Manage Your Business Risk

Risk. It’s a scary word, but unavoidable when it comes to running your own business. There are many risk factors to consider when operating a business. Some may be obvious, but many more can come as a surprise. That’s why it’s essential to work with a partner that will delve into the nuances of your business and guide you in the right direction. When it comes to protecting an asset as valuable as a business, you need to know you can trust and depend upon your commercial insurance provider.

There’s also a less obvious benefit of partnering with a trusted commercial insurance provider: peace of mind. The indirect loss of dealing with an insurance claim can range from anxiety about lawsuits or potential property damage to missed opportunities or unexpected losses due to avoidable but unmitigated dangers. By using a consultative approach, ERM not only helps clients find the right coverage but also help mitigate the indirect losses associated with insurance claims management. ERM’s reputation as a trusted and dependable commercial insurance provider allows clients to relax, secure in the knowledge that that when a claim needs to be filed, they can depend on ERM’s team of experts to make the experience simple and seamless. We provide peace of mind during this crucial time.

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Here are some of the key risk factors that businesses should consider:

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Employment Liability

Employees are a valuable asset, but they can also trigger enormous costs related to employment-related claims. Employment liability is an expensive proposition, and that means employers must work diligently to protect themselves from the types of damages that can be incurred as a result of events like wrongful termination, discrimination, workplace harassment, and retaliation. Claims and lawsuits associated with these events can be costly, and many times an employer may end up responsible for not only the damages awarded but court costs as well. Thankfully, having the right insurance coverage can protect business owners and their enterprises from employee-related disputes and legal actions.

Internet Liability also known as Cyber Liability Coverage

Most businesses operating in the modern marketplace are tasked with using, storing, sending, or receiving sensitive digital data. Cybercrime – including hacking, ransomware, phishing scams and more – can make a huge dent in a company’s bottom line while also exposing an organization to fines, lawsuits, and other financial damages. Whether it’s your customer’s personal information or your organization’s financial data, all the information you store must be safeguarded. Thankfully, you can safeguard your organization from the risks and costs associated with cybersecurity breaches with Cyber Liability Coverage.

With the right cyber liability insurance solution, you can ensure your business is protected in the event of a data breach, password attacks, ransomware, or phishing attack. Cyber Liability Coverage can also help you restore employee and customer identities, recover compromised data, and repair damaged computers and networks. Finally, Cyber Liability Coverage allows you to comply with federal, state, and local data protection regulations, protecting you from fines, penalties, the costs of forensic investigations or breach notifications, and even class action or third-party lawsuits.

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Directors & Officers Liability

In the past, it was commonly believed that only public corporations would benefit from D&O insurance. In truth, any business that operates with a corporate board or advisory committee is at risk, regardless of your profit margin. Whether you’re a Fortune-500 company or a small mom-and-pop, your directors and officers can still be sued over their actions while working for your company. Some of the reasons directors and businesses officers can be sued include:

  • Breach of fiduciary duty resulting in financial losses or bankruptcy
  • Misrepresentation of company assets
  • Misuse of company funds
  • Fraud
  • Failure to comply with workplace laws
  • Theft of intellectual property and poaching of competitor’s customers
  • Lack of corporate governance

With Directors and Officers (D&O) liability insurance, business owners are protected should they end up involved as a defendant in a lawsuit filed by an employee, vendor, competitor, investor, customer, or other parties. This type of liability insurance ensures the defendant’s personal assets, as well as the personal assets of their spouses, are not included in these types of business-related lawsuits. While D&O insurance does not cover illegal acts or illegal profits, it does provide coverage for legal fees, settlements, and other costs.

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