Business Insurance Update
There is nothing more important than having the right commercial insurance for your business. Let’s face it, one uninsured loss could be devastating to your business. According to the Small Business Administration, 30% of businesses never recover from a large loss. Your business insurance can be designed to fit your individual needs. Here are a few business insurance coverages that some business may overlook.
Cyber Liability Insurance: This insurance can protect your business from a data breach. If your business stores sensitive or non-public information about employees or clients, you are responsible for protecting that information.
Umbrella Liability: Almost every business, large or small, needs some level of added protection afforded by a commercial umbrella insurance policy. A commercial umbrella policy provides a layer of coverage over and above a primary business and auto policy. There are at least five important lessons, or facts, to be aware of when considering commercial umbrella insurance.
Employment Practices Liability: An Employment Practices Liability (EPLI) policy covers claims made against directors, officers, employees, the company, and its subsidiaries. The policy can cover wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment related libel, slander, defamation and invasion of privacy, wrongful failure to employ or promote, and retaliation.
Business Income Extra Expense: This covers the loss of income that a business suffers, after a covered loss, while its facility is either closed because of the loss/claim or in the process of being rebuilt. Extra expense insurance covers some of the reasonable and necessary costs a business incurs such as the costs of setting up business in a temporary location while its damaged facility is being restored.
Errors and Omissions Insurance: Errors and Omissions, also known as Professional Liability Insurance, helps to protect your business from lawsuits and claims, which may occur because of providing professional services or not delivering on a commitment or promise. If you provide any kind of “professional” services, you need to consider this insurance.
Environmental Liability: Your business insurance does not cover any claims for pollution or environmental related accidents. There are pollution exclusions in commercial general liability, automobile, and property policies. To fill this gap, Environmental or Pollution Liability is needed for firms that have an exposure.