Ask an HR Pro: Small Business Insurance – What do I need?
Small Business Insurance – What you should have…
Here are some other types of insurance that small businesses should consider.
We will review all of these in more detail in the coming weeks.
Employment Practices Liability Insurance (EPLI)
EPLI is a Small Business Insurance that protects against claims arising from the employer-employee relationship—from the job application process to termination, and including allegations of discrimination, harassment and similar charges. Lawsuits are often premised upon an economic injury to an employee. EPLI typically protects the company, directors and officers, and employees, including HR professionals.
General Liability Insurance
This insurance covers liability for bodily injuries and property damage, as well as personal harm, such as defamation of character. It protects the business, company officers, and employees. Directors’ and officers’ liability Insurance – generally protects higher-ranking positions for management errors and omissions. For example, it would cover harm caused by a business decision that results in losses and shareholder suits alleging improper market research. For private companies and nonprofits, protection can extend to the organization itself. Sometimes EPLI coverage can be added to this type of policy.
Errors and Omissions Insurance
Errors and Omissions Insurance is a Small Business Insurance that protects companies and their employees from lawsuits alleging inadequate work or negligent acts committed during business activities that result in a client’s financial loss. An example could be a printer’s failure to catch a typographical error on a large order or a plumber’s repair that fails and causes property damage.
Cyber Liability Insurance
Cyber Liability Insurance is a Small Business Insurance that covers claims related to inadequately safeguarding sensitive or private data. This could include credit card information, Social Security numbers, or other personal information. It covers employers, directors and officers, and employees.
Workers’ Compensation Insurance
Worker’s Comp is a Small Business Insurance that required by many states for numerous classes of employers and pays the expenses of an employee’s work-related illness or injury, including medical and recovery costs, and limited economic harm, such as some lost wages. Employees who collect workers’ compensation payments generally relinquish their right to sue the company for some related civil claims, such as negligence.
CYB can help you out and review your current status when it comes to your insurance.