Small business owners have a lot to consider when looking for the right coverage for their needs in today’s modern world. The addition of technology into the small business world makes it even more complicated to keep your clients information safe and secure. This is where professional liability insurance can become an extremely beneficial resource.
Professional Liability insurance protects your small business from a lot of very complicated situations that you may find yourself in. Being a business owner is more complicated than ever, and it is worth a little money spent every month to have someone backing you up if you find yourself in a sticky situation.
This article is going to dive into how professional liability insurance can protect you in the modern world of technology. Whether you like to believe it or not, many of these small business hacks can open you up to a world of trouble in the long run.
Small Business Productivity
Small business owners are busy people. Unlike people who have built corporations, they are doing most of the heavy lifting all by themselves. It is natural that small business owners would be on the lookout for loopholes and tools that will make their lives much easier.
This is where small business owners begin to turn to third party apps for their phone, websites on their computer, and even software that they can download to their laptop. While these services might boost their productivity, it is important for small business owners to make sure that these third party services do not open them up to trouble with their clients.
Phone Apps for Small Businesses
Using an app for a small business on your phone can be a great way to make things easier for you. You might need an app to keep up with ordering or to store customer information.
In some instances, you may even decide to have an app created for your small business. In this instance, your app may be downloaded to customer’s phones. This is a common business plan for stores that use rewards for dollars spent in the store.
Either way, you need to make sure that your professional liability insurance policy will cover either of these instances. For example, if you have customer information stored in a third party app on your phone, will your insurance cover a data breach? Or will your insurance cover the cost of a new phone if your app causes a customer phone to die? These are legitimate questions that could be costly.
PC and Phone Security
Making sure that the computers and phones used inside of your business are secure is another crucial point for the small business owner. Breaches in these areas could be costly.
Liability is a serious concern for many small business owners. Technology has only created an even larger area for small business owners to consider when building their insurance policies. Whatever you do, make sure you are completely covered.