According to a Clark School study published by the University of Maryland, there is a hacker attack every 39 seconds. When these attacks affect businesses, there are often strong reputational and financial consequences. Businesses in all industries face certain cyber liability issues that put them at risk for lost income and possible lawsuits.
Serving on the board of directors or as an officer transfers risks less common in other occupations. Directors and officers (D&O) insurance provides coverage for individual company directors and officers, as well as the business, against personal losses in the event of being sued.
Employers liability insurance protects employers from the possibly significant financial losses that occur when an employee sues over a job-related illness or accident not covered by workers’ compensation.
Lawsuits stemming from on-the-job illnesses and injuries can become costly; however, businesses can protect themselves through employers’ liability insurance. This is an insurance policy often bundled with traditional workers’ compensation insurance.
Homeowners insurance helps protect one of your most significant investments – your home. Unfortunately, the average homeowners policy does not cover all situations that may arise. As policies range from insurance company to insurance company, it is important to know what your policy covers and what it does not.
It has happened to nearly every homeowner at one time or another. You discover a leaking pipe, hole in your roof, or possibly even flooding. Once the water has intruded on your home, it does not take long for damage to occur. The longer that water sits, the more extensive the damage. Fortunately, many standard homeowners insurance policies cover common water damage in the home.
Cyber liability insurance covers the costs associated with a cyberattack or data breach of the affected business. Nearly half of all cyber attacks are committed against small businesses, according to Cybercrime Magazine. It is estimated that cybercrimes will cost the world an estimated $6 trillion annually by 2021.
As humans, we are vulnerable to mistakes; however, when mistakes affect the services provided by a business to a customer, the repercussions can be substantial. If your business is sued by a customer due to mistakes or omissions in your services, you could face hefty legal fees and a possibly devastating settlement.
Fires, vandalism, flooding and even rare events like the coronavirus pandemic can have detrimental effects on a business. When a business is forced to close due to an unexpected disaster, employers must be prepared to deal with the financial repercussions. Business interruption insurance can help replace lost income and cover certain expenses while your operations are temporarily halted.
Employment practice-related claims can cost business owners a substantial amount of money. Even if the case is ultimately dismissed, your business may still be responsible for thousands of dollars in attorney fees and other court costs. While you cannot always prevent employee claims, you can ensure that they do not cause financial ruin for your business with employment practices liability insurance.