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 5 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 can help protect your business from the financial and reputational damage that can result from 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 if your business has strong HR policies in place, there is 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 provides protection for directors and officers of a company in the event that they are sued for wrongful acts related to their positions. This type of insurance can help protect 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 can provide coverage for lost income and additional expenses related to the interruption, helping your business get back on its feet more quickly.
Product Liability Insurance: If your business manufactures, distributes, or sells products, product liability insurance can protect you from legal claims related to injuries or damages caused by your products. This type of insurance can be especially important for businesses that sell products that have a higher risk of injury, such as food products or children’s toys.
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