Every business, large or small, needs to protect itself from unfortunate or downright catastrophic losses. As it does for all things valuable\u2014including your car, home, and even your life\u2014insurance offers peace of mind and financial protection in times of trouble.\u00a0Insuring\u00a0your business is a smart move, as it can mean the difference between staying in business and going bankrupt.<\/p>\n
The most common benefits of business insurance such as property loss<\/a>, workers comp<\/a>, and errors and omissions<\/a> are well known, but you may be surprised by some of these loss\u00a0coverages\u00a0that a comprehensive policy affords you.<\/p>\n Legal liability coverage typically comes in two forms, general and product liability, with general liability<\/a> covering business-related injuries due to company negligence, whether on or off company premises. Product liability covers issues that arise due to inadequate services or defective merchandise.<\/p>\n Litigation is a time-consuming and expensive ordeal. Whether your company is found liable due to a court decision, contract violation, or legal statute, liability insurance is available to protect you. Basic liability insurance covers the costs associated with these liabilities, and a comprehensive general liability policy covers accidents and injuries involving a company employee.<\/p>\n While such policies generally cover medical expenses, attorney fees, and court fees, they do not cover product liability. For that, you need a separate policy.<\/p>\n No one likes to think about the possibility that a key employee may suddenly become disabled or die, but it is important to prepare for such an event so your business not only\u00a0survives,\u00a0but continues to operate smoothly. It\u2019s true that life goes on regardless of loss, but the loss of a key person is not just a human tragedy\u2014it can also result in\u00a0significant\u00a0financial loss for a company. Key person insurance helps mitigate any such losses.<\/p>\n The Internet is a major business tool for most companies today. If your business\u2019s Internet presence is disrupted by hackers or another breach, an e-business insurance policy<\/a> protects you from revenue loss, theft of data, securities, software, and computer resources. It can also afford protection against loss of reputation, libel and public disclosure of private information. It can even cover the cost of consultants you\u2019ll need to hire to both stop the attack and devise a plan for future attacks.<\/p>\n Data breach coverage assists in regulatory requirement compliance and is also available for defense and liability expenses in the event of a lawsuit due to a breach.<\/p>\n One of the best benefits of business insurance on offer today may be business interruption protection. Most basic policies do not cover the indirect costs associated with losses, such as fire or flood. If your business suffers such a loss and has to close down completely, your general policy may cover repairs to the building and equipment, but it will not cover loss of income during the time it takes your business to recover or rebuild. You may be left with no income to cover normal expenses like salaries, benefits, and taxes, or even rent on a temporary location.<\/p>\nLegal Liability<\/strong><\/h2>\n
Key Person Loss<\/strong><\/h2>\n
E-Business Insurance<\/strong><\/h2>\n
Business Interruption<\/strong><\/h2>\n