2 Types of Commercial Insurance Designed to Protect Your Business & Employees - and Why You Might Need Them
In today’s changing world, business litigation is unfortunately becoming common. The U.S. Chamber Institute for Legal Reform reported that litigation costs American small businesses over $105 billion per year.
As business insurance advisors, Acrisure’s Agency Partners understand the risks your business faces every day. To help protect your business and employees from the costs of expensive and time-consuming litigation, you may need additional insurance coverages designed for your business’s specific needs.
Added Protection for Your Bottom Line
Errors are an unfortunate but sometimes common part of doing business. However, if you specialize in providing professional advice or other professional services, some errors could cost your business. For example, say you are a web design firm whose errors cause the launch date for a client’s new website to be delayed. The missed deadline could derail certain of your client’s marketing initiatives, which can then make you liable for damages caused to the client.
E&O (“errors and omissions”) insurance can help protect against damages caused by acts, errors or omissions committed while performing professional services, from claims arising from failure to disclose information to professional negligence. Our Partners can help custom-tailor an E&O policy that addresses your business needs. Our Partners can also help make personalized recommendations to help mitigate potential liabilities stemming from errors or omissions commonly associated with those in your industry.
Peace of Mind for Your Leaders
You trust your directors and officers to do important work—but everyone has the potential to make a mistake. That’s why businesses with a corporate board or advisory committee should consider obtaining D&O (“directors and officers”) insurance. Among other things, this liability insurance can help protect the personal assets of your directors and officers (even those that may be volunteering for a non-profit board) in the event they are personally sued for the decisions they make while managing or overseeing your organization.
As business insurance advisors, our Agency Partners can understand your organizational structure and goals for growth. Because most experienced leaders will expect this level of protection, our agents can help you tailor D&O insurance coverage to help put their minds at ease, so they can focus on running your business.
Find the right insurance coverages to help protect your business and its leaders. Reach out to an Acrisure Agency Partner today to learn more.
Important Information:
For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.
Related Content
January 19, 2021
Acrisure Agency Partner Named One of Insurance Journal’s ‘2020 Agents of the Year’
Insurance Journal's report "features 25 agents who define what it means to be a successful independent agent today. These agents are more than top sellers.
January 13, 2021
5 Steps for Year-Round Benefits Engagement
Open enrollment is something you probably only think about a few times a year. For employees, it might be even less often. And that’s unfortunate because that means employees may not be maximizing their benefits. That’s why it’s important to touch on benefits throughout the year—to ensure employees are making the most of them.
January 4, 2021
New COVID-19 Relief Bill: Highlights for Employers
On December 27, 2020, President Trump signed into law the much-anticipated COVID-19 relief bill (the “Bill”), which was approved by Congress a week earlier. The Bill, a follow-up to the March 2020 CARES Act, provides a second round of stimulus dollars and economic relief measures; it also contains several provisions of particular importance to employers.
December 23, 2020
What We Know So Far: Understanding the $900B Stimulus Package
On Monday, Dec. 21, 2020, Congress passed an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid. The bill, which was part of a $1.4 trillion spending package that will keep the government open for the fiscal year, has been sent to President Donald Trump, and he is expected to sign it into law.
December 8, 2020
Acrisure Unveils New Tech-Enabled Brand
Acrisure, one of the world’s top-10 insurance brokers, today unveiled its new brand identity which underlines its unique combination of financial strength, industry expertise and global distribution power with the integration and deployment of best-in-class artificial intelligence and technology.
December 2, 2020
Benefits Update: December 2020
The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets.
November 19, 2020
Study Finds That Workers’ Compensation Mega Claims Are on the Rise
While any workers’ compensation claims can result in costly ramifications for your organization, one category of claim in particular—known as a “mega claim”—has the potential to carry significant consequences.
November 11, 2020
Coverage of COVID-19 Vaccines: Agencies Issue Interim Final Regulations
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law in March 2020, most group health plans are required to provide no-cost coverage for COVID-19 preventive services, including vaccinations.
November 3, 2020
Acrisure Perspective: 6+ Million Households & Property Owners Could Be Underestimating Their Flood Risk
According to the insurance professionals at Acrisure’s Agency Partners, we believe that this disparity points to a worrisome trend: more than 6 million households and property owners could be underestimating or unaware of the extent of their flood risks.
October 27, 2020
Success Tips: Performance Reviews With Remote Employees
Performance reviews are traditionally conducted in-person, on a recurring basis. But, amid the COVID-19 pandemic, most businesses have at least some employees working remotely.