In today’s world, both small and medium sized businesses are exposed to some serious risks that could eventually lead to a downward spiral of your business, assets, and financial security if you aren’t careful. Have you considered some important risks that your business may face or will you risk everything you have worked so hard for by leaving gaps in your business coverage?
Are You Risking Your Business?
Business owners may turn a blind eye when it comes to their employees, thinking that by being a small to medium sized company that they are all one big happy family and none of them would sue, file a claim of discrimination, or steal money; but facts show otherwise.
Too many times, news stories captivate audiences by reporting discrimination cases filed by employees or what about that accountant, a loyal employee for 25 years, who now has been charged with stealing money from the company? Businesses need to keep their eyes open and make sure they have the type of business owners policy that provides protection for these sort of situations.
Some Typical Types of Coverage Options You Need to Consider for Your Business, but Not Limited to:
- Employee Theft and Crime
As much as business owners don’t want to think “one of their own” could steal from them, it happens. Insider/employee fraud happens, especially in businesses that have 500 employees or fewer, and you can’t afford to lack coverage that would safeguard against a bad situation like this; otherwise, it may end up costing you an exorbitant amount of money.
Employee theft coverage protects businesses like yours against thefts/crimes committed by employees and can be added to your current Alabama business owners policy, though endorsement, and in the long run could save you and your business a lot of money.
- Data Breach
Cyber stalkers are a dime a dozen in our world today, so you have to stay alert to protect the data security in your business. Imagine coming in to work one day and realizing all of your stored data, that you thought was secure, has been hacked and now everything and everyone is exposed. If your business is victimized by a cyber attack, you need to have the insurance protection to cover the expenses to pay legal fees, professional costs to get your business back up and running, expenses to notify all those affected, and whatever it takes to help regain your business reputation. Your business reputation doesn’t come with a price tag, so isn’t having data breach coverage a small price to pay for this type of security solidarity?
- Employment Practices Liability (EPL)
Businesses are faced with employee claims all the time and all it takes is one employee to file a claim (discrimination, wrongful conviction, or harassment) that may result in a solid demise of your company’s reputation, even if the claim is later unfounded.
Claims brought about by employees, either past or present, can cost your business hundreds of thousands of dollars in settlement costs and legal fees, so doesn’t it make sense to have the insurance protection in place to protect your business against this sort of risk? By adding employment practices liability insurance to your current Alabama business policy, you can provide peace of mind and protection against employee claims, that otherwise could ruin your business.
Consider Your Risks Or You May Risk Your Business
Burkett & Associates Insurance Agency recognizes your need as a business owner to effectively protect your business against some common risks to which you may be exposed and can assist in filling any coverage gaps you may currently have with your Alabama business owners insurance policy, through endorsements. Call us TODAY for all of your business insurance needs at 256-704-7400.
