22 Main St PO Box 464
Arkport, NY 14807
General liability, also known as “commercial liability insurance” is a broad commercial insurance policy that covers general liability exposures of a business. It prevents businesses from going bankrupt when unpredictable disasters occur beyond their control. As such, the Genesee Valley Agency recommends that all businesses have general liability coverage in place. If you or your business needs help with this type of insurance, we are available for consultation.
However, general liability insurance isn’t the only type of insurance that business owners need to be aware of. There are many dangers to owning a business, and although we hope you never have to experience the negative effects of them, it is important to acknowledge that they exist. And even that isn’t enough – in addition to acknowledging the risks, it is vital to prepare for them as though they will be realized. Hopefully, you never have to deal with these negative issues, but if anything were to
happen, we want you to be fully prepared.
Because of this, we’ve listed some of the different insurance policies that you may be interested in. Additional liability coverages to consider for your business include:
Errors & Omissions (E&O) covers professionals for negligence and errors or omissions that injure their clients or cause damage to a third party’s data. In today’s landscape, companies experience issues with data breaches in an especially public and revealing way. And while this type of coverage can’t stop media backlash, it can help when it comes to managing the financial costs associated with data issues. This type of insurance is particularly important to licensed professionals such as accountants, attorneys, insurance agents, architects, engineers, and technology companies. Essentially, any company dealing with customer data should look into this type of insurance in order to protect themselves if data issues occur.
The fact is that while information systems may have rules built into them to keep data secure, but people do not. In many data-related incidents, the cause of the issue can be traced back to a personnel error. People make mistakes all of the time, and even with the proper training and guidance, all it takes is one human error to cause an issue. With Professional Liability Insurance, you can minimize the damage of these errors so your business can continue operating.
Employment Practices Liability Insurance for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. These issues are serious and can be extremely expensive for companies to deal with. This coverage helps companies manage the consequences of these issues in a way that doesn’t bankrupt the entire organization. With the right insurance, companies can protect themselves from exposing themselves to unnecessary risks when it comes to employment practices.
While your company should have strict policies in place to avoid any of the issues related to Employment Practices Liability Insurance, there is always a risk that they may still occur. With proper training and HR policies, you can definitely minimize this risk, but it is always best to have a contingency plan in case things go wrong. When it comes down to it, you can train your entire workforce but you cannot control them, and one wrong misstep can lead to an expensive lawsuit that your company doesn’t want to handle alone. With Employment Practices Liability Insurance, your insurance company can take part of the hit. This way, you can deal with the expenses immediately and focus your attention on correcting the employment practices issue, rather than spending unnecessary time on the financial aspect of the incident.
D&O insurance covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in lawsuits against the company. Any written or verbal statements can result in negative consequences, and it happens in business all of the time. There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. For all different types of coverage, the Genesee Valley Agency recommends that you do your due diligence to check if they apply to your organization. If you need assistance with this, our team is ready to jump in. In addition, D&O policies may be broadened to include coverage for employment practices liability as well.
Selecting your directors and officers is an important part of running any business, and everyone likes to believe that they have selected the right people for these jobs. However, there are always risks associated with these people in power, and their mistakes can cost your company without the proper insurance coverage. It’s simply good business sense to cover your bases and to minimize risks when they are identified. The Genesee Valley Agency can provide additional information about this type of coverage if you are unsure if it applies to your business.
If you’d like to learn more about the different types of liability insurance, the Genesee Valley Agency is happy to answer any and all of your questions. We work with many different providers and can help you understand the different offerings so you can choose the best plan for your company. Every business has different needs and experiences different risks, so it’s always best to customize a solution wherever possible. If you are having trouble with this, we can work closely with your team to identify your company’s specific needs and recommend an insurance solution that satisfies all of them.