How you can “pump up” your coverage.
You’ve got insurance to cover your business, your company vehicle, the equipment and machinery, the building, and worker’s compensation to provide protection for you and your team. But what you might not know is that today’s business policies can do even more to guard you and your company against unexpected losses. Take a look.
When good products go awry: Product Liability Coverage
You take pride in your products and in most cases, there’s zero to worry about. But in the event that something unthinkable happens and someone files a complaint against you and your company for injury or damage caused by your product, Product Liability Protection comes to the rescue. This type of coverage will protect you in various instances including:
- • A defect in the design
- • A defective warning or instructions
- • A manufacturing mistake
- • A flaw in the production process
When your online voice makes a faux pas: Advertising Injury Coverage
Whether via social media channels on your own business website, if you use someone else’s photographs or likeness, or accidentally infringe on copyrights, your business insurance will ensure you don’t lose your shirt or your business. Advertising Injury Coverage covers you against:
- • Slander or libel
- • Posting images or verbiage that belongs to someone else
- • Logos, brand, or copyright infringement
When you’re forced to close your doors or stop production: Business Interruption Coverage
Unexpected events happen and when they do, sometimes it’s necessary to close your business temporarily. Whether there’s a fire, a storm, or some other incident, if you have Business Interruption Coverage, you’ll have the necessary funds to get through the downtime. So you’ll still be able to keep up with your various business expenses including:
- • Payroll
- • Lease payments
- • Business loan payments
If there’s a data leak, breach, or theft: Cyber Liability Insurance
While you may not think your small business has to worry about data breaches, the reality is that all companies that store any kind of information within servers or the cloud need to be at the ready. Imagine the consequences if your files with customers’ personal information were accessed by someone outside your company. Or if your company’s financial data was compromised. With Cyber Liability Insurance, you can rest assured that you’ll have the protection you need to recover from such events. Cyber Liability is available in different types including:
- • First-party response coverage: Provides coverage of expenses related to notifying affected customers, crisis management, and investigation into what or who caused the breach
- • Third-party response coverage: Coverage to help pay for any legal expenses in the event that a third party files a lawsuit against you or your company in response to the breach
- • Extortion expenses: In the event that a cyber crook attempts to extort money from you and/or your business in exchange for your data, this coverage will help cover expenses
As the world continues to change, so does the need to protect your business and all your related assets. These four policies are among the many products we at Avante Insurance can customize to suit your specific needs. Give us a call today to get a quote.