Seeking Full Coverage? Consider These Critical Coverage Gaps
You have put a lot of hard work into building up your business. Consequently, you have taken out insurance policies to protect it, knowing that your coverage will ensure that unforeseen events down the road never hinder your business’s progress or ruin its financial future. But do you have full coverage? To ensure you are not missing protection, we want to apprise you of the most common areas businesses leave uncovered.
So that your business is never left exposed to an unforeseen financial burden, ensure that your policies do not contain any of these critical coverage gaps.
- Directors & Officers Liability: 65 percent of private companies believe that their general liability coverage protects their directors and officers. In fact, though, it does not. Since the average cost of a director & officer liability suit is $700,000, it is crucial you get this type of coverage.
- Employment Practices Liability: Only about 30 percent of private companies have this type of coverage, but employment practices lawsuits are increasingly common and increasingly costly. Protect your business against employee suits with this coverage.
- Errors & Omissions: While 55 percent of companies believe they are contractually obligated to have E&O insurance, only 27 percent have purchased it! Never let a mistake or omission capsize your business; get E&O insurance.
- Cyber Liability: If the recent breaches at Target and Home Depot have taught us anything, it is that in the modern age cyber breaches should be a very real concern for businesses. Even so, only 5 percent of private companies have purchased cyber liability insurance.
An insurance expert can help you close the gaps in your business’s coverage, getting it the full protection you deserve. To talk with a professional to ensure your hard work is best protected, contact Hoffman Brown Company in Sherman Oaks, California. Our dedicated team is here to take the time to carefully review your business insurance policies, ensuring your business’s financial future is safeguarded. Call us today!