September 15, 2020

2 Types of Commercial Insurance Designed to Protect Your Business & Employees - and Why You Might Need Them

In today’s changing world, business litigation is unfortunately becoming common. The U.S. Chamber Institute for Legal Reform reported that litigation costs American small businesses over $105 billion per year.

As business insurance advisors, Acrisure’s Agency Partners understand the risks your business faces every day. To help protect your business and employees from the costs of expensive and time-consuming litigation, you may need additional insurance coverages designed for your business’s specific needs.

Added Protection for Your Bottom Line

Errors are an unfortunate but sometimes common part of doing business. However, if you specialize in providing professional advice or other professional services, some errors could cost your business. For example, say you are a web design firm whose errors cause the launch date for a client’s new website to be delayed. The missed deadline could derail certain of your client’s marketing initiatives, which can then make you liable for damages caused to the client.

E&O (“errors and omissions”) insurance can help protect against damages caused by acts, errors or omissions committed while performing professional services, from claims arising from failure to disclose information to professional negligence. Our Partners can help custom-tailor an E&O policy that addresses your business needs. Our Partners can also help make personalized recommendations to help mitigate potential liabilities stemming from errors or omissions commonly associated with those in your industry.

Peace of Mind for Your Leaders

You trust your directors and officers to do important work—but everyone has the potential to make a mistake. That’s why businesses with a corporate board or advisory committee should consider obtaining D&O (“directors and officers”) insurance. Among other things, this liability insurance can help protect the personal assets of your directors and officers (even those that may be volunteering for a non-profit board) in the event they are personally sued for the decisions they make while managing or overseeing your organization.

As business insurance advisors, our Agency Partners can understand your organizational structure and goals for growth. Because most experienced leaders will expect this level of protection, our agents can help you tailor D&O insurance coverage to help put their minds at ease, so they can focus on running your business.

Find the right insurance coverages to help protect your business and its leaders. Reach out to an Acrisure Agency Partner today to learn more.

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Important Information:

For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.