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The Importance of Having Staff Insurance

Staff Insurance

Lawsuits are becoming an increasingly common occurrence for businesses. If you own a business, then you need to have some form of liability coverage. With a staff insurance policy, you can acquire protection against employee lawsuits and preserve your business’s financial assets.

The Types of Claims Your Policy Covers

Professional liability insurance covers a variety of claims, some of which include:

  • Sexual and gender harassment
  • Breach of employment contract
  • Negligent evaluation
  • Emotional distress
  • Mismanagement of employee benefits plans

Employees sue their employers for a wide range of reasons. You need a comprehensive form of insurance if you want to protect your assets.

The Type of Coverage Provided to Your Business

The cost of your coverage will depend on several factors, including the type and size of your business. Once you have a policy, you will be covered for any defense or settlement costs that arise. You should understand that your policy will most likely not cover punitive damages or criminal fines. Liabilities covered by other policies will not be covered as well.

Secure a High Level of Protection

You secure a broad form of protection when you obtain a professional liability insurance policy. Staff insurance guarantees that your company can cover the costs that accumulate over the course of a lawsuit. Regardless of the size of your business, you should seriously consider acquiring this type of insurance.

 

photo credit: decoded@mcbw 2012 (license)