Four Coverages Every Business Should Have

Running a business never stops! There are so many things to take into account such as your assets, employees and reputation. Having the proper coverages on your insurance policy can help protect what you’ve worked so hard to build.

Here are some optional coverages that businesses can include on their policy to better protect themselves.

1.Products and Completed Operations

In most business owners policies it’s not uncommon for Products and Completed Operations to be left out. This is crucial to have if your business sells products or offers repair services.

For example, lets say a customer purchases a bicycle from a your bike shop and one day needs a repair completed. If the repair wasn’t completed properly and the customer were to be injured, your shop would be liable. Products and Completed Operations coverage would keep your business safe against a loss like that.

2. Personal & Advertising Injury

A good online presence can really help your business grow. On the other hand, a bad review from a customer’s unpleasant experience can cause damage as well.

Let say a customer had a negative experience with your accounting office during tax season and posted a negative review online which caused you to lose business. Under Personal & Advertising Injury these types of losses would be covered.

3. Cyber Liability

Most businesses offer the sale of their products and services online. In today’s age with numerous cyber attacks it’s imperative to keep your customer’s information safe!

Suppose you offer an educational course online through your aerobics studio for purchase. The site could be easily hacked then all of a sudden every customer’s financial information is available on the open web. Having Cyber Liability included on your policy would have you covered.

4. EPLI (Employment Practices Liability Insurance)

Over the past few years sexual harassment and employee misconduct have produced major headlines in the workplace. These occurrences have cost companies millions in lawsuits.

Another example of EPLI in the workplace deals with wrongful termination. Employees can come back to a company they previously worked for with a wrongful termination lawsuit.

Find out where your business is at risk and get Employment Practices Liability Insurance (EPLI) today!

Feel free to contact us @ 631-224-1000 with any insurance needs both for your business and personal lines. Our friendly office staff will be happy to provide you with a FREE quote, research coverage options and address any concerns you have. We encourage our readers to post in the comments section. It allows us to improve the quality of our blog, connect with our audience and address your insurance concerns.

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