Different types of business insurance
by Admin
Posted on 11-07-2022 11:01 PM
6. Data Breach Insurance
Digital information takes up a huge portion of any business today. While data theft can turn out to be heinous, it’s better to keep sensitive data and information protected. You can also include data related to daily functioning. Data breach
insurance
can help you against any such mishap in a case of data theft or breach.
The insurance covers damages and costs incurred due to the data breach.
Data breach insurance, also known as cyber liability insurance, protects your business if there is a breach of personal information. This policy can help cover your costs to: notify clients or customers of the breach run a public relations campaign to help regain trust and improve your companies reputation offer credit monitoring services.
It seems like there’s a new corporate data breach every time you turn on the news. Even small companies are experiencing these breaches — the consequences of which aren’t just embarrassing headlines, but also potential lawsuits. That’s why many companies in charge of collecting or storing sensitive data like personal or financial information are getting data breach or cyber insurance policies. “these policies mitigate the risk of litigation,” says resnick, “and in some cases can help pay for the required steps to respond to the situation and address compromised information. ”.
Are you storing personal information on clients or customers in secure databases for your business? this can be names, mailing addresses, or even driver’s license or credit card numbers if you’re accepting payments, shipping items, or simply managing a team of employees and need their personal information for payroll. Losing this data due to a data breach could result in a lawsuit. This is why data breach insurance is a must if you want to protect your business from any loss. This insurance protects against damages or costs incurred in the event of a data breach.
7. Commercial Umbrella Insurance
While standard liability coverage will help protect you in many situations, it may not be enough. Umbrella coverage helps you prepare for the worst with an added layer of protection.
Grinnell mutual’s commercial umbrella insurance can help ensure that your business and assets stay afloat when you have an unexpectedly large claim. Learn more about commercial umbrella.
8. Commercial Auto Insurance
Almost every business uses a vehicle of some type in performing some aspect of the job: private passenger, van, bus or tractor trailer. A business needs to insure against damage to their vehicles, injuries to third parties, damage to cargo, and injuries to persons riding in their vehicles. The minimum limits are 30/60/25 and certain commercial auto limits are much higher. Rating of commercial auto policies is different from your personal auto. There is no standardization of policies, rates or rating procedures. Most insurance companies consider the driving record of the employees when determining the business' rate for the policy.