January 11, 2021 | 5-minute (969 words)
From the day an entrepreneur sets up a company, they expose themselves to c...
Business owners are exposed to risk the day they set up shop, but insurance is a safety net that transfers the financial burden of potentially devastating events to a third party.
The first policy businesses need. General liability protects you from claims involving property damage and bodily injury.
Learn moreEPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated.
Learn moreE&O insurance protects businesses against claims of inadequate work or negligent actions that caused financial harm.
Learn moreD&O insurance protects directors and officers of privately held companies against claims alleging firm mismanagement.
Learn moreCyber liability insurance protects businesses from the steep costs of a data breach or a malicious software attack.
Learn more“The biggest benefits are allowing me to focus on my business. It has taken away the issues of having to deal with an invoice, or having to deal with expenses. It honestly takes so much pressure off of me to be able to focus on me growing a business rather than me focusing on the expense side. That has been the biggest help for me.”
Barton Sidles, Director of Corporate and Business Development of Hubject
A general liability policy protects your business from bodily injury or property damage claims, which are among the most common risks of running a firm. It protects your business from lawsuit costs and may be required for certain leases and contracts.
General liability insurance protects businesses from claims such as:
E&O policy protects the business owner, hourly and salaried employees and subcontractors from lawsuits claiming a mistake in professional services. It can cover court costs or settlements that can be very expensive for your business to pay on its own.
E&O insurance commonly has specific exclusions that should be noted and understood. In general, E&O policies exclude client injuries, employee theft, client property damage and cyberattacks. Many E&O policies also exclude technological services.
Business owners and employees make mistakes, but not everyone forgives them. Businesses that provide professional advice or services need E&O insurance as protection from allegations of negligence or mistakes. It covers legal defense costs for the lawsuit.
Cyber liability insurance is important for small businesses because they tend to have weak cybersecurity, making them a target for hackers. A cyberattack reportedly costs companies an average of $200,000, and such attacks are only expected to increase.
Cyber liability insurance policies generally don't cover professional liability, insider attacks, customer losses, system failure or loss of value from intellectual property theft. They also typically exclude war and terrorism, bodily injury and property damage, and contractual liability.
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