Risk management and insurance issues that your local business faces are not that much different from those faced by Fortune 500 companies; Fortune 500 companies’ risks are just larger and possibly more complex. Making sure that you have the right kind of business insurance for protecting your operations is our number one goal.
Recently, PC360.com ran an article describing the top risks for large corporations. We thought we would relate these risks to your local business, and suggest some insurance that your business should consider to cover these risks.
- Business Interruption Insurance – This can include lost net income, continuing expenses, and even relocation expenses. This coverage is not always automatic, and needs to be added with specific limits.
- Directors and Officers Liability – Directors and officer’s liability insurance helps protect your business, owners, executives, and managers if individuals, competitors, third parties or government regulators make claims.
- Regulatory Compliance Issues – New regulations and contractual risks are increasing for all organizations. Issues include; contracted employee, healthcare, workers’ compensation laws, environmental issues, cyber reporting requirements, and more.
- Employee Safety – Maintaining a safe working environment should always be a top priority for your business.
- Cyber Liability – Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. “This new world of connected devices promises insights on which companies can base strategic decisions. But the ability to obtain more information brings the responsibility to use that data appropriately, maintain customers’ privacy, and practice effective cybersecurity.” com
Putting a little extra effort into your next business insurance renewal can offer many rewards that include better coverage and lower premiums. We hope you and your team will join us on this risk and insurance journey, and in the end know that there is a better way to buy commercial insurance and have true peace of mind.
Every business is unique and requires a customized insurance program. Energy Insurance uses fundamental risk management principles and more than 30 years of experience in the marketing, placement, and servicing of commercial insurance to provide the best value to our clients.