Tom's Blog
Your business is your livelihood so the protection your business deserves must be solid. Regardless of how safe you are, adversity can strike at any given moment and when it does, you need to know that you have the right type of business insurance in place to safeguard your business and assets. Simply having a business insurance policy is not enough; you must make sure you have a custom built insurance policy designed to protect your business against risks often overlooked.
Because your business is unique and diverse, there are many coverage options available to shield your business from common risks that are characteristic of your business.
Some Common Types of Optional Coverage Endorsements That You May Often Overlook, but Need:
Employment Practices Liability (EPL)
This type of endorsement is one every business needs especially in this day in time when the media is filled with news regarding incidents of harassment /sexual harassment and discrimination. Running a business exposes you to the possibility of employment claims so by having EPL coverage, you can be protected against claims of wrongful termination, harassment or discrimination.
Data Breaches
If you are a business owner, you most likely have access to certain people’s private information, whether it is your employees, customers/clients, or tenants. Imagine someone accessing all of your privately stored data, exposing each and every individual to identity theft. Unfortunately, data breaches happen all too often and without having a data breach endorsement under your business insurance policy, you could be faced with hefty legal costs and a lot of unhappy individuals when you have to notify each and every person that has been violated.
This type of endorsement can provide coverage for:
- Incurred costs to notify all the affected parties
- Damages you are obligated to pay when your customers, clients or employees personal information has been stolen and/or accessed fraudulently
- Legal fees
Identity Theft Recovery
Identity theft is becoming so common in our society today that it is vital that you have identity theft protection. If your identity is stolen, it can negatively impact your credit, business operations, and assets. With this type of protection, you can get your business operations up and running again as quickly as possible. This endorsement allows protection for:
- Lost wages
- Incurred legal costs to defend lawsuits presented by creditors
- All other incurred fees to resolve the identity theft issue
Professional Liability
If you own and operate a business, you can be sure that accidents and mistakes will happen. Some mistakes that you may encounter could cost you your business, reputation, and assets, leaving you in financial ruins if you don’t have professional liability coverage.
Imagine being a doctor who specializes in hip replacements. Your patients expect you to be skillfully trained in this field and have certain expectations regarding your professional expertise, yet during a surgery, you make a medical mistake that has now turned into a hefty lawsuit. Professional liability coverage can provide protection against claims resulting from negligent professional or business practices.
Can You Afford to Overlook the Risks?
As a business owner, you are subject to certain risks and should evaluate the most common types of risks that could jeopardize what you have worked so hard to achieve. Paramount Insurance Agency understands how to provide the right type of protection for your business and is here to assist you with all of your business insurance needs. If you have any questions regarding any of the above referenced endorsements or any other available coverage options to optimize your business protection, call us at 866-869-3335.
