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You’ve worked hard to build the assets of your business. However, the largest risk to them is often not fire, lightning, or wind as we often think. The largest threat to your business is usually from liability associated with business operations. Liability Insurance comes in many different forms, but in the end they protect your business should it be found liable for hurting someone or something. You know your business better than anyone and understand the risks associated with it. Reference the material below to see which liability coverage(s) are applicable to you.
The only way to effectively protect the assets of your business is to carry adequate Commercial General Liability insurance. This coverage protects your business should it be found responsible from bodily injury (hurting someone) or property damage (hurting something). More Information / Quote
Professional Liability Insurance
Professional Liability insurance provides coverage for errors and omissions in professional services. Professional services are often excluded from general liability policies since those risks are more appropriately covered under an industry-specific professional liability insurance policy. Professionals who shold consider this coverage are doctors, physicians, dentists, architects, engineers, accountants, lawyers, insurance agents, real estate agents, bankers, and other professional services.
Umbrella Liability / Excess Liability / Bumbershoot
Umbrella liability insurance provides additional liability coverage over and above general liability, auto liability, and even employer’s liability. It is often placed over professional liability as well in order to reach adequate limits. For example, if your business needs $5,000,000 general liability coverage, but your general liability policy provides only $1,000,000, you could purchase a $4,000,000 umbrella ($1m + $4m = $5m). A Bumbershoot is the maritime equivalent and can extend over marine liability coverages such as Protection and Indemnity.
Employment Practices Liability
Employment Practices Liability insurance covers events such as sexual harassment (from employer or other employee), discrimination, wrongful termination, refusal to hire, and other employment related issues.
Directors & Officers Liability
Directors and Officers Liability protects against losses and defense costs resulting from wrongful acts of directors and officers. Often the damages due to breach of duty are not covered under a general liability policy. Think of D&O liabiliy like professional liability for the directors and officers of a corporation.
Cyber liability is the fastest growing type of insurance! If your business stores customer data such as address, federal ID, payment information, social security numbers, or any other personal information, you could be liable if it is leaked or stolen. Leaks can occur when information is inadvertently disclosed or not disposed in a proper manner. Data can be stolen if a laptop is taken from a car, if a thief breaks into your building and steals hardware, or if a hacker steals data from your server. Depending upon your industry, laws may require you to notify affected customers and provide other services. Standard notification expenses can be over $200 per person. Cyber liability insurance addresses this risk. More Information / Quote