The most basic insurance that businesses get is general liability insurance and personal liability insurance. However, a lot of big businesses are not contented with just having those basic ones and often adding other insurances to prevent a major loss when a catastrophe strikes. In our world where anything can happen and no one knows when a disaster will strike having business insurance can come in handy. This is the reason why big companies get two or more business insurances so they can get the maximum protection they want for their profits and their employees. In this article, we will list out alternatives and additional business insurances you can get aside from your standard ones.
Errors and omissions insurance
This type of business insurance covers the damages from the errors of doing your work. It also covers the damages on the malpractice of your employees which can help especially when lawsuits happen. This type of business insurance is a must-have for lawyers, doctors, and other occupations.
Cyber liability insurance
Cyber Liability Insurance is one of the most important additional business insurance you can get when you have a big IT company or data firm. It covers claims when a breach happens in your database or your work. This includes having your customers’ data or your business data getting stolen or leaked online. There are a lot of breaches in data happening whether you are a big data firm or a small IT company. Potential lawsuits can be in your doorstep if only the name of your customer and some small information will be leaked online.
Director& officer Insurance
This kind of business insurance protects the assets of the higher-ups in your company. The assets of directors and officers are covered in an event where they are going to get lawsuits and sued by the company. This type of business insurance is recommended for businesses that have outside investors and other owners that are not officially part of the company.