You have taken bold steps as an entrepreneur, and now you want to protect your business, your investors, yourself, and most importantly your clients. You need insurance in place to take your business to the next level. However, insurance is confusing, time consuming, and expensive. There is no easy process to get this done and no one is paying attention!
Lumen sheds light on commercial insurance by keeping you informed and adequately covered along your company’s journey to success!
Directors & Officers (D&O)– liability insurance covering directors and officers for claims resulting from managerial decisions that have adverse financial consequences while serving on a board of directors and/or as an officer. If you have a board or investors you will need this.
Technology Errors & Omissions (E&O) – also known as Professional Liability- an insurance policy that protects you against liability for committing an error in the course of professional duties such as technology consulting, website design, software, or app development.
Cyber Liability/Data Breach – cyber and data breach policies cover your liability for a data breach in which your client’s personal identifiable data (i.g. Social Security or credit card numbers) is compromised. These policies typically cover notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.
Employment Practices Liability– (EPLI) – is designed to cover your leadership and employees from employment related claims such as wrongful termination, discrimination, sexual harassment, retaliation, defamation, invasion of privacy, failure to promote, deprivation of a career opportunity, and negligent evaluation. If you have employees you will need this.
Business Owner Policy– a package policy that provides property, liability, and other miscellaneous lines of coverage for most small businesses.
General Liability – an insurance policy to protect you against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, completed operations, advertising, and personal injury (PI) liability.
Commercial Umbrella – A liability policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies such as general liability typically to provide excess limits when the limits of underlying liability policies are exhausted by the payment of claims.
Crime Coverage – is designed to provide employee dishonesty; forgery or alteration; computer fraud; funds transfer fraud; kidnap, ransom, or extortion coverage; money and securities; and money orders and counterfeit money coverage.
Key Man Life/Funding Buy Sell Agreements – life insurance purchased by a company on the life of a key executive or employee.
* All definitions derived from IRMI