One important way to protect yourself is to learn how hackers invade data bases. There are many risk management tools available to assist companies, including firewalls and secure websites. Specialty insurance lines have developed Cyber Liability policies to protect businesses in the event protected information is invaded and made public.
Claims drive workers’ compensation costs. The best way to control claims costs is to identify how and why claims occur. A loss analysis can pin point the type of accident, location, time of day, occupation, etc. Once the causes are known, you can implement an employee safety program.
Business property insurance protects your building and the property within it, including computers, furniture, records and fixtures. You can purchase two different kind of business property insurance. The first kind insures you for the cost of the actual cash value of the property: the actual cash value is the purchase price of an item minus its depreciation. The second amount of insurance you can purchase is the cost to replace your property.
If you do not have any employees, you do not need to purchase workers’ compensation insurance. However, as soon as you employ an individual, you will need this type if insurance. State laws regarding workers’ compensation insurance vary, so talk to your insurance agent to learn about your responsibilities.
If there is an event that causes you to lose income, such as a natural disaster, business income coverage could reimburse you for the net income lost. This type of insurance typically may also cover business continuity expenses, such as the cost to rent an office while your building is repaired.
This type of insurance is called employment practices liability insurance. This type of business insurance protects employers when there are claims of discrimination, harassment or wrongful termination. This type of business insurance policy is usually one you must purchase as a stand-alone policy or as part of a directors and officers liability policy.
Liability policies provide coverage for defense and settlement costs. Defense coverage is unlimited in most cases. There are a variety of settlement limits. Consider purchasing sufficient coverage to allow you to maintain your assets.