Due to the fast pace of a business startup, many entrepreneurs overlook the insurance products needed to protect their growing Niles, IL company. Not only do you need insurance coverage to protect your assets in the event of a claim, but insurance coverage is also, in itself, a company asset that needs to be properly utilized. Before you speak with a Bob Korvas Agency Inc. agent about your insurance needs, familiarize yourself with the following four important business insurance products.
First-Party Property Insurance
This type of insurance policy is critical for any startup with significant infrastructure — including tech companies – because it protects against damage to the servers themselves. Additionally, you can add business interruption coverage to your policy to cover any loss due to an event that causes downtime to repair or replace the equipment.
Comprehensive General Liability Insurance (CGL)
The most valuable thing about Comprehensive General Liability insurance is that if claims are brought against you, your staff, or your business it requires that your insurance company provides or pays for your company’s legal defense.
Comprehensive General Liability insurance will protect your company assets if a claim is brought for alleged:
Third-party bodily injury
Employment Liability Insurance
Employment liability insurance is not the same as the worker’s compensation insurance required by a state, but it can be purchased as part of a package that includes it and other insurance coverage. Discrimination claims are expensive to litigate and settle. With Employment liability insurance, your startup will ensure that in the event a claim is filed for gender, age, nationality, ethnicity, race, or sexual orientation discrimination its defense will be provided or paid for by your insurer.
Given the surge of high-profile hacking events in the business world recently, the need for cyber insurance has never been more clear. Cyber/Media insurance policies provide both indemnity and defense coverage, and can often be expanded to include crisis management, services for compliance, and disclosure and regulatory notice and requirements, once an event has occurred.
For more information about how each insurance product can cover your startup and protect your business assets call the Bob Korvas Agency Inc. today or stop by our Niles, IL office to speak with an agent in person.