Is Your Small Business Fully Covered?
We know how many hats you wear as a small business owner. From bringing your vision to life to properly staffing your business, your job is truly never “done” when you run your own business. More than ever, it’s vital to ensure your company is protected, especially as you’re adapting to the ever-changing world around us.
As your partner in all-things-insurance and risk management, we’ve put together a few considerations to ensure your small business is covered.
D&O (Directors and Officers) Insurance
This type of coverage helps protect the directors and executive officers of a company, and the company itself, for losses and other costs resulting from lawsuits that allege wrongdoing. Did you know? Your stakeholders could sue your business if you fail to operate normally due to COVID-19 concerns. Having the right D&O coverage can help mitigate the impacts of these lawsuits. Read more about D&O Insurance coverage in our recent blog post here.
General Liability Insurance
This policy covers general damage scenarios, such as property damage or accidents that happen on a nonprofit’s property. With this, your organization will be covered for accidents or damages that the organization is ordered to pay someone (for instance, if someone is harmed on your property). This coverage can also protect your organization’s assets if it is sued for personal injury, negligence, slander, and more. Read more about General Liability Insurance coverage in our recent blog post here.
Workers’ Compensation
While General Liability Coverage can include some aspects of employee-related risks, Workers’ Compensation provides your employees with more robust benefits in the event of a work-related injury or illness. And, it can safeguard your business, too. Read more about Workers’ Compensation coverage in our blog post here.
Cyber Risks + Insurance
Over the past few years, several small businesses have gotten a crash course in going digital – whether that means hosting all meetings via Zoom, or setting up an e-commerce platform for your customers.
With each advancement in the digital world, our risk of hacking schemes, phishing emails, and exposure to malware programs increases. Cybercriminals are always one step ahead; they constantly change their tactics – so it’s crucial YOU stay one step ahead of them.
Some ways to ensure your employees and information are protected:
Update your antivirus software throughout your organization
Backup your important information
Invest in staff training to help every individual be aware of what data breaches can look like, and how to report them
You’ll also want to ensure your cyber liability insurance is up to snuff. This coverage is intended to protect you and your information from the risks inherent to digital technology. We can help tailor your cybersecurity coverage to your exact needs. Read more about navigating the top threats in cybersecurity today in our recent blog post here.
Remember, we are here to help you think through all possible scenarios where you may need coverage to protect your small business in a rapidly-changing market.
As you're planning for the year ahead, make sure you plan for the unpredictable.
When you consult with us, we can walk you through some common risks and challenges your business or nonprofit could face and tailor coverage to help protect your organization from them. Contact us to schedule your consultation today by visiting our website, give us a call at (636) 537-5611 or email us to talk through the best coverage and plans for you.