Having a professional office, such as a real estate office, means that you do not have to worry about some of the same risks as, say a construction company. It is unlikely that your employees will have a severe fall or other serious injury and sue you, but you do still have insurance needs to consider. Don’t leave your business vulnerable. Let’s look at the different types of coverage that can protect you.
Cyber Liability/ Data Breach
Chances are, your professional business relies heavily on technology, particularly desktop computers and the Internet. You may think that because your business is small, you would not be the target of a hacker, but that could be precisely what attracts one. In contrast with a large corporation, your small business probably does not have anyone one charge of security, and may be using passwords that are easy to guess.
Cyber liability and data breach coverage protects your business in case of a data breach by a hacker. This means paying for things like identity theft, property theft and access to personal and financial information. Your policy could cover legal fees, judgments, reputation management, identity theft monitoring for your clients, and the payment of any settlement in court.
Errors and Omissions
E&O insurance is like malpractice insurance for professional offices. E&O coverage protects your business when mistakes are made or things are omitted.
For example, a real estate office could be sued for omitting information like mold before a sale, or for damaging a home during an open house. These simple mistakes could make for large lawsuits that could potentially bankrupt a small business.
Employment Practices Liability
This coverage protects your business in case you are sued for violating U.S. laws on employee fair treatment, whether or not the allegations are true. This includes laws protecting employees from discrimination, wrongful termination, sexual harassment and more.
Protecting the actual office building of your small business can be just as important as protecting your financial assets. Protecting your office against liability claims can give you peace of mind about losing your building after a big lawsuit.
The cost of this protection will vary depending on where your office is located, the age and condition of the building, and how many people visit the office on a typical day.
The best way to figure out which kinds of coverage are right for your professional business is to speak to an insurance agent. You can call an Infinity agent at 1-800-INFINITY. Also check out our website for more information on things such as Business Owners Policies.