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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.
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.
If you offer a benefits package to your employees, then you need a fiduciary insurance policy. What is fiduciary liability insurance, exactly? It is a type of insurance designed to protect employers and businesses against claims that result from a breach in fiduciary duty.