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Small businesses need suitable types of insurance to protect assets against damage and legal claims.\u00a0While most business owners hope they\u2019ll never have to rely on insurance, the truth is, it\u2019s an essential investment. It could make the difference between closing up shop and healthy business longevity.<\/p>\n
Workers\u2019 Compensation:<\/b> This coverage is required in most states since it was instituted more than 100 years ago as part of a \u2018grand bargain\u2019 between employers and employees.\u00a0 Workers\u2019 compensation coverage exists to serve as employees\u2019 remedy for work-related injuries or illnesses. In exchange for this guarantee of coverage, employees waive their right to sue employers over workplace injuries.<\/p>\n
Cyber Liability:<\/b> This provides liability coverage in the event a third party sues a business over damages incurred from a data or privacy breach. There’s also First-Party Cyber Liability which provides coverage for damages or costs incurred by the insured to investigate and remediate the breach.<\/p>\n
Employment Practices Liability: <\/b>This particular coverage is designed to protect a business and its management personnel if it’s sued for wrongful termination, discrimination, harassment, hostile work environment, invasion of privacy, breach of contract, emotional distress, or wage and hour violations.<\/p>\n