From small businesses to Fortune 500 companies, every business needs insurance. While most business owners know they need general liability insurance, several other kinds of insurance help fill the considerable risk gaps. Companies need to know about the following insurance options to invest in the proper protection for their products or services:

  1. General liability. General liability insurance is often the first insurance policy business owners secure. It protects companies from claims relating to property damage, bodily injuries, and more.
  2. Workers’ compensation. Much like general liability, workers’ compensation is essential for most business owners. Workers’ compensation policies are critical to cover medical expenses, lost wages, and more if an employee experiences a work-related injury or illness.
  3. Business interruption insurance. If a company temporarily shuts down due to a fire, building damage, etc., business interruption insurance helps cover the lost income. Businesses can’t afford to halt their cash flow for several months of repairs, and business interruption insurance can help protect them from bankruptcy.
  4. Employment practices liability (EPLI). These policies provide coverage when dealing with employment-related lawsuits such as wrongful termination, discrimination, sexual harassment, etc. Many businesses assume their employees would never sue them, particularly if the company culture fosters friendly relationships. However, if an employee files a sexual harassment suit, businesses risk insolvency without an EPLI policy. Even if the court finds the business not guilty, lawsuits are costly.
  5. Errors and omissions (E&O) insurance. E&O policies provide coverage in the event someone sues the company for errors or negligence. Any company that offers advice or services needs E&O insurance to cover the legal fees in the event of a customer lawsuit.
  6. Cybersecurity insurance. Cybersecurity insurance protects businesses from the costs of data breaches, but it can also provide funds for damage control. Customers lose faith in a company following a breach, and businesses need cybersecurity insurance to turn the tide quickly.

Business owners have a lot to consider regarding their insurance coverage. Whether it’s for property, employees, liability, products, services, or other exposures, the experts at Windermere Insurance Group can help you find the best combination of policies to reduce your company’s risk and provide peace of mind. Contact us to learn more.