You already have business insurance, but have you overlooked a situation that could jeopardize your business? We offer a list of the most overlooked types of business insurance, as well as a brief explanation of each type.
- Working Methods Liability Insurance (EPLI) : This insurance protects against claims made against your company by an employee, such as wrongful termination, harassment, discrimination and others. These applications are expensive to defend when submitted and often lead to a solution or judgment that your company may not be able to afford. With this insurance it is covered.
- Cybercrime Liability Insurance: If your employee files, financial files or other personal information online falls victim to a cybercrime, the financial damage to your business can be extensive. The average cost of a company suffering from a cybercrime is in the range of $ 2.25 million for a larger company and about $ 200,000 for a small company, as reported by CNBC.
- Car insurance: Your company-owned vehicles can be covered by commercial car insurance, but if an employee uses their own vehicle for business activities and ends up in an accident, your company can be held liable.
- Flood insurance: Your corporate property insurance does not protect against flooding in almost all cases. You need to purchase a separate (usually very affordable) policy to protect against this risk. Floods can occur anywhere, especially in changing weather conditions, and if your facility floods, it can be an economic disaster.
- Insurance interruption insurance: Your business can be protected against a number of dangers by your property insurance, but when you are closed due to a disaster, you need protection. Insurance termination insurance protects against many risks that are not covered by standard corporate insurance.
- Insurance interruption insurance: Several issues can affect your company's ability to produce your products. These include a supplier who does not supply a necessary component. Any coverage for business interruptions protects against the risk of partial or total losses in connection with the delivery of components from third parties that led to revenue losses.
- Professional Liability Insurance: This type of insurance protects against claims against your company for negligence, copyright issues, personal injury and other lawsuits. Errors and accidents occur, even in the best-run companies.
- Liability Umbrella Insurance: These insurances have been introduced to provide coverage beyond the limits of your business insurance, which can be critical in serious cases of damages or deaths.
- Insurance liability for business management: A business owner may risk becoming a target for a claim or lawsuit. Various types of insurance are available to protect against damages, including directors 'and executives' insurance, management liability insurance or insurance for exceptional circumstances such as kidnapping, redemption claims and extortion.
Which business insurance is right for you?
If you are concerned about the risk of financial loss and are unsure if you have sufficient liability insurance, we encourage you to meet with one of our qualified agents to discuss your situation and advise you on the insurance you need to keep your business secure and thriving.