4 Insurance Products for Better Risk Management
Posted on: March 23, 2018 by Signature Insurance Group
As a business owner, you already know there are many risks that your business is exposed to on a daily basis. Most businesses are covered from the most basic risks under their general liability policy. Business owners may also utilize a business owners policy for additional coverage. But even with these essential coverage options, many businesses are still vulnerable to a variety of costly risks.
Luckily, for almost every risk a business faces there is an insurance product to help protect them from loss. Here are 4 insurance products for better risk management.
1. Employment Practices Liability Insurance (EPLI)
If you have employees, you should have employment practices liability insurance. EPLI is an essential liability protection for employers that ensures defenses will be provided or paid for in the event an employee brings a sexual harassment, wrongful termination, discrimination or other employment-related lawsuit against the company. These types of cases can be very time consuming as well as costly to litigate and settle, but with a comprehensive EPLI policy, businesses can protect themselves from losses related to employment practices claims.
2. Cyber Liability Insurance
Data breaches can happen to businesses of any size, and they are happening more frequently than ever. Failing to protect customer, client, company or employee data can result in thousands of dollars worth of damages. While larger corporations may be bigger targets for cyber crimes, it’s the smaller companies that are affected the most, because they are typically not as equipped to prevent cyber attacks and lack the resources to recover from them. Cyber liability insurance gives even small businesses the financial resources to recover from a data breach.
3. Product Liability Insurance
When a product that you manufacture causes injury or damage to a third party, your business can be held liable, and depending on the type of injury or damage, it can be very expensive to litigate or settle. Product liability insurance can protect your company against claims or lawsuits that arise from specific products your company has sold or produced. It covers the court costs associated a faulty product, and can also cover medical costs for injury associated with the use of the insured product.
4. Commercial Auto Liability Insurance
Commercial auto liability insurance is essential if you or any of your employees do any type of driving in a company vehicle, whether it’s making deliveries, transporting other employees or clients or traveling to meetings. Employers may also be held liable for accidents that happen in an employee’s car or a rental car, if the driver was using the vehicle for business purposes. Commercial auto liability insurance can cover a variety of vehicle types, and is affordable enough that business owners should have no reason not to obtain it.
About Signature Insurance Group
Signature Insurance Group has been working since 1969 to provide comprehensive insurance solutions to individuals and businesses across the United States. We offer a range of insurance products and services in risk management, employee benefits, business insurance, and personal insurance, and we pride ourselves on our commitment to creating “Signature Relationships” with our clients where we commit to providing the best, most comprehensive service possible. To learn more about our goods and services, contact us today at (800) 464-3606.