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When you’re just starting out in business, it’s easy to cut back on your business insurance. Many small business owners believe since they have little money and few assets, no one is going to sue them. Natural disasters? Not likely.
Unfortunately, that’s not how things always work out. Here are three small business realities:
Small companies get sued all the time. Just because your business is a corporation or limited liability company (LLC), that doesn’t mean your personal assets are always protected. Under certain circumstances, you could be held personally liable if you are slapped with a lawsuit. That’s why liability insurance/business insurance is so vital. Depending on your business, you may need general liability insurance, in addition to professional liability coverage.
Natural disasters can happen anywhere, and many businesses do not survive them. Weather patterns are unpredictable, especially when flooding occurs. Disasters are expensive.
Aside from specific disaster coverage, there’s also business interruption coverage. This type of insurance provides compensation for your business if it’s temporarily shut down due to a disaster.
This significant protection to a business covers claims of property damage and /or bodily injury to a third party caused by your business operations, the insured premises or when someone is injured as a result of using any of your business products. This general liability coverage may also provide for legal defense of the insured.
Fact #1: Every business can benefit from General Liability Insurance.
Fact #2: General Liability Insurance helps pay for lawsuits.
Fact #3: General Liability Insurance isn’t required by law usually, however it it may be required in business contracts or rental leases.
Fact #4: General Liability Insurance does not pay for employee lawsuits, only third party lawsuits.
Having the right insurance broker in your corner educating your firm on the best business insurance options can be beneficial to your association. Many businesses do not survive the death of an owner. Statistics show that many businesses crumble after the death of an owner. Life insurance can help your business survive if something happens to you, and protect your family and/or your business partner from financial disaster.
Fact #1: The United States recorded more than 4 million workplace injuries.
Fact #2: Medium size companies have the more workplace injuries than small or large companies.
Fact #3: More than 1.8 million workers are injured seriously enough to receive continuous medical treatment and time-off.
Fact #4: Hundreds of billions are spent annually on work-related injuries, sicknesses and fatalities.
Cyber security liability protects your firm in the event of a financial liability created as part of a technology based security breach. If your business is in any way involved in handling the handling of customer’s personal information (credit card information, social security #, financial data, etc.) , then it is strongly advised that you and your firm seriously consider cyber liability coverage as a part of our business insurance options.
Imagination would tell us that this is to shield from the liability incurred by hackers stealing personal information via the internet. While cyber liability does encompass such an event, and we strongly urge any business that operates a digital storefront/client portal to consider cyber policy, this is not the limit of what it shields against. More than half of data breaches are caused by system glitches and human error (Ponemon 2015 Cost of Data Breach Study).
Fact #1: Every business can benefit from General Liability Insurance.
Fact #2: General Liability Insurance helps pay for lawsuits.
Fact #3: General Liability Insurance isn’t required by law usually, however it it may be required in business contracts or rental leases.
Fact #4: General Liability Insurance does not pay for employee lawsuits, only third party lawsuits.
Employer liability Insurance or Employment Practice liability Insurance (EPLI) is a type of liability coverage that protect your business from common law liability of an employer for financial loss to employees, typically are:
• Discrimination based on race or age
• Sexual Harassment
• Wrongful termination
• Violations of the Americans With Disability ACT (Discrimination based upon disability)
Employment Practice liability Insurance may provide third party defense for your business when legal conflicts occur between employees and third parties.
Zein Insurance Services agents are very often able to combine EPLI coverage into our clients other business liability insurance policies. This can create substantial savings under certain circumstances.Talk to our professional sales and support team to receive quality help.
Fact #1: Not having EPLI can harm your small to medium sized business.
Fact #2: Average EPLI lawsuits range between $10,000 to $60,000 dollars.
Fact #3: 40% of companies mistakenly don’t have Employer Practices Liability Insurance.
Fact #4: Legal fees can be substantial and cause risk to your businesses success.
Directors and Officers Liability Insurance provides financial coverage for the directors and officers of your company in situations where a financial loss has occurred and is directly related to that individuals execution (or lack) of their fiduciary obligation to the company.
At Zein Insurance Services we can give you the right advice that it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance. So that you can make a more informed decision but also so you do not purchase coverage you could not ever possibly need.
Fact #1: It’s risky at the top.
Fact #2: Personal liability is unlimited, having D&O insurance is beneficial.
Fact #3: D&O liability insurance can cover the directors and officers privately held firms, not-for-profit organizations, and educational institutions.
Fact #4:
In 2016 D&O lawsuits hit record numbers, which for companies in 2017 is a cause for concern.
We are passionate about helping our clients with the proper business insurance. We also quality value added services, protecting our business clients from compliance issues. Learn more about our risk management solutions by getting a quote today!
Contact us today at 818 887-8780 and get high quality insurance for the lowest price, with the help of our experienced and knowledgeable agents. We listen! We understand! We offer customized solutions!
We make finding insurance as easy as possible.
21800 Oxnard St, Suite 170
Woodland Hills, CA 91367
Tel: (818) 887-8780
Fax: (818) 887 - 5050
info@zisinsurance.com