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The only way to effectively protect the assets of your business is to carry adequate Commercial General Liability (CGL) Insurance coverage. CGL protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.
Excess Liability Insurance (ELI), more commonly known as Umbrella Insurance, is one of the most important types of insurance your company can buy. It protects your business from holes or limits in existing policy coverage as well as from financially draining lawsuits. Just as you carry an umbrella to protect you from a potential downpour, ELI protects your company from the types of claims that could close your business.
Regardless of your company’s size, the legal costs associated with a lawsuit can be crippling. If your company does not insure this risk, qualified directors and officers may be hesitant to join your team for fear of personal liability in the event of an error. To help recruit strong leaders as well as ensure the well-being of existing leaders and your company, a directors and officers liability insurance (D&O) policy should be part of your comprehensive risk financing strategy.
E&O insurance is supplementary liability insurance that enhances any business owner’s policy by safeguarding against catastrophic loss in the event of a lawsuit due to a negligent act, error or omission by the professional. In addition to claims of error, omission, or negligence, E&O insurance can also protect against slander, libel and breach of contract.
Sometimes referred to as controlled insurance programs (CIP), wrap-up insurance programs are centralized insurance and loss control programs intended to protect the project owner, general contractor, and subcontractors under a single insurance policy or set of policies for the construction project.
As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability (CGL) policies.
A typical cyber liability policy can help protect you from costs associated with a data breach, copyright or trademark infringement, data loss due to natural disasters or hacking and business interruption.
© Scrivens Insurance and Investment Solutions 2017
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