We all know that insurance is a must for our businesses, though many treat it as a necessary evil, something that we must begrudgingly allocate budget and time for, in order to cover ourselves. But in a digital age, business insurance, particularly comprehensive insurance policies that include cyber coverage, E&O and general liability are a blessing, one we can and should be grateful for. In fact, gratitude for our insurance policies is key when it comes to running a business in our online-centered world.
Unexpected blessings
Cultivating a grateful attitude is important in many areas of life, including how we run our businesses. But perhaps you hadn’t considered that gratitude and insurance coverage go hand in hand.
When we grit our teeth and invest in insurance policies ‘because we have to’ we run the risk of becoming resentful towards our insurance providers, and perhaps cutting corners when it comes to investigating which policy is the best for our business, and exactly what each policy covers. But being grateful for our insurance brings unexpected blessings: peace of mind, trust that we’ll be covered whatever happens, and the knowledge that we’ve made a sound investment for our businesses.
Having the best insurance policy for your business is the only way to have confidence in building your business moving forward, safe in the knowledge that it will be protected against anything it might come up against, both in physical day-to-day life and online. And you may be surprised that being grateful for your business insurance brings about lower stress levels and more joy for you. This, then, can lead to better relationships with staff, clients and other businesses.
The gift of insurance coverage
Not all insurance policies are made equal, and that’s certainly true in the world of business insurance. The way to have gratitude for your business insurance is to make sure you’ve got the coverage for exactly what your business needs. Being certain that your insurance policy will cover your business for E&O (errors and omissions) as well as including cyber coverage and general liability will help you to rest at ease and feel that genuine gratitude, rather than resenting the time and expenditure allotted to finding and purchasing your business insurance.
Consider your insurance coverage a gift – a gift to your future self that will protect you against claims that could come against you from any angle. This will leave you free to continue to expand and develop your business without the worry that a huge liability cost could crop up at any moment. In a digital age, the potential for making accidental errors or for having claims made against you and your business are higher than ever before. But the right business insurance alleviates all of those fears, bringing you to a place of tranquility, where you can focus your energies on the areas you want to.
Cyber coverage
Cyber insurance is a must, and something you will be truly grateful for once you know you’ve purchased the right policy for your business. Cyber and data risks insurance will cover your business against instances such as a data breach or a cyber hack from a malicious party, both of which can affect the ability of your systems to operate.
Your business could lose huge amounts of money if your systems can’t operate as they ought to, as this can affect (or even stop altogether) sales, as well as cause your customers, clients and those who are considering your business, to lose trust in you. Having comprehensive cyber coverage will support your business if it experiences either a data breach or a cyber attack.
Cyber insurance is something for you to consider if your business holds personal information or email addresses of clients or customers, if you run business software on any kind of computer, if you ever take payments on a card or take electronic payments, or if you have one or more websites or store information on the cloud. Most businesses fall into more than one of these categories these days, and good cyber coverage is something to be grateful for.
Look for a cyber insurance policy that will cover you if any kind of personal data is accessed without your permission. Particularly helpful are policies that will cover forensic investigations, legal advice, credit monitoring for those customers who have been affected, and even offering the practical support of aiding you in notifying the necessary customers or regulators. A good policy will also pay for legal investigations, defending you as you settle any claims made against you for breaches in security of customer data or allegations of not complying with data protection regulations.
Added peace of mind can be found in policies that cover costs involved with returning your business to its normal running after a cyber attack or data breach. This can also include compensation for any income lost in the mean time. Good policies can also cover your business against cyber extortion (paying a ransom if a hacker holds your data or operating systems to ransom), damage to your system, but also damage to your reputation. Knowing your insurance provider can provide crisis management and public relations support during and after a cyber crisis is something to be grateful for, as it could potentially save you a huge amount of stress.
Errors and Omissions Insurance
E&O, or errors and omissions insurance covers your business in case somebody brings a lawsuit against you, claiming that you have made a mistake in the service you provide. A good E&O insurance policy will cover the cost of appearing in court or settlements made outside of court. Errors and omissions insurance should protect you against claims of errors in a service provided, giving inaccurate advice, breaking of ‘good faith’ agreements, omissions or negligence.
For instance, if somebody makes a claim against your business for a mistake in a service you’ve provided, errors and omissions insurance can cover things like paying for an attorney, costs associated with appearing in court such as courtroom reservation fees or paying for an expert witness, administrative costs involved in your defense, and judgments and settlements. All of this combined could add up to thousands of dollars, or even up to a million in some cases. Knowing that your insurance policy covers your business in case somebody sues it, accusing your business of any of these things, is definitely something to be grateful for.
If your business isn’t covered by errors and omissions insurance, you run the risk of having to pay expensive court and legal fees as well as large settlements. Even if a client decides to drop their claim, you would still need to pay legal fees, which could amount to thousands of dollars… even if your business is not at fault.
Errors and omissions insurance is important for any business that provides a service to customers. These could include businesses such as hair salons, publishers, consulting companies, teachers or educators, accountants, marketing agencies, advertising companies, website developers and many more. Cultivate peace of mind by investing in the right E&O insurance for your business if it provides any kind of service.
General liability insurance
General liability insurance is another aspect of insurance coverage for your business that you can feel grateful for. This type of insurance covers your business from claims against it that arise out of the normal day-to-day running of your business. For instance, general liability insurance can cover payments to do with injuries, medical payments, property damage and defense costs should you need legal support.
Many of the costs that general liability insurance covers your business for would be otherwise payable by you no matter who is at fault. For instance, a medical payment may be payable to a customer who slips on a wet floor on your premises, even if this is not the fault of your business. So a comprehensive general liability insurance policy is something to be grateful for, knowing it is likely to protect you from a number of costs in the future.
The types of businesses that particularly need to make sure they have a good general liability insurance include consulting services, marketing agencies, specialty contractors, landscapers, IT businesses, janitorial services, real estate agents and many more. Small businesses in particular benefit from a good general liability insurance. Knowing that your business won’t lose money if any kind of unpredictable claims against it crop up is well worth having gratitude for.
A grateful perspective
When looking into insurance policies and the different aspects of running a business that we may need cover for, it can feel daunting and even scary as we consider all the occurrences that could happen. Which is why cultivating gratitude for our insurance policies is so important, helping us to think positively about the insurance investments we make. This, in turn, helps us to feel peaceful, knowing we are protected, and allows us to focus our time, attention and skills on the aspects of running the business that we love most and are best at. Gratitude for insurance helps our businesses to thrive.
Running a business can be stressful at the best of times, let alone when faced with being sued or having a claim made against it. But having the right kind of insurance policy can produce gratitude no matter what comes up that we weren’t able to plan for. Having gratitude for our insurance policies ahead of time helps us to think optimistically about the future as well as improve relations with our employees, customers and other companies we do business with.
If you’re looking for a new team to help ensure your business coverage we would love the opportunity to review your policies and find ways to help you save, and feel complete protection! Take a moment to review our reviews from real clients and see for yourself the value we can provide!
