Archive for category: Liability Insurance

5 Ways in Which General Liability Insurance Can Help Your Business

Businesses of all types buy general liability insurance (GLI) as a foundation for financial protection against lawsuits and other misfortunes. Understanding general liability insurance benefits are key to building an effective long-term safety net for your business.

What Is General Liability Insurance?

General liability insurance covers your business if it faces a lawsuit or causes harm to others. Unfortunate accidents, such as someone tripping on a wet surface or spilling a cup of coffee over themselves, are common in the workplace.

This Insurance will cover both physical and mental harm that may occur to people who visit your establishment or engage with your brand. It issues payouts to victims based on multiple factors, such as your coverage limit and deductible.

The coverage limit is the maximum amount the policy pays. Beyond the coverage limit, a victim can sue your business to recover the balance. The deductible is the amount of cash you have to pay upfront for the damage before the policy covers the rest.

What Is Covered by General Liability Commercial Insurance?

The two major perils that general liability commercial insurance covers are bodily injury and property damage. So, if someone gets hurt on your property, your insurance will pay for their medical bills and lost wages. If one of your employees damages someone’s property, your GLI will pay the repair costs.

Even if your company is sued for libel or slander, GLI pays the legal costs, protecting your valuable business assets.

Benefits of General Liability Insurance

Here are some of the various general liability insurance benefits that allow your business to withstand a substantial lawsuit:

  1. Pays Legal Costs – Legal costs for a small business lawsuit typically range from $3,000 to $150,000. However, GLI covers the attorney costs, settlements, and other court fees, saving your business from being financially devastated by one lawsuit.
  2. Demonstrates Business Maturity – Carrying GLI shows the public, business community, and your staff that your business takes responsibility for the safety and well-being of others.
  3. Establishes Credibility – Carrying liability insurance further demonstrates your business is well-established, thus giving a favorable impression to your clients and contractors. Some contractors only do business with vendors who carry some form of liability insurance.
  4. Maintains Business Continuity – Another benefit of GLI is that it pays for periods of business inactivity due to covered perils such as theft, vandalism, natural disasters, or fire.
  5. Covers Cybersecurity Breaches – After purchasing a standard GLI policy, you can add extensions for customized coverage, such as cyber liability insurance. Any business can get hacked and if it happens, plenty of confidential data can be compromised. Cyber liability insurance can pay for data remediation expenses and legal costs.

Understanding general liability insurance benefits will help you appreciate why you pay for coverage. Contact our reputable agents at Chambers & Company Insurance Brokers to learn more about general liability business insurance. We are ready to help you find the right insurance coverage for your business needs.

Cyber Liability Insurance Coverage: An Overview


In the current times, businesses heavily rely on technology to help them remain successful. Millions of people around the world complete transactions online on a daily basis. Both businesses and consumers have to be careful, as hackers are a constant threat. Cyber liability coverage can help prevent your business from folding in the event of cyberattacks.

Many analysts believe that the digital age is here to stay. Many businesses use online services in multiple ways: online stores, apps, and customer databases are common examples. Hackers have adjusted their strategies, which has caused the number of cyber crimes to continue to rise. As a business owner, you have to devote time and resources to developing a good cybersecurity strategy. If your business is vulnerable, hackers can infiltrate sensitive data. Cyber liability insurance is an asset. Unfortunately, many businesses are unaware of the benefits of cyber liability insurance. This cyber liability insurance guide will help explain why the policy should be an essential part of your risk management strategy.

Defining Cyber Liability Insurance

Cyberattacks have the ability to wipe out your entire business. These attacks are especially damaging to small businesses that lack the financial resources to recover from a catastrophe. Cyber liability insurance policies are versatile enough to suit the unique privacy needs of your business. If your business is hacked, cyber liability coverage will protect your business as you deal with the aftermath of the incident. You can secure the future of your business because the damages are covered.

