Many management teams mistakenly believe that general liability insurance will cover them. General liability insurance only covers the company itself. It does not provide protection against lawsuits that name managers personally and also does not cover management mistakes.

The period of restoration is the amount of time that is reasonably required to rebuild, repair or replace the damaged or destroyed property, or the amount of time required to move into a different property and permanently reopen, whichever is shorter. #insurance #facts #smallbiz

A common misperception is that D&O Insurance is only applicable for companies who have outside shareholders. However, the most common type of lawsuit against directors and officers comes from dissatisfied employees rather than other shareholders. #smallbiz

Indemnification is an agreement to compensate officers or directors for any financial losses or damages they personally suffer as a result of actions they took while acting in their role of officer or director. #SmallBusinesses

The third-party liability coverage provided by cyber liability insurance provides protection against lawsuits filed by clients or others against your business as a result of a breach of their security or privacy. #liability #business #insurance

Life insurance is a popular employee benefit that can provide some financial peace of mind for the families or beneficiaries of your employees. According to the Bureau of Labor Statistics (BLS), in 2018, 60% of all workers had access to employer-provided group life insurance.

Group life insurance policies are guaranteed issue, which means that your employees do not need to take a medical exam or submit medical information in order to qualify for coverage. #insurance #business #Entrepreneur

An employee is making deliveries for a business using her personal car. The employee rear-ends another vehicle on the road, injures himself, and is unable to work. Workers’ compensation insurance would pay benefits to the worker for her medical expenses and partial lost wages.

It is very common for companies to pay for their employees’ basic life insurance coverage. According to the BLS, in 2018, 95% of workers with group life insurance coverage did not have to make a contribution to their group life insurance premiums. #smallbusiness #insurance

Employment Practices Liability Insurance is usually written on a claims-made basis. Claims against a policy are only valid if both the incident causing the claim as well as the reporting of a claim occur while the policy is still active. #insurance #SmallBusiness

The liability component of commercial auto insurance consists of bodily injury liability and property damage liability. This coverage protects your business if you or one of your employees causes injury or damage to another party while driving and are deemed to be at fault.

Business Income Insurance is usually subject to a waiting period, which is most commonly 72 hours. None of the losses to business income during the waiting period are covered. The waiting period begins at the time of the loss. #entrepreneur #smallbiz #insurance

Professional Liability Insurance is written on a claims-made basis, which means that claims are only covered if the claim is made while the insurance policy is active. #smallbusiness #entrepreneur #professionals

With a claims-made policy, if you do not have an active policy, you have no coverage for any of your past actions. This is important because in professional work, a client may not discover an error until much later than when the work is completed.

Are coronavirus-related losses covered by business insurance? We answer this question and more in our latest FAQ: Coronavirus (COVID-19) and Business Insurance. advisorsmith.com/faq-coronaviru… #covid19 #businessinsurance