type of thief. Cybercriminals may try to hack into your information to skim credit card information or steal personal details about employees or clients. Cybersecurity liability insurance provides coverage in case you fall victim to a data breach or other types of cybersecurity breaches. The money from filing a claim can be used to recover data, improve your online security, handle client-related expenses, and even cover public relations related to repairing your company’s reputation.
Errors and Omissions Insurance
If you provide advice or professional services to clients, errors and omissions insurance is a must. Regardless of how professionally you run your company, sometimes human errors will occur. Errors and omissions coverage pays for costs related to those errors. Common situations in which this policy is used include negligence, providing false or inaccurate advice, misrepresentation, or violation of good faith. If you file a claim, it can help you pay for judgments, settlements, and other costs related to legal defense. This policy is a good idea for people who work in industries like accounting, advertising, technology, or travel.
When it comes to protecting your business, you can never be too careful. If you aren’t sure if you have enough coverage to protect you in every situation, a reputable agency can help you determine which policies best meet your needs and help you set them up.
