Whether you are a doctor, lawyer, or other business professional, you do all you can to run your business and provide services to your customers in the best way possible. But despite your best efforts, the time may come when an incident occurs that could result in you being sued or requiring insurance to cover certain damages. To navigate these situations and ensure you walk away with your business and reputation intact, here are some crucial ways business insurance will offer you protection.
Data Breach
If your business has customer information and suffers a data breach, cyber liability insurance can be a form of business insurance that can cover various costs associated with correcting the problem. These can include finding and correcting the security flaw that allowed the problem to occur, notifying customers whose information was breached, and helping you pay any fines and penalties imposed by regulatory agencies.
Employee Lawsuits
Should you have issues with an employee and wind up firing them, you could find yourself facing a wrongful termination lawsuit from a person who is very disgruntled and determined to make you pay. If you have professional liability insurance, you can have insurance that will help protect you and your business from lawsuits focused on alleged discrimination, harassment, or other similar violations. Should you fail to have this insurance and wind up losing in court, the financial penalties could potentially ruin your business.
Professional Oversights
While you do an excellent job with your clients and customers the vast majority of the time, there may be an occasion where a professional oversight takes place. This can include such things as undelivered services, missing a deadline, going overbudget on a project, or being accused of breaching your contract. Often referred to as errors and omissions insurance, this aspect of business insurance will protect you from third-party lawsuits, regardless of which party is at fault.
Injuries on Your Property
Whether it is a customer who slips and falls on a sidewalk or an employee who trips over a power cord and winds up in the ER, an injury on your property can be devastating to your business from a financial standpoint. Should you be sued by someone for bodily injuries or property damage, business insurance focusing on general liability will pay for any lawsuits you may incur.
Rather than take unnecessary chances and find you and your business in financial ruin, make it a top priority to obtain business insurance as soon as possible.