Most business owners assume their standard commercial insurance package covers everything they need. Unfortunately, that’s often not the case. Standard policies frequently contain significant gaps that leave businesses vulnerable to major financial losses. At Toedt Insurance Agency LLC, serving Albany, NY, we help business owners identify and fix these coverage holes before they become expensive problems.
Cyber and Data Breach Exclusions
Your general liability policy probably doesn’t cover cyberattacks or data breaches. These can cost businesses hundreds of thousands in notification costs, credit monitoring, legal fees, and regulatory fines. Many standard policies explicitly exclude cyber-related losses, leaving you exposed. Even a minor breach affecting customer payment information can trigger mandatory notification requirements and significant expenses that can cripple smaller businesses.
Employment Practices Liability Gaps
Standard policies typically exclude employment-related claims, like wrongful termination, discrimination, or harassment. These claims are becoming increasingly common and expensive to defend, even when you win. A single employment lawsuit can easily cost $50,000 to $150,000 in legal fees alone, not including settlements or judgments. Small businesses are particularly vulnerable since they often lack dedicated HR departments.
Professional Services and Errors Coverage
If your business provides any professional services or advice, your general liability policy won’t cover errors and omissions claims. This includes everything from missed deadlines and design flaws to incorrect advice or failure to deliver promised results. Professional liability insurance requires separate coverage designed for your industry and service offerings.
Check Your Coverage Before Something Happens
Contact Toedt Insurance Agency LLC for a comprehensive policy review that identifies potential exposures and ensures adequate protection for your business operations. We’re currently serving Albany, NY.