Cyber Liability Insurance Is an Asset

Many business owners make the mistake of believing that cyberattacks only impact larger corporations. Hackers believe that all information is valuable, whether it is names, financial data, or even health records. Small businesses are viable targets as well. Your database is likely not covered under a traditional insurance policy. Cyber liability coverage is designed to add an extra layer of protection to your business. Cyber liability insurance helps protect the reputation of your business. If your business suffers a significant data breach, perhaps you may be able to recover financially in the future. However, it’s also possible that you could lose a substantial part of your customer base along the way. Other companies may become attractive to your customers because they have cyber coverage in place to ensure that a huge breach never happens.

Identifying Threats

Major companies such as Target, Sony, and eBay have been victims of significant data breaches. No one is immune to possible cyberattacks. These attacks have already caused billions of dollars worth of damages. Even census bureaus have been corrupted by data breaches. Every business has unique assets that hackers want. There are multiple threats out there for every business to deal with. Ransomware and extortion attempts are especially dangerous. Hackers are creating ransomware payloads that could infect multiple machines within a short period. Hackers are also creating new ways to attack consumers’ IoT devices. Many businesses do not have the technology in place to deal with these real-time attacks. Internal threats are also on the rise. These cases are a warning sign of what could happen to your business in the future if you are left unprotected.

Protecting Your Business from Cyberattacks

While maximizing profits is an important goal, don’t neglect your risk management strategies. To succeed in today’s global market, businesses must add information and network security to their risk management strategies to fully protect their assets. You have to protect all of your financial information and intellectual property. Emails are still a powerful asset for hackers. Thousands of people become victims of phishing scams every year. Check the IP address of a sender before you open it. Try to avoid sites that are not encrypted. If you receive a strange attachment, don’t open it. Try to use two-factor authentication on your network. Two-factor authentication requires everyone to enter a password and confirm entry through another code. Even if you don’t use authentication, make sure to use complex passwords. You also need to change them at least once a year.

Handling a Cyberattack

In the unfortunate event of a cyberattack, you can recover if you have a proper plan in place. Some businesses could not recover after an attack because employees tried to handle the damages themselves and made things worse. You have to notify your customers and anyone else who may have been impacted immediately. You also have to notify the authorities. Creating an incident response plan can prevent your business from collapsing. Reach out to your target market and apologize to everyone who has been impacted. Transparency is important. For more guidance on how to proceed, look up different case studies.

Protecting Yourself

The public’s reliance on technology is here to stay. People use smartphones and computers to perform tasks such as shopping and banking. This can put your personal information at risk. Make sure that your devices have up-to-date security software. This can prevent hackers from getting your credit card information, for example. Check your credit scores to make sure that there hasn’t been any identity theft or fraudulent transactions. Only make purchases on reputable websites. This helps ensure that your personal information remains secure.

Cloud Computing

At some point during the day, you are going to use a computer to operate your business. That could make you vulnerable to an attack. Consider using cloud computing. Cloud computing is a great way to manage your IT. You can access the files anywhere. Pay attention to the location of the data. Make sure that the cloud is secure. Before storing your files online, read over the service level agreements. You want to ensure that no one has access to the cloud except the people you have authorized.

Consult with Chambers & Company Insurance Brokers

The evolution of today’s marketplace has made the online activity a priority. Online strategies are now the easiest way to reach consumers. In order to adjust to changing times, your business needs an effective risk management plan. Cyber liability insurance coverage should be included as part of your risk management strategy.  If you are looking for ways to protect your business from cyberattacks, talk to our experts at Chambers & Company Insurance Brokers today. Don’t wait until you have experienced a breach. Get the answers you need today so that you can protect your business now.

How to Choose the Best Business and Liability Insurance- A Guide

best liability insurance

The growth of the economy depends on the emergence of small businesses. However, for small businesses to be successful, they need to have the right type of policies in place. Insurance helps your business manage risks and continue to thrive. Here is a look at how to choose the best business and liability insurance.

Importance of Insurance

Businesses need insurance to protect their investment and their employees. Some types of insurance coverage are dependent on the type of industry that you are working in. The primary goal of insurance is to protect businesses if an unexpected circumstance arises. In addition to accidents, business insurance is valuable because it provides a safety net to protect businesses from liability and risks so that they are not alone when adversity strikes.

