Don’t Overlook These 5 Business Risks While Buying Insurance

Running a business means  facing risks 24x7. Buying a general coverage does protect your business from various liabilities, but it does not completely safeguard it from all major financial burdens. 

Even though it’s smart to buy minimum coverage, there are many common overlooked business risks in today’s time that can inflict a lot of damage.  

5 Commonly Overlooked Business Risks

Employment Practices Liability Insurance (EPLI)

This is an insurance that protects businesses from claims made by employees in scenarios like discriminatory practices, harassment or wrongful termination. In today's politically sensitive environments, such scenarios are easy to fabricate. 

Cyber Threats Insurance

We live in a digitally connected. Apart from internal communication, your business network handles communication from clients and partners, exposing it to the outside world. Having cyber threats coverage is of paramount importance as cyber attacks are extremely advanced these days and can penetrate highly fool-proof systems. This is one of the most overlooked small business coverages across industries. 

Business Interruption Insurance

Any interruption in your day-to-day business operations can create difficulties. Some could be your fault while some are definitely not. Interruptions caused by third parties, like supplier delays, or caused by natural disasters like fire hazards, are eligible for coverage.

Bad Employee Insurance

Even if you're a close-knit community, it’s important to stay protected against any malpractices done by employees. Bad or disgruntled employees can incur serious damages by planning thefts or frauds. This is deemed essential under small business coverages overlooked by reputed financial institutions.

Professional Liability Insurance 

No matter how dedicated you are to providing quality solutions, there are always going to be some dissatisfied customers questioning your competence. It might end with a small war of words or could even go to court. This can lead to serious financial losses along with reputation damage. This insurance protects you from claims like 'sub-standard work' or 'missed deadlines'.

If you’d like to discuss  specific requirements with a certified agent and want to know what kind of coverage you should purchase, you can connect with Knight Insurance Services.