In most states, your business needs certain coverages to operate, like workers’ compensation insurance. Workers’ comp gives your employees benefits to help them recover from a work-related injury or illness. It can pay for medical expenses and help replace lost wages if your employees have to miss work.
Liability insurance is also important because it helps pay the legal fees and costs related to lawsuits filed against your business. Without these coverages protecting your business, you’d have to pay out of pocket for claims.
Choose the Best Types of Business Insurance
To help protect your business’ property, income and financial assets, a Business Owner’s Policy (BOP) is good to have. It combines three different types of coverage into one, such as:
Business property insurance to help protect your owned or rented building and the equipment used to operate your company. This can include your:
General liability insurance to help cover claims that your business caused:
Personal injury, like libel or slander
Business income insurance, also known as business interruption coverage, to help replace lost income if you can’t operate because of covered property damage. This includes damage from fire, destructive winds or burglaries.
Depending on the unique needs of your company, you can also add other types of coverage to customize your protection.
Cyber insurance can offer broad coverages to help protect businesses from various technology-related risks. We offer two different cyber insurance policies: cyber liability insurance and data breach insurance.
Data breach insurance helps your business respond to breaches and can offer enough protection for small business owners. Cyber liability insurance is typically meant for larger businesses and offers more coverage to help prepare for, respond to and recover from cyberattacks.
Why Businesses Need Cyber Liability Insurance or Data Breach Coverage
Hackers can target personally identifiable information (PII) or personal health information (PHI) you keep on your business’ computers. That’s why it’s important to protect your business with data breach or cyber liability insurance, helping you respond quickly after a data breach or cyberattack. These coverages can help if:
Your business’ computers get a virus that exposes private, sensitive information.
Customers or patients sue after your business loses PII or PHI.
You’re faced with high public relations costs to help protect your business’ reputation after a data breach.
Ask yourself these questions to see if your business needs data breach or cyber liability insurance:
Do we collect, store, send or receive PII or PHI?
Do we work in an industry with rules about customer information, such as healthcare, education or finance?
What would we do if we faced a cyberattack today?