  • Best Liability Insurance

General Coverage

General liability coverage protects all of your assets if your business is sued by a third party. General liability coverage helps fight your legal costs and also assists with any settlement packages. General policies are versatile enough to provide coverage whether the litigation is filed by one person or a large class-action suit. The policy covers your business if someone suffers an injury while visiting your business or you cause damage to someone else’s property. General liability coverage also assists you if you are held liable for slander or false advertisement. Without the safety net of a liability policy, your business could suffer significant financial setbacks.

Errors And Omissions

Errors and omissions insurance can help protect your business against significant financial losses. If part of your business model is providing advice, recommendations, and physical care to people, then you need errors and omissions coverage. The policy covers your business against allegations of negligence, bad representation, and acts of bad faith. Errors and omissions coverage benefits businesses across several different industries. Businesses can choose between claims-made coverage and occurrence coverage. Claims made coverage means that you will only be protected if the action occurred while you had the policy. Occurrence coverage protects you even if your policy may have recently lapsed.

Workers’ Compensation

Workers’ compensation allows businesses to protect their employees. The policy pays for the medical care of an employee who is injured in the workplace. The policy helps cover their wages. Workers’ compensation also helps protect the employee’s family if they perish from the work-related injury. If your business has more than five employees, workers’ compensation is mandatory. If you have a sole proprietorship, that is one of the only ways that you aren’t obligated to have workers’ compensation. Workers’ compensation also covers your employees if they become permanently disabled.

Cyber Liability Coverage

Conducting business in this current age of technology comes with several risks. Hackers are continually developing strategies to infiltrate sensitive data. That’s why cyber liability coverage is so important. Cyber liability coverage protects your business from online risks such as computer hackers, extortion attempts, and data breaches. If you manage sensitive personal data such as credit cards, medical records, or bank accounts, cyber liability coverage can prevent you from being held liable if this information is compromised.

Employment Practices Insurance

Employment practices insurance is a safety net if your business is involved in a civil or legal rights dispute. Your business will be protected against allegations of discrimination, harassment, breach of contract, and wrongful termination.

Product Liability Coverage

Product liability coverage covers your business regarding any damages from the use of products you sell or transport. You can amend your policy based on the industry that you are working in. Product liability coverage benefits manufacturers, distributors, and transporters.

Health Insurance

Health insurance provides medical coverage and health benefits to your employees. Health insurance is mandatory if you have a large business. You are also responsible for the premiums. Research the benefits of HMO, PPO, and POS plans before making a decision. Offering a group health plan is more affordable for businesses compared to offering individual policies to every employee. As more employees enroll in a health plan, your business can help manage the risks across the entire group as a whole. Offering health insurance also helps your business attract high-level talent and also improves your employee retention rate. Your business may also qualify for tax credits.

Property Insurance

Property insurance covers any damages caused to your property due to a fire, natural disaster, theft, or vandalism. Property insurance is an asset if you have a physical location. The policy provides repair costs for any of your furniture and inventory. During cases of a severe emergency, you can add business interruption coverage. If an accidental fire leaves you unable to operate your business, you can add business interruption coverage to protect you against losing a significant amount of income. This will give you peace of mind while you are unable to operate your business.

Things to Remember

  • While purchasing the best business insurance, don’t forget about umbrella insurance. Umbrella insurance can help protect your business if you are involved in a serious liability dispute. Umbrella insurance acts as a supplemental policy if you have reached the limit on your regular liability coverage and are still facing damages. Umbrella insurance can prevent you from potentially losing your business.
  • Choose a plan that will evolve as your business evolves
  • Speak to multiple providers before making a decision
  • Look for any gaps in your policy

There are several factors that you must consider while purchasing the best business insurance. To find quality insurance for all of your business needs, contact the professionals at Chambers & Company Insurance Brokers. We are willing to assist you with all your coverage needs.