In addition to the construction options listed above, Woodall & Hoggle also recommends some very important coverages that all business owners need to understand and consider:
Commercial Umbrella Liability Insurance – protects your organization against large, catastrophic liability claims. The policy acts as excess coverage over your primary liability policy(s).The coverage limit applies in addition to the limit(s) provided by underlying coverage(s).
Cyber Crime Liability Insurance – protects your organization from an invading army of exposures, such as e-theft, destruction of critical data, defamation, libel, copyright or trademark infringement, e-vandalism, e-threats, denial of service, and more.
Directors & Officers Liability Insurance – provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company.
Employee Benefit Liability Insurance – covers the cost to employees that result from employer processing errors related to employee benefits. Some examples of this would be an employer not providing the employee with the appropriate COBRA information following termination that results in the ex-employee losing benefits, or an employer neglecting to add an employee to a benefits plan or adjusting coverage as requested.
Employment Practices Liability Insurance – provides protection for an employer against claims made by employees, former employees, or potential employees. It covers discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations. It covers your firm, including its directors and officers.
Professional Liability (Errors & Omissions) Insurance – protects your company from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract. Coverage includes legal defense costs – no matter how baseless the allegations. Errors and Omissions Insurance will pay for any resulting judgments against you, including court costs, up to the coverage limits on your policy. Errors & Omissions Insurance coverage extends to both W2 employees and 1099 subcontractors, and can be worldwide in scope.
Workers’ Compensation Liability Insurance – provides coverage to employees for accidents or disease arising from employment. Benefits may include lost wages, medical expenses, and permanent disfigurement/disability payments. State law requires that employers provide Workers’ Compensation Insurance for their employees.
