Millions