Four risks that we generally overlook when insuring a business. Few people question the importance of businesses having commercial insurance to protect them from the risks they face on a daily basis.
With this objective in mind, insurance companies have created the BOP (Business Owner’s Policy) or business owner’s insurance, a package that combines Commercial Liability Insurance with Commercial Property Insurance, resulting in a policy that financially protects the company from customer lawsuits, losses caused by fires, or damages associated with acts of vandalism.
By having the BOP, many businesses overlook four insurance coverages against risks that constantly threaten companies. These include Employment Practices Liability Insurance, which covers owners from potential lawsuits related to discrimination, sexual harassment, or wrongful termination – cases that are often challenging to defend.
Another overlooked coverage is Cyber Liability Insurance, designed to protect companies and employees from crimes committed over the internet, such as identity theft, cyber-attacks, or data breaches.
The third insurance coverage commonly underestimated by business owners is Professional Liability Insurance. This protects entrepreneurs from errors or omissions while performing their work. It is the specific insurance that covers cases of malpractice, negligence, or misrepresentation.
No matter how dedicated or professional you and your employees are in fulfilling your work, there will always be dissatisfied customers capable of filing expensive lawsuits that can harm your finances and the reputation of your company.
Lastly, there is Business Interruption Insurance. It covers losses resulting from a disaster, such as a fire, for the time your business cannot continue its operations. It also protects your company if it is forced to close due to a third party, such as during external construction processes unrelated to your business.
These are four risks that we generally overlook when insuring a business.
If you are interested in any of these insurances, call Univista Insurance, and they will prepare a customized commercial insurance package tailored to the needs of your business.
Call us today for a full qualification! 305-728-2088. You can also quote for free here.
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