Business Insurance from Philadelphia Insurance

Businesses that offer a professional service or give advice to clients need errors and omissions insurance (E&O). This coverage can help protect against dissatisfied clients who file a lawsuit over a mistake, missed deadline, or another complaint related to the quality of your work.

You may sometimes see this policy referred to as professional liability insurance or malpractice insurance, depending on the profession.

Cyber insurance is strongly recommended for any business that interacts with sensitive customer information, like email addresses or credit card numbers. It covers the immediate costs of a data breach or cyberattack, such as:

• Ransoms for retrieving data
• Hiring an expert to investigate the breach and assist with regulatory compliance
• Notifying customers about the breach
• Crisis management and public relations

It also covers the legal costs of lawsuits related to a data breach or cyberattack, including legal defense if a client blames your business for failing to prevent the incident.

Commercial crime insurance protects your small business against criminal acts committed by employees that impact your customers or clients.

This coverage reimburses your business and its clients for losses related to:

• Monetary or property theft, including embezzlements
• Forgery or fraud, such as computer fraud
• Illegal funds transfer

A business owner's policy bundles general liability coverage and commercial property insurance into one policy. It is a cost effective choice, often cheaper than buying these insurance policies separately.

Employment practices liability insurance, or EPLI, protects your small business against allegations over violating employees' rights, including wrongful termination, discrimination, or breach of employment contract.

Directors and officers insurance (D&O) offers financial protection when your business’s board members, directors, or officers are sued over decisions they made on behalf of your company.

This includes:

• Mismanaged funds
• Intellectual property infringement or libel
• Employment practices, including claims over discrimination or wrongful termination