As a business owner, you likely already know the importance of commercial insurance. However, there are many lesser-known types of coverage that you might not be aware of. Here are five types of commercial insurance that every business owner should consider:
Cyber Liability Insurance Cyber attacks are becoming increasingly common and can result in significant financial losses for businesses. Cyber liability insurance helps protect your business from the financial and reputational damage caused by data breaches, cyber theft, and other types of cyber attacks.
Employment Practices Liability Insurance (EPLI) This type of insurance provides coverage for claims related to employment practices such as discrimination, harassment, wrongful termination, and retaliation. Even with strong HR policies in place, there’s always a risk that an employee could bring a claim against your business, making EPLI an important coverage to consider.
Directors and Officers Liability Insurance (D&O) D&O insurance protects directors and officers of a company in the event they are sued for wrongful acts related to their positions. This insurance safeguards both the individuals and the company itself from financial losses related to lawsuits.
Business Interruption Insurance When a disaster or other unexpected event causes your business to shut down, you may lose income and incur additional expenses. Business interruption insurance provides coverage for lost income and additional expenses during the interruption, helping your business recover more quickly.
Product Liability Insurance If your business manufactures, distributes, or sells products, product liability insurance protects you from legal claims related to injuries or damages caused by your products. This type of insurance is particularly important for businesses selling higher-risk items, such as food products or children’s toys.
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