In the final installment of our business insurance video series, we examine two often-overlooked coverages that can make or break a small business.
Bad Luck Case #5: The Employment Lawsuit
A former employee sues for wrongful termination, discrimination, or harassment. Even if the allegations are baseless, legal defense costs can reach tens of thousands of dollars.
The solution:
Employment Practices Liability Insurance (EPLI) covers legal fees, settlements, and judgments arising from employment-related claims. It's not just for large corporations—small businesses are actually more vulnerable, as they often lack dedicated HR departments.
Bad Luck Case #6:
The Sudden Loss of a Key Leader A founding partner, top salesperson, or technical expert passes away unexpectedly. The business loses revenue, client confidence, and institutional knowledge—all at once.
The solution:
Key Person Life Insurance provides a tax-free cash infusion to help the business survive the loss. Funds can be used to recruit and train a replacement, pay off debts, or compensate for lost revenue during the transition.
The takeaway:
Some risks are obvious. Others only become obvious after it's too late. A comprehensive business insurance review identifies both.
