Professional liability insurance protects small businesses from civil lawsuit costs

Professional Liability Insurance - lawsuit - money

The expense of malpractice, negligence, common mistakes, and misrepresentation claims suits could be devastating. Professional liability insurance, also known as Errors & Omissions coverage, is the type of policy that protects a business against civil lawsuits. Many small businesses assume that this is an unnecessary coverage because of their size but in our highly litigious society, it is a greater requirement than they realize. This type of coverage is also known as an E&O, professional indemnity or malpractice policy. No matter what you call it, professional liability insurance protects a…

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School cyber insurance rates take off to new highs

School cyber insurance - classroom

Vulnerability to ransomware attacks and virtual learning have presented some serious risks. Boards of education across the country are finding that they are suddenly facing school cyber insurance rates that are considerably higher than they had been in previous years. The recent rash of ransomware attacks across the United States have made schools costlier to cover. The result of the additional vulnerability and risk has been that premiums for school cyber insurance coverage have gone way up. This has been a difficult blow to many boards of education and independent…

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Will wildfire insurance loss mean the end of Californian wineries?

Wildfire insurance - California winery in Sonoma

Many locations in California are afraid that this fire season will prove to be the last they survive. Wildfire insurance has become an increasingly critical coverage for wineries in California, but many local labels are concerned that they won’t be able to obtain it in future years. Not only are premiums rapidly rising for many wineries, but for many, it is becoming unavailable. Newfound Wines owner Mat Naumann said that while he had been expecting his small Placerville (El Dorado County) vineyard and winery’s wildfire insurance premiums to rise again…

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When Does Your Business Need Fiduciary Liability Insurance?

Fiduciary Liability Insurance - man looking at computer in thought

This coverage provides a company with protection against certain forms of mismanagement. A fiduciary liability insurance policy is what provides a company and its employees against the claims that could arise due to mismanagement of benefits plans and the legal liability that can result from those claims. That said, while some businesses definitely need this coverage, others simply don’t require it. A fiduciary liability insurance policy protects a company against fiduciary mismanagement. That said, it will not provide protection to a company in fraudulent cases of theft. It’s important to…

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SBA requires a business hazard insurance policy for an EIDL loan

business hazard insurance required by SBA

Small businesses receiving Economic Injury Disaster Loans will require the coverage. The Small Business Administration (SBA) is requesting that applicants for Economic Injury Disaster Loans (EIDLs) provide proof of hazard insurance, which is a type of business owners policy insurance. Business owners are advised to inform themselves about how much insurance they need for an SBA loan. The SBA is requesting hazard insurance from applicants applying for EIDLs. Therefore, small businesses will find it worth their while to learn about this type of coverage, how to get it, and how…

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Is employment practices liability insurance worth it for a smaller business?

Employment practices liability insurance - women sitting around a table

EPLI can provide companies of all sizes with coverage against claims of discrimination, wrongful termination and more. Employment practices liability insurance (EPLI) sounds like the type of coverage that would only be required by a large company with hundreds of employees. However, medium and even small businesses are discovering that it can provide them with substantial benefit in the face of accusations from employees. Businesses of any size that have employees have the potential to find themselves in need of this coverage. Should a business of any size face claims…

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Five Tips to Get Your Business Financially on Track

Five Tips to Get Your Business Financially on Track

Finance has always been a substantial part of business operations. It is safe to say that the key to running a successful business lies in how organized finances are in place. Sound financial management is necessary for sustainability, profitability, consistency, and long-term growth in this competitive and demanding realm. Companies that keep tabs on business finances from the very beginning can save themselves from hassle, time, money, and efforts down the road. Unfortunately, companies have to face economic turmoil when they fail to receive the inflow of money at the…

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