Tag Archives: business insurance
Think about this: If you walked into your office tomorrow and discovered all computers had been stolen, what would you do? When would you be able to resume work? How would that down time affect your business?
This stuff really happens!
Protect Your Assets
Two businesses we insure are thanking us for helping them understand why they should add Employment Practices Liability to their business insurance policies, as they are being sued by either an employee or a former employee.
A typical commercial insurance policy does not provide coverage for the physical loss or damage to a laptop. It will also not cover your legal “data breach” requirements if your device was storing customer, vendor and employee information. You will need to purchase an inland marine policy (or an electronic data processing policy) to cover the laptop and “data breach” coverage to your policy to cover the costs associated with loss of that information.
One of the biggest threats to your income is the likelihood that an illness or injury will leave you unable to work for an extended period of time. Most people underestimate their chances of suffering a disabling illness or injury. The Social Security Administration’s statistics show the typical 20-year-old has a one in four chance of experiencing this type of disability before retirement.
In addition, subcontractors’ wages may be included in your final premium calculation unless they have provided your business with an approved liability and workers compensation certificate of insurance or exclusion form.