Frequently overlooked business risks.
Running a business means facing risks 24/7. Buying a general coverage insurance plan protects your business from various liabilities, but does not completely safeguard it from all major financial burdens. Even though it’s smart to buy minimum coverage, many commonly overlooked business risks in today’s time can inflict a lot of damage.
Four Commonly Overlooked Business Risks
1) Employment Practices Liability Insurance (EPLI)
This insurance protects businesses from claims made by employees in scenarios like discriminatory practices, harassment, or wrongful termination. In today’s sensitive business environments, such situations are easy to fabricate.
2) Cyber Liability Insurance
We live in a digitally connected world. Apart from internal communication, your business network handles communication from clients and partners, exposing it to the outside world. Having cyber liability coverage is of paramount importance as cyber-attack risks are higher these days and can penetrate even the highly fool-proof systems. This is one of the most overlooked small business insurance coverage that most businesses need.
3) Business Interruption Insurance
Any disruption in your day-to-day business operations can create difficulties. Some could be your fault, while some are not. Interruptions to your business caused by third parties like supplier delays, or interruptions caused by natural disasters like fire hazards, are eligible for insurance coverage.
4) Professional Liability Insurance
No matter how dedicated you are to giving quality solutions, there are always going to be some unhappy customers questioning your competence. This can lead to serious financial losses along with reputation damage. Professional liability insurance protects you from claims like ‘sub-standard work’ or ‘missed deadlines.’
Be sure to consider these four business risks when purchasing insurance coverage. To discuss your specific requirements with a certified agent and learn more about overlooked business coverages, contact Knight Insurance Services today. We are ready to assist your business today.