As organizations grow, so to should the ways in which they protect themselves. That includes a review of insurance types. In most cases, there are four solutions best suited to each institution. Detailed information about each type can be found at FGIB.com.
1. Professional Liability Insurance
Professional liability insurance covers risks such as regulatory compliance claims, consumer fraud, breach of fiduciary duties, and even discrimination and ERISA claims. Policies covered under professional liability insurance include Errors and Omissions, which defends against negligence claims, and many others.
2. Cyber Liability Insurance
This covers the growing threat of cyber attack. It seems more thieves are active online than ever before, searching for ways to infiltrate companies and steal personally identifiable information. Protecting companies against such threats are becoming more and more important.
3. Crime Insurance
Crime insurance protects companies from internal and external criminal threats. That includes embezzlement, robbery, and even some cybercrime, like phishing scams.
4. Business Insurance
These policies help a company protect its assets against more common threats, such as natural disasters, business interruption, and workers compensation. General liability insurance is considered a type of business insurance, and most companies make sure they are at least covered in this way.