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3 Types Of Business Insurance Coverage To Consider

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One of the most important things that you can do for your business is to consider additional insurance policies beyond your general liability insurance, mostly because your general liability insurance is not going to cover as much as you might think. Listed below are three types of business insurance coverage to consider in order to get the most protection possible for your business.

Errors and Omissions

One of the most important insurance coverage options to consider is errors and omissions insurance, mostly because it is designed to protect you in the event that you are sued due to one of your clients believing that you caused harm, financial loss, or failed to deliver on your particular task. For example,  if someone were to sue you because you provided them with advice that turned out to cost them quite a bit of money, your errors and omissions insurance coverage would pay for the damages and for the lawsuit itself.

In addition, many errors and omissions coverage options will also cover your court fees in the event that you need to defend yourself from the lawsuit and if it turns out that you actually did nothing wrong. This is extremely useful because it is not uncommon for clients to lie in order to get as much money as possible out of you after you have completed a service for them.

Data Breach

Another important insurance coverage type to consider for your businesses data breach insurance, which is especially important if your company keeps track of sensitive information, such as client information and financial data. In that situation, if any of that data were to be leaked due to someone stealing a file or your system getting hacked, you could end up facing some very stiff penalties from the government as well as being subjected to lawsuits from the individuals whose data was stolen. If you have data breach insurance, the insurance company will help you pay for at least a portion of the penalties and lawsuits if it is found that you did not take the necessary steps to completely protect the data in your possession.

Loss Of Earnings

Finally, you will definitely want to look into loss of earnings insurance coverage if your business is your primary source of income. This type of insurance coverage will allow your insurance company to pay for a portion of your lost earnings in the event that something occurs the causes you to be unable to maintain your normal business operations. This could be a result of a flood or fire damaging or destroying your business, stolen equipment, or even due to a natural disaster.

Contact your insurance agent today to discuss what coverage options he or she would recommend that you get in order to fully protect your business. Errors and omissions, data breach, and loss of earnings coverage are all very important coverage options that all business owners should consider purchasing.

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