“Nice to Have” Policies Many Businesses Need Have” Policies Many Businesses Need

January 28, 2019

“Nice to have” policies are those that all businesses should at least consider purchasing. Three of the most important ones include:

Professional Liability

In addition to lawyers, doctors and accountants, many businesses now need PL insurance. You don’t have to consider yourself a “professional” to need coverage for negligent acts. If you give advice and recommendations, if you create programs or products for your customers or if you provide a service, you need liability protection.  Some examples you may not think of right away include:

  • Personal Trainers

  • Pest Control Services

  • Beauticians

  • Management Consultants

  • Occupational Therapists

  • Photographers


Cyber Liability

Some of the main risks of cyber-crime include:
  • Identity theft from security breaches of sensitive information when stolen by a hacker or inadvertently disclosed, including Social Security numbers, credit card numbers, employee identification numbers, drivers’ license numbers, birth dates and PIN numbers.

  • Business interruption from a hacker shutting down a network. Damage to the firm’s reputation.

  • Costs associated with damage to data records caused by a hacker.

  • Theft of valuable digital assets, including customer lists, business trade secrets and other similar electronic business assets.

  • Introduction of malware, worms and other malicious computer code.


Directors & Officers Insurance

There are two or sometimes three parts to these policies:
  • Part A covers directors and officers, reimbursing them directly for claims of liability that arise from their corporate duties.

  • Part B covers the corporation, reimbursing it for expenses it pays on behalf of the directors and officers, if state law permits or corporate charter or bylaws require the corporation to indemnify directors and officers.

  • Part C, or “entity coverage,” which many policies include, covers the corporation itself when it is named in a lawsuit or claim.


If you have questions or feel that you lack any of these coverages, please contact us.

The information provided in this alert is not, is not intended to be, and shall not be construed to be, either the provision of legal advice or an offer to provide legal services, nor does it necessarily reflect the opinions of the firm, our lawyers or our clients. This is not legal advice. No client-lawyer relationship between you and our lawyers is or may be created by your use of this information. Rather, the content is intended as a general overview of the subject matter covered. Barrow Weatherhead Lent LLP is not obligated to provide updates on the information presented herein. Those reading this alert are encouraged to seek direct counsel on legal questions. © 2023 Barrow Weatherhead Lent LLP. All Rights Reserved.

About Alera Group 

Alera Group is an independent, national insurance and wealth services firm with more than $1.1 billion in annual revenue, offering comprehensive employee benefits, property and casualty insurance, retirement plan services and wealth services solutions to clients nationwide. By working collaboratively across specialties and geographies, Alera Group’s team of more than 4,000 professionals in more than 180 locations provides creative, competitive services that help ensure a client’s business and personal success. For more information, visit https://aleragroup.com/ or follow us on LinkedIn.