If your business sells goods or services on credit, you open yourself up to the risk that the buyer won’t come through with the money. Credit insurance provides coverage for a variety of losses related to bad debt situations, Klaras said. Depending on your policy, credit insurance may cover all or part of your accounts receivable and help with your customer credit management or debt collection.
Cyberinsurance – According to research by the Ponemon Institute, more than 40% of U.S. companies have experienced a data breach in the last year – and 27% didn’t have a data breach response plan or team in place. Klaras advises all business owners to look into cyberinsurance to protect sensitive employee, client and financial information in the event of a data breach.
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“If a small business has a website, it has exposure [and] needs to have this coverage,” Klaras told Business News Daily. “Cybercriminals are focused on small businesses for the simple reason that they know network security is much less sophisticated. It’s easier to get in and get the information. In having [cyber] coverage, you’re getting … the best practices to keep a cyber breach from happening, and that value alone is important.”
Business interruption insurance will compensate you for some or all of the money you lose from not being fully operational. The Insurance Information Institute provides more information about whether or not your company needs this type of insurance coverage.