fearA Texas Business Insurance Update In a recent study conducted by the Business Continuity Institute, the threat of cyber-attack is one of the biggest fears of large companies.  However, did you know that according to the Insurance Information Institute, small businesses actually have a greater chance of having a cyber-attack than they do of having a fire?  It is very important that your business insurance program have cyber coverage.  If you are not sure you have this coverage, call our office today. Other Business Concerns Our clients often share current business concerns with us, and together we help find solutions.  Some of these include:
  • Business Interruption – Business Interruption Insurance keeps you financially stable if you are forced to vacate your business premises. You can continue to provide your employees with pay and manage bills during the period in which the business cannot operate.
  • Attract top Talent – Getting the top people has always been an important part of business planning. It is important to keep your employees engaged and energized in the business process and planning.
  • Social Media Activity – Social media can be a good tool to enhance your businesses brand and reputation. The downside is that social media can also be inflammatory.  We recommend that you have a social media policy that outlines what employees can and cannot post regarding your business.
  • Regulatory Risk -The regulatory climate is always changing for businesses. Almost every month there is some new law, regulation, or statue with which your business must now comply.  Remember, your business insurance generally does not cover fines or penalties imposed by Local, State, or the Federal Government.
There are insurance companies which have policies that combine protection for all major property and liability risks into one package. You can also opt for separate coverage. Such a policy is called a Business Owners Policy (BOP). Larger companies tend to purchase a commercial package policy.  What Is Included In A BOP?  BOP’s include property insurance for buildings and equipment owned by the company. If there is any loss of income due to disruption of operation and business because of accidents like fire, it can be covered under the Business Interruption Insurance. A BOP also covers the company’s legal responsibility for the harm it may cause to others, (bodily injury and property damage) as a result of your company’s negligence. BOP’s can also include professional liability, auto insurance, and workers’ compensation insurance.  Earthquake/Flood is not included in most BOP’s. No matter how well your business might be doing, disaster can strike and turn your streak of good luck into quagmire of misery and frustration. J.S. Edwards & Sherlock Insurance Agency offers a variety of business insurance policies to protect your business as well as your peace of mind. No matter how small or large, new or longstanding your business is, you never know what the next day will bring or how much it might cost.