When it comes to protecting your business, you probably have taken a lot of consideration to what type of insurance coverage you will need. There are a lot of risks involved in running a business, such as injuries and damage to your property. But chances are you haven’t thought of everything that could pose a threat to your business. Here are three commonly overlooked risks to your business.
If you run a small business, having your personal identity stolen can directly affect your business. Many small business owners have the same or closely-related personal credit information as their business, which makes it easier for identity thieves to access information for your small business. But you can add Personal Identity Recovery Coverage to your business insurance policy. Personal Identity Recovery Coverage will often take care of the service expenses involved in recovering your identity and will also assist in contacting the authorities and credit bureaus for the steps needed to put a stop to the identity theif.
You don’t need to have a fire, storm, or other natural disaster to potentially lose valuable business assets. If your business, like most if not all these days, keeps important information backed up on an office harddrive or the cloud, then you could be vulnerable to a data breach. Hackers could steal sensitive information about your employees or customers, such as financial records, and exploit or sell it. In addition to investing in network security, you can also consider different types of insurance coverage for data breaches. Data Breach Liability Coverage can cover any legal damages you have to pay, such as a lawsuit for fraudulent use of the information stolen, and you can even get coverage for notifying those affected by the breach.
Professional and Employment Liability
Lastly, there are certain things within your business or work environment that could need insurance coverage. Professional liability can protect you and your business in the unfortunate event that someone if your business makes a mistake that results in damages to another business or person. And employment liability coverage for if one of your employees files a lawsuit against your business for mistreatment such as discrimination, sexual harassment, or wrongful termination. Both of these are for situations that you hope would never happen, but it is always best to be prepared.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, call us at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Twitter, and Pinterest.