Have you purchased workplace insurance but seen an event that could put your business at risk? We have provided a list of the most common types of business insurance, along with a brief description of each.
Employment Practices Liability Insurance (EPLI): This insurance provides protection against employee claims for wrongful termination, harassment, discrimination, and similar claims against your business. When filed, these lawsuits are expensive to defend and often result in deals or clauses that your business cannot afford. It is covered by insurance.
Cyber ​​Breach Liability Insurance: If your employee data, financial information, or other personal information online becomes the victim of a cyber breach, your business will suffer financial disaster. According to CNBC, the average cost to the business of a cyber breach is $2.25 million for a large company and about $200,000 for a small business.
Auto Insurance: Your company car may have commercial auto insurance, but your company will be covered if employees use their cars for company business and nature layer.
Flood Insurance: Your business insurance will not cover flooding in almost all cases. You need to buy a (usually very cheap) policy to cover this risk. Floods can be ubiquitous, especially with climate change, and if your facility is flooded, it can be a financial disaster.
Business Impact Insurance: Property insurance can protect your business against many risks, but you need protection when a disaster strikes. Business insurance covers many risks that standard business insurance does not.
Conditional Business Interruption Insurance: There are many things that can affect your ability to manufacture a product. This includes sellers who do not deliver the requested product. Business interruption insurance protects against the risk of partial or total loss associated with the delivery of third party products that result in loss of revenue.
Professional Liability Insurance: This type of insurance protects against claims against your business due to negligence, legal trouble, personal injury, and other lawsuits. Even in the best managed companies, mistakes and accidents happen.
Liability Umbrella Insurance: This policy is designed to provide coverage beyond your business insurance, which may be substantial in a serious injury or death claim.
Management Business Liability Insurance: Business owners may risk being the target of a claim or lawsuit. There are many types of insurance that can be used to prevent damage, including directors and officers insurance, liability insurance, or coverage for special events such as kidnapping, ransom, and extortion.
Which workplace insurance is right for you?
If you are concerned about the risk of bankruptcy and are unsure whether you have sufficient responsibility, we recommend that you speak to an appropriate representative to discuss your situation layer and tell you the help you need to keep your company safe. and healthy.
