If you own and/or operate a professional office that offers services like accounting, chiropractic work, dental labwork, etc., you may think that your exposure to claims is more limited than a workplace with frequent physical labor. But in reality, your insurable exposures are just different. Sure, having Businessowners Policy seems obvious, but here are a few coverages you may not realize could impact your business setting.
Professional Liability
Also known as Errors & Omissions (E&O) coverage, this insurance could help protect your business in case you are sued for a professional mistake. For example, if a medical lab makes a mistake in labeling test results and a physician’s office or patient sues as a result. Or, if an accountant gives “poor” financial advice that leads to client litigation. With proper E&O coverage in place, you may have financial protection from legal actions and financial losses that can occur when a client sues your company.
Workers’ Compensation
Accidents can happen, even in professional office settings. Maybe your staff is using lab equipment, moving file boxes, or helping a client with an injured back – one slip can cause a major medical issue. With lost wages and medical care, those issues can add up quickly. In some cases, legal expenses or even third-party lawsuits may be involved in these claims, and having the right coverage is critical.
Employment Practices Liability
In today’s world, how you operate your business is under a lot of scrutiny. If you find yourself in an instance where wrongful termination, discrimination, harassment, contract breach, or other employee lawsuits occur, you may wish you had coverage to help with legal fees, settlements, and/or judgements. If you have properly configured your risk management with Employment Practices Liability Insurance (EPL), you may have that assistance.
Cyber
In professional offices of all kinds, data is a key piece of your day-to-day world. You likely protect that data with IT precautions and staff training. But even with measures in place, breaches, viruses, and ransomware can still infiltrate your systems. In addition to the potential data corruption, breach, or access restriction, you likely will have costs to notify your clients. Much of this could fall under coverage provided by a Cyber Insurance Policy. And although some cyber protection my be included in your other business insurance policies, often a standalone policy is best for this coverage.
With these exposures and coverages in mind, how confident do you feel with your current policies? Get in touch with us today to review what you have in place and discuss the options you have for your business. Please contact Brandon Patterson at brandon@ownbyinsurance.com or call 865.453.1414 to get started.