Business InsuranceAs a business owner, you understand the many facets of protecting your Florida business along with the multitude of risks that may impact your business. Regardless of how careful you are, disaster can strike at any moment that could potentially destroy your livelihood if you don’t have the right type of business protection. Having the right type of protection entails knowing some important coverage options your business may need to minimize potential risks your business may encounter. 

Risky Business 

Owning a business can be risky but knowing some typical risk exposures common to your small to medium sized business can help protect your business. Each business is unique so the insurance should represent that by recognizing common risks and establishing a custom built business insurance policy that will safeguard your business and assets. Does your business have the right type of protection or have you overlooked some common risk exposures that could potentially leave your business and assets unprotected?

Some Common Optional Endorsements That You May Not Have Considered for Your Business 

Data Breach 

We live in a computer-generated society and cyber stalkers diligently work to steal important data from businesses in an effort to access private data, customers’ information, and in turn, steal their identities. Not only does this type of breach affect each and every customer, but also negatively impacts your business reputation and trust amongst the community to keep private information secure. If your business experiences a data breach and you have this additional coverage, it will provide the following:

  • Costs for Legal expenses
  • Incurred fees to notify all the affected parties
  • All costs you are required to pay due to fraudulent activity involving your clients’, customers’ or employees’ personal information that have been accessed/stolen

Identity Theft Recovery 

Identity theft is very prevalent in our society and protecting yourself from the ramifications of having your identity stolen is vital. Having your identity stolen also means losing credit, a possible slow down or shut down of your business until the issue has been resolved, and a negative impact on your assets. With this type of additional coverage, you can rest assured that you will have protection for the following:

  • Incurred legal fees to defend lawsuits presented by creditors
  • Lost wages
  • Any other incurred expenses to resolve the identity theft difficulty

Employment Practices Liability (EPL)  

Employee claims happen more frequently than you may imagine. All it takes is one employee to file a claim citing harassment, wrongful termination or discrimination before your business reputation is tarnished. Reputations take years to establish and seconds to tarnish, so it just makes sense to have this type of business protection in place to cover legal fees and settlement costs associated with employee claims.

Employee Theft and Crime 

Too frequently, employees steal from the business and it can lead to an exorbitant loss of money. When you are a business owner of a small to medium sized business, it may seem like a big family; however, insider fraud happens more frequently in that situation than in bigger businesses. Can you afford NOT to have this type of optional coverage? Contact your Florida independent insurance agent with further details on how to protect your business with this type of endorsement.

Don’t Risk Your Business

Ideal Insurance Inc. understands your need to protect your business against some common risk exposures and can assist in custom building your business insurance policy to specifically protect your type of unique business. Call us TODAY at 941-921-2102 for all of your Florida business insurance needs.