Other Insurance Coverages for Commercial Business Owners to consider.
By Lars Kristiansen, VP of Business Development at KEL Insurance Services, LLC
Even though most Insurance Policies are tailored toward your specific line of business, I often receive calls from insureds asking about what else exists in the market to keep their businesses protected. This article is not suggesting that you MUST have these coverages, it is simply a source of information for Business Owners to see what else is out there so that they can make better informed decisions.
Cyber Liability - Cyber Liability covers financial losses that result from data-breaches and other cyber events. This typically will cover data-breach of sensitive information such as: social security, credit cards, driver's license numbers, etc. There are many cyber threats such as: hacking, phishing, spamming and the list goes on. Let’s face it, it is 2020 and almost every business uses some form of technology, so there are many advantages to adding this one to your current policy.
Workers’ Compensation (WC) - WC provides for legal liability coverage for compensation to your employees for bodily injury or death due to accidents or occupational diseases arising out of and in course of employment. Typically it will cover medical expenses, lost wages, and rehabilitation costs to employees.
Employment Practices Liability Insurance (EPLI) - EPLI would protect the owners of the corporation against any disgruntled employee who could sue for sexual harassment, discrimination, or wrongful termination. In a statement from Trusted Choice’s website it is said, “According to industry experts, unpaid internships, illegal background checks, and issues related to pregnancy and health are the top trending employment practices litigation cases. The cost of claims is rising, as is the length of time it takes to resolve EPLI claims.”
Excess Liability - Excess Liability provides limits in addition to the underlying limits on a policy. For example, let’s say you own a Nightclub and have limits of $1,000,000/$2,000,000 for your General Liability coverage. A claim arises and those limits have been exhausted, then your Excess Liability kicks in to pick up the remaining costs. A better way to think of this scenario is imagining jumping off a high structure into a net when below it is another net in case the first one rips.
Crime Insurance - Crime Insurance can cover your property, merchandise, cash, and securities against theft, embezzlement or forgery by employees. It can also protect you from non-employee third parties who commit forgery, theft, robbery, burglary, or fraud.