Commonly referred to as “Business Insurance”, Commercial General Liability (CGL) is the most widely purchased insurance coverage. CGL is typically recommended to all businesses as it’s designed to protect you and your business from some of the fundamental risks that come from running and owning a business. Coverage includes physical damage to someone else’s property (buildings or contents) and personal injuries, where you or your employees may be responsible.
The legal costs alone to defend your business against lawsuits can be devastating, Commercial General Liability insurance is an affordable and necessary way to protect your hard work against these unforeseen risks.
Another type of liability insurance, Errors & Omissions (E&O) coverage can also be called “Professional Liability”. Similar to Commercial General Liability (CGL), E&O is necessary in protecting your business against lawsuits from negligence, mistakes, and breach of contract.
The difference between the two is that CGL covers physical damages, while E&O covers the financial loss you or your business may cause to another person or business.
With data quickly becoming a more valuable asset than physical property, Cyber Liability Insurance can help you protect your data and any liability surrounding it.
If you or your employees hold any personal or company data, integrate it with another’s system, generate content, or use online communication of any kind, you need Cyber Liability Insurance. With the vast scale of data in play, you could be at risk of significant costs in notifying customers and other relevant parties of a data breach and potential legal action taken by those affected by a data breach caused by negligence.
Directors and Officers (D&O) Insurance protects your company, its executives, officers and the personal liability associated with sitting on your Board of Directors. This type of insurance is necessary for all businesses, especially if you plan on obtaining Venture Capital funding.
Allegations of mismanagement can be devastating for any startup; D&O insurance provides protection for your fiduciary duty to protect your investors, directors and officers against claims made by regulators, employees, former employees or competitors to name a few.