A 2021 Business Insurance Update
Risk management and insurance issues that your Longmont business faces are not that much different from those faced by fortune 500 companies; fortune 500 companies’ risks are just larger and possibly more complex. Making sure that you have the right kind of business insurance for protecting your operations is our number one goal.
Recently, PC360.com ran an article describing the top risks for large corporations. We thought we would relate these risks to your local business, and suggest some commercial insurance products that your business should consider to cover these risks.
- Business Interruption Insurance – This can include lost net income, continuing expenses, and even relocation expenses. This coverage is not always automatic and needs to be added with specific limits.
- Directors’ and Officers’ Liability Insurance – This helps protect your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claims.
- Employment Practices Insurance – Maintaining a safe and fair working environment should always be a top priority for your business. When you have trouble with any kind of discrimination claims (age, race, gender, pay, etc), this policy will support you.
- Cyber Liability Insurance– Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. “This new world of connected devices promises insights on which companies can base strategic decisions. But the ability to obtain more information brings the responsibility to use that data appropriately, maintain customers’ privacy, and practice effective cybersecurity.”
Steve is an Independent Insurance Broker for Mountain Insurance Brokers, a Denver, Colorado-based Independent Insurance Agency dedicated to serving its clients’ needs. For over 20 years Mountain Insurance: Longmont has been providing individuals, businesses and organizations with the highest quality insurance products and services available. Please Contact Us today for a free insurance analysis!