Business InsuranceAccording to the latest surveys by major insurers, small to medium sized businesses have a number of critical gaps in their insurance coverage. The reasons for gaps vary. Some businesses don’t fully understand how certain coverage applies to their organization, while some business owners believe they don’t have any risk. Some even buy Ansheim business insurance from a captive agent who can’t provide the coverage.
Business Insurance For Your Organization
Here are the coverages you should consider to make sure you are adequately protected.
Business Income/Extra Expense - 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.
Pollution Liability- Protects against the liability that comes with polluting the environment including restoration and cleanup, liability for injuries and deaths caused by pollution.
Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft and loss of information including sensitive client or individual personal information.
Directors & Officers Liability- Covers costs, damages and defense protection to directors and officers of a company suffering from law suits and judgments that arise out of poor management decisions including employee dismissals, shareholder grievances and other such acts committed in good faith.
Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment and other employment related allegations.
Professional Liability- Insurance that is designed to cover damages, third party claims and claims arising out of providing professional advice. Many firms create legal obligations arising out of a professional's errors, negligent acts or omissions during the course of providing services to clients.