As a business owner, you probably realize that insurance is an extremely important tool to use. If your business is not properly insured, you are at great financial risk. For instance, if you do not have directors liability insurance you and your employees may have to pay out of pocket for any legal defense. There are many different types of insurance that businesses need, but a few important ones include:
- Cyber Liability Insurance: If your business stores sensitive information on computers or servers, you are responsible for protecting that information. The information could be about clients or employees, you are still liable. If there is a breach, this policy will help you figure out what information was compromised, contact those affected and protect from legal ramifications.
- Workers Compensation: If a worker is hurt on the job, this insurance provides wage replacement and medical benefits to them. It protects you and your employees.
- Professional Liability: This policy protects you from legal ramifications due to a failure during professional services. Many different types of businesses use this type of insurance such as lawyers, accountants, real estate agents, hair salons and many more.
- Directors and Officers Liability Insurance: This insurance protects employees in authority positions from legal strife. For instance, directors liability insurance can help pay for legal costs if a director or officer is sued due to something they did on the job.
There are many different types of insurance, and it can be hard to know exactly what you need. If you talk to an insurance agent, they can help you get the coverage you need for your business. Theyll be able to help you navigate between directors liability insurance, workers compensation and anything else.