Be on the lookout for these business liability threats.
In recent years, cyber liability threats have gotten a lot of press. This is because a major data breach could result in serious financial losses for your company. However, it’s important to remember that cyber threats are not the only liability risks that your business needs to watch out for. There are other serious liability risks that require you to take precautions such as securing the right business insurance in Dallas, Texas. Here are some of the other commercial liability threats that you should be aware of.
- Professional Liability
If you make a mistake while rendering your professional services that results in third-party injuries, property damages, or other financial losses, then this is a professional liability issue. For instance, imagine that you are the owner of a gym. If you were to offer training advice to a client that resulted in them injuring themselves, then you could be held liable for their medical costs. Your business could even be sued by the affected party for damages.
- Employment Practices Liability
Employment practices liability issues arise when a prospective, former, or current employee accuses your business of unlawful or wrongful treatment. Common employment practices liability claims include sexual harassment, discrimination, wrongful termination, failure to promote, breach of employment contract, and so on.
- Directors & Officers Liability
If a director or officer of your company commits a wrongful act (such as violating a statute, committing fraud, or demonstrating a conflict of interest while making a business decision) that causes financial losses to shareholders, customers, or employees, then this is classified at a directors & officers liability issue. These liability issues most commonly manifest as lawsuits against your company.
These are some of the commercial liability issues that you should be wary of. Remember you can protect against these liability threats and your other commercial risks by securing the right business insurance in Dallas, Texas. For assistance with your company’s insurance needs, contact the experts at Champion Commercial Insurance to get started today.