Tag: business insruance

What You Didn’t Know About Small Business Insurance

Posted on by butlervetinsurance

Business insurance has some hidden features which you may not have known existed.

Business insurance can protect your business and assets from covered damages. And aside from that, you may think of your policy as a rather dull piece of paper. But there may be a few surprises that your business insurance policy has up its sleeve. Here are a few things you likely didn’t know about small business insurance.

  1. Product Liability Protection for Spontaneous Products
    Whether your business sells shoes, toys, electronics, or baked goods, your business is liable for the physical injuries your products may cause. Liability complaints also have a possibility of arising from:
    • Design defect
    • Defective or lack of warning/instruction
    • Production flaw
  2. Cyber Liability for Data Breaches
    Businesses, large and small, all have a risk of being hacked. Cyber threats continue to grow, so it is smart to invest in cyber liability insurance.
    • First-party coverage: This can help pay for things like an investigation, notifying those customers affected, PR, and the crisis management after such an event.
    • Third-party coverage: This covers the legal costs if your business is sued by a customer whose information was stolen.
  3. Business Interruption for Closed Doors
    If there’s construction outside your business, your business may not receive the foot traffic it’s used to and may force you to shut your door. Business interruption can help you make up for these lost wages.

Your business insurance can cover your business, but it can also cover these aspects about which you may not have known. Business insurance can give you the peace of mind that you deserve when it comes to the covered damages. Contact the experts at Stromsoe Insurance Agency for all of your commercial insurance coverage needs.

Insuring Your Intangible Assets

Posted on by butlervetinsurance

Our heavy technological dependence has created an increased need for protecting our business’ intangible assets in a unique way. Recent mass data breaches have proven the importance of purchasing a cyber-liability insurance policy. With nearly all of our client and company data saved online, we must find a way to protect our most valuable information adequately.

Advancements in technology mean that most US businesses will be able to host their company data on third-party sources in order to receive full protection. As many companies currently share servers, problems are arising where multiple companies and clients can suffer in the event of one data breach.

When choosing the right type of insurance to adequately protect your business, it is important that you read through the various coverage options to ensure that your intangible assets are protected. Many insurance providers will strictly prohibit coverage from third-party networks or cloud computing. Instead, you should only purchase policies that clearly define their limits and coverage options so that you do not wind up with any unpleasant surprises.

As a relatively new form of insurance, cyber liability insurance is constantly evolving. Insurance providers are still determining how to provide coverage for these new risks. While you may be thinking of hosting your data in the cloud to reduce your risk factors and decrease the cost of housing data, you may find yourself vulnerable to cyber-attack. Before making any final decisions, speak with your insurance provider to ensure that your biggest investment is adequately protected.

Stromsoe Insurance Agency is available for all of your Murrieta, California business insurance needs. Contact us today and allow us to provide you with the peace of mind knowing your business is adequately protected. We are available to answer any and all of your questions around the clock.