Running a business takes an enormous amount of diligence, hard work, loyalty, and financial backing; however, it also takes having the right type of business insurance to protect your livelihood. A typical business insurance policy may cover your business for some much needed, basic circumstances, but each business is exposed to a variety of risks that can put your business future in jeopardy if you aren’t aware of them. Does your Oklahoma business have the right coverage to protect against certain risks?
Below Are Some Coverage Options That Are Available for Businesses to Consider:
Because each business is unique, you should make sure that your business coverage is custom designed to minimize risks and optimize protection, all at a cost that fits your budget. Have you considered the following endorsements?
Professional Liability Insurance (E & O Insurance)
This type of insurance is sometimes referred to as Errors and Omissions insurance and protects and defends you/your business if you are charged for neglectfully performing your business services, even if you haven’t made a mistake. When you are hired for your expertise, people have high expectations and when things go awry, lawsuits can ensue.
For example, if you are hired as a wedding planner and the bride and groom are dissatisfied with the wedding organization, (even though the wedding party failed to follow some of the processes and proposals) it could result in a lawsuit against you. By having a professional liability insurance policy, you, as the wedding planner, would be protected, even if no negligence is found.
Employment Practices Liability Insurance (EPL Insurance)
In our society, every business owner may be faced with employee claims/allegations citing wrongful termination, sexual harassment, or discrimination. No business owner likes to imagine that any employee, whether past or present, would file a lawsuit against you and your business, but it happens all the time and it can cost you your business without the right type of insurance protection. By having Employment Practices Liability Coverage, you will have the protection you deserve to face any liability damages and subsequent legal fees that result from employee claims.
As a business owner, you probably have access to personal information regarding your employees, clients, customers, or vendors. If a hacker breaches that personal data, you must inform all those affected and act immediately. This type of coverage can protect you for the following:
- Legal fees
- Damages incurred when your customers/employees/tenants information is fraudulently stolen
- Costs to notify all those affected from the data breach
Unfortunately, identity theft happens all the time and when your credit is jeopardized because of it, it could mean lost business revenue, unhappy customers and employees, and could have a significant impact on your future credit and business operations. By having an Identity Theft Recovery endorsement added to your existing Oklahoma business policy, you would get the type of protection that enables your business to get back up and running quickly, covers lost wages, legal fees that result from creditors, and incurred costs for credit resolution due to the identity theft.
Review and Make Revisions If Necessary
It may be time to contact us at RCI Insurance Group at 918-341-6081 to discuss and review your current business insurance policy to determine if you have certain needed optional coverage endorsements to safeguard your business against some common risks. You may be surprised to find how nominal the cost is in exchange for the peace of mind knowing you are protecting your business in the right way.