Employers are required by law to have certain types of insurance to cover their employees, but what about protection for your business if an employee sues? Because of the close-knit culture of most small businesses, Klaras said that many owners see their employees as friends and don’t believe they’d ever sue.
However, should a disgruntled worker take you to court for an issue like wrongful termination or sexual harassment, you could lose a significant amount of money, even if you’re not guilty. Employment practices liability insurance (EPLI) ensures that your business won’t go bankrupt defending itself if an employee files a claim.
Errors and omissions insurance – Most small business owners don’t think it will ever happen to them, but lawsuits can and do frequently occur when business disputes need to be settled. Errors and omissions (E&O) insurance, also known as professional liability insurance, protects your business and reputation in the event that a client or customer files a lawsuit, Klaras said. This is most important for service-based businesses and fills in some of the gaps in general liability coverage. Some states require such insurance for certain professions, such as medical doctors.
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Hunter Hoffmann, head of U.S. communications at small business insurer Hiscox, agreed that professional liability insurance is a key consideration for any business owner.
“Professional liability insurance protects you and your employees if you’re sued for errors or negligence,” he said. “Even if you’ve done nothing wrong, the costs to defend against a lawsuit can be significant for a small business, and insurance provides for both legal representation and payment of any judgment made against you.”