Business insurance can account for nearly every possible situation. Some of these situations are even unknown to business leaders. Below are two occurrences where business insurance through insurance agents in Milbury MA can drastically help protect the firm. These are situations business leaders often do not know about, and rarely discuss. They include the practice of protecting employees when a bad decision is made, as well as protecting the very backbone of the company- the data it holds.
Executive Insurance
A business may have a hierarchy, and those individuals make big decisions that could actually impact the famed “bottom line.” The problem is that these decisions can backfire- and badly. There is something commonly called executive insurance, but it is also referred to as Director and Officer insurance. If a business leader makes a decision that impacts future profitability, that individual will be responsible. Unfortunately, someone above them can only fire them. Rarely is opening a lawsuit a viable option, unless they broke the business terms of hire. Officer insurance pays out when an executive makes an awful decision, and it is especially effective if that individual acted out of their jurisdiction. These leaders will be protected accordingly in law when these decisions surface.
For another example, a shareholder could find the decision infamous. She may want to take action against the company and even the individual. Thankfully, the Officer insurance will step in to cover the situation.
Data Coverage
A lot of controversies has surrounded the topic of the security breach. New insurance policies are made out on the very infrastructure of a company. It is their data, and it must be protected. Theoretically, a data breach can release thousands of credit cards and personal profiles of customers. Also theoretically, those customers can sue the business into oblivion. It happens. It buries business- and it is a serious matter worth deep reflection.
The Insurance Agents in Milbury MA see the evolution of small business, and it is affecting what they offer and what they recommend. Business experts can be knowledgeable in new insurance areas to allow the business the protection it requires and deserves.
