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Protecting your Operations: Essential Coverages
Posted on: October 30, 2015 by Newmark Insurance
As most owners and operators are aware, running a business comes with inherent risks. Depending on the type of business, risk exposures can vary greatly. However, in order to protect your operations, regardless of the nature of the company, the following components are essential to include in your Business Insurance Program.
Workers’ Compensation- As this is a required component for the majority of companies, implementing a sound workers compensation package can help to mitigate financial loss in the event an employee is injured or falls ill while on the job. Workers’ compensation costs can be incredibly costly and devastate a business without the proper insurance coverage to assist with financial obligations. This coverage will assist with any legal costs, medical expenses, employee recovery expenses and more.
Crime & Fidelity Insurance- According to Statistic Brain, approximately 7% of total annual revenues are lost to theft or fraud. This staggering statistic equates to billions lost annually throughout the United States. Regardless of the industry, this insurance coverage will provide protection against employee and outside theft or fraud. This includes employee dishonesty, forgery, robbery, embezzlement, wire transfer fraud, loss of inventory, and more.
Cyber Liability- Approximately 340,000 cyber breaches occur daily in the U.S. While most believe they are not susceptible to this type of criminal activity, it is an inaccurate assumption. Data breaches can devastate a business’ financials, reputation, and trust within their community. This coverage is at the forefront of addressing the emerging risk that becomes increasingly popular each year to protect against theft of intellectual property, identify and data theft, and third-party claims and expenses.
At NewMark Insurance Services, we work with several carriers to ensure you get the best solutions for your needs at the best prices. Our products can be customized to protect against each of your business’ risk exposures. To learn more, contact us today at (855) 777-6549.