No matter how careful you are, there will be times in which you or an employee create liability and the results can be devastating to your business. Here are real life examples of hoe having the right lability insurance saved a business from going under.
Wrongful Termination
A business owner fired an employee over a safety dispute. The employee brought an employment claim for wrongful termination. A jury awarded the employee $500.000 in damages. The employer did purchase employment liability insurance. The claim was covered less the $1,000 deductible.
Cyber Breach
A local business manager mistakenly sent the companies log in data to what he thought was their bank, but it was actually a hacker. The hacker withdrew $100,000 from the companies account. The business has purchased cyber insurance that covered such losses.
Copyright Infringement
You decide to publish a new company brochure. You have an office staff person find images to use in your brochure. The end result is great and you now have a great new brochure. The only problem is the images were taken off the internet without the photographer’s approval, who owns the rights and they sue you for damages. The resulting loss was $10,000. Your business insurance would help cover related costs up to your policy limit.
As you can see, general liability insurance protects the most common risks faced by most companies. If you’re ready to start researching options for your business, our agency can provide you with an instant quote in just a few minutes.
We’ll give you the options you need to protect yourself from financial losses if you answer a few basic questions online. We just deal with small businesses and self-employed people because that’s what we do.