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Strengthening your business defense

What Is Commercial Liability?

Commercial Liability coverage offers protection to individuals, businesses, and organizations against claims for accidents and injuries filed by the public, arising from incidents on the premises or due to activities and services provided by the business. An umbrella policy can provide additional liability coverage.

Why Is It Essential?

A single lawsuit could potentially disrupt your business and have a detrimental impact on your finances. Liability insurance safeguards against such scenarios, ensuring protection for you, your family, and your assets.

Professional Liability

Lawsuits can affect anyone, and the financial implications can be substantial, irrespective of the lawsuit’s outcome. Even when you’ve done nothing wrong, you may need to defend yourself. Therefore, professional liability coverage is vital. It protects against liabilities stemming from mismanagement, workplace-related claims such as discrimination or harassment, covering not only directors and officers but also staff, volunteers, and the nonprofit organization itself.

Commercial Property Insurance

In the event of disasters like fires or theft, your commercial property and its contents can incur significant losses, which can severely impact your organization.

Commercial property insurance serves to protect the property your business owns or leases, including equipment, inventory, furniture, and fixtures. Whether you own the building or lease the workspace, this insurance can be purchased separately or combined with other essential coverage to safeguard your business’s physical assets.

General Liability Insurance

Accidents such as slip-and-fall incidents, broken glass, or hazardous debris can pose risks for your nonprofit organization. Claims may arise, including those related to bodily injury, property damage, personal injury, and more.

General liability insurance is a fundamental requirement for any business. It provides broad coverage in situations where you are deemed responsible and liable and will cover the cost of defending any covered lawsuit or claim, regardless of its merit.

Directors and Officers Insurance

What if a board member makes unwise investments on behalf of the nonprofit, resulting in significant losses? Creditors may sue the nonprofit, as well as its directors and officers. Nonprofit organizations are not immune to lawsuits, and disagreements over how the organization is run can lead to legal action. Nonprofits often lack the financial resources to combat such lawsuits, putting the organization at risk.

Directors and officers liability insurance safeguards your directors, officers, trustees, employees, volunteers, and the entity from any act or alleged act, error, omission, misstatement, misleading statement, or breach of duty.

Employment Practices Liability Insurance (EPLI)

On average, approximately three out of every five businesses face lawsuits from their employees. Lawsuits can stem from various issues, even seemingly minor ones, such as misinterpreted jokes. While you cannot prevent someone from filing a lawsuit, you can take steps to minimize the costs of defending against such legal claims.

The right coverage is crucial for risk management, providing protection against allegations of discrimination, wrongful termination, sexual harassment, and other employment-related claims.

Business Income Insurance

Imagine the impact of a computer virus disrupting your database and preventing you from serving clients for a day or longer. Or consider the consequences of a cybercriminal causing system outages, rendering your business temporarily inoperable. These events can severely affect your ability to generate revenue, with long-term consequences for your business’s sustainability.

Business income insurance compensates for lost income when your company cannot operate normally due to disaster-related damage covered by your commercial property insurance, such as data breaches or cyberattacks. This insurance covers the income you would have earned based on your financial records had the disaster not occurred, including operating expenses like electricity that continue despite temporary business interruption.

Workers’ Compensation

If one of your employees sustains an injury or illness in the course of their employment, it is a legal requirement to have the appropriate coverage in place.

Workers’ compensation and employers’ liability insurance protect your employees in the event of a work-related injury or illness. Given that benefits vary by state law, it’s essential to ensure that your insurance agent is aware of all physical locations where your business operates and hires employees.

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