You should consider a benefits liability insurance policy if you offer benefits to employees such as health coverage. An employee could sue you if you offer only a high-deductible health plan that has minimal coverage. This is because they may be faced with hardship as a result of a lack in options. You would be covered by benefits liability. It’s important to ensure that your liability policy covers independent contractors when looking at liability policies. Hanley states that you are liable for any actions taken by anyone who works at your place. If a plumber sexually harasses a worker of yours, you can sue them since they brought you in.
Online businesses may need liability coverage in the event that you collect personal or payment information. Customers may have the right to sue you if you are hacked, or if that information is leaked. You may also need separate liability coverage if you are a nightclub insurance consultant and offer advice to others. This will protect you from any hardships caused by your advice. This coverage is also known as Errors & Omissions.
Also, you may want to ensure that your cyber liability policy or another policy covers Denial of Service attacks. This is especially important if you offer any online courses or services. You may need insurance if your clients or customers are unable to access the services they have paid for for an extended time due to these attacks.
You can purchase products liability insurance for tangible products. You are covered in the event that your product causes injury or illness. This is useful if your products include food, toys, or any other product that could pose a risk to the users. It is also important to ensure that your business policy covers vehicles you use for business purposes. If you plan to use a vehicle for business purposes, even if it is your own, you need to make sure it is covered by a business policy.
Hanley, for example, says that there has been confusion among Uber drivers, Lyft drivers, and others who use their vehicles to drive for these companies in recent years. Even if your personal car is used only occasionally to drive for these companies, your auto policy will not cover any incidents that occur while you are driving an Uber driver. To ensure you are covered, you might need to have a separate policy.
Hanley says that the various types of insurance mentioned above are only the tip of an iceberg. Depending on the industry you work in, there are many other types of coverage that could benefit your company. Consider the coverage options that are most appropriate for your business and the work you do. Hanley says that while it’s a good idea to consult an insurance professional when making decisions about your insurance, business owners should also do their research. You will be more likely to get the best deal and a company you can trust if you have a basic understanding of the coverages you need.
It’s not enough to find just any agent. Hanley states that you should trust your agent. This will ensure that you get the best coverage for your business. Ask around and get references to ensure that the agent you choose is trustworthy, not someone who impresses. Also, ensure that they are licensed or certified.