Not all surprises are nice. Like that time someone threw you a surprise party...but you were having an especially bad hair day, your outfit yelled 'couch potato' rather than fashionista, and your mood was more grumpy than grateful.
But push aside those bad memories and think fondly of your business insurance instead. Who knew that hidden within your policy documents could be the kind of business-saving gems that mean you'll be pleasantly surprised instead...
Business insurance benefits you may not realise you have:
Professional indemnity insurance
If you have professional indemnity insurance, you’ll know it covers the money needed to fix your mistakes and things you’ve failed to do when working for clients.
It’s a good job then, that in this tech-dominated age, and depending on your exact policy wording, this can extend to accidentally passing on a computer virus. Also, to being the unwitting cause of a denial of service attack (when users can’t get into their systems or devices because a hacker’s stopping it).
Ordinarily, you’d need cyber insurance to benefit from cover like this.
Speaking of which…
Cyber insurance benefits
A not-often-talked-about part of a cyber-attack is just how much time is spent away from your business trying to sort everything out. A lot, basically.
Although your cyber insurance will pick up the tab for fixing your systems, recovering data, and dealing with regulators and customers, there’s still an awful lot for you to do. That makes an addition to Hiscox’s latest Cyber Clear policy called ‘key man’ cover a really useful thing to have.
That’s because it pays for you to get someone in to help. And that person can either take over a manager or director’s job while they’re fighting the cyber fires, or do the cyber fire-fighting for you. Clever, huh?
Legal expenses insurance
If you’re a sole trader and you’re called for jury service, what’ll happen to your business while you’re away?
At such times, legal expenses insurance offers a helping hand. Its normal job is covering your unexpected legal bills if you need, say, a solicitor to deal with a landlord dispute, or an accountant to prepare your books for a tax investigation.
And although it can’t do the work for you, it steps up to cover your lost earnings for the period you’re tied up in court doing your duty.
There are more hidden business insurance benefits like these knocking around, and a minute isn’t quite long enough to highlight every one.
So, take a few more minutes and have a good look through your policy wordings. It’s always worth knowing exactly what you’re getting for your money.cyber liability insurancelegal expenses insuranceone-minute reads