You've dedicated substantial effort to building your business, but are you truly protected from unforeseen claims or lawsuits? Beyond the basics, here are four crucial insurance coverage options that are often overlooked but can safeguard your company's future.
Running a business comes with its fair share of risks. That’s why having comprehensive business insurance is crucial to protect your hard-earned success. Here are three often overlooked insurance coverage options that can help safeguard your business against unforeseen challenges.
Employment Practices Liability
The landscape of wrongful dismissal laws varies across provinces, making it imperative for businesses of all sizes to be prepared. Recent jury awards in wrongful termination cases can be financially crippling. Employment practices liability insurance can shield your business from the devastating effects of a lawsuit.
Cyber Insurance
If your business has an online presence, collects digital information, or stores data on a computer system, protecting against cyber threats is essential. Consider these startling facts from our Federal Government:
- 70% of Canadian businesses have fallen victim to cyber-attacks, averaging a loss of $15,000 each.
- Police-reported cybercrime in Canada surged from 15,000 to nearly 24,000 incidents within two years.
- 17% of Canadian SMEs would cease operations immediately if they lost access to their digital files.
Cyber insurance offers a safety net against hackers, viruses, and data breaches.
Professional Liability
Even small businesses face significant risks. If you operate your business from home, your standard home insurance might not cover business-related losses due to fire, theft, or damage. Moreover, businesses offering advice or services need professional liability insurance to mitigate the economic consequences arising from their professional activities.
Event liability
Event Liability Insurance is a critical component for any business that organizes or participates in events, as it protects against unforeseen incidents that could result in legal and financial repercussions. This type of insurance covers a range of potential liabilities, including bodily injuries, property damage, and legal fees, thus ensuring that the business does not bear the full brunt of any accidents or mishaps that may occur during the event.
Stay Protected
These are just four examples of crucial yet often overlooked business insurance options. Regular consultations with your insurance professional are essential to ensure comprehensive protection. Contact us anytime to schedule your business insurance review at 1-800-679-2640 or i
nfo@easyinsure.ca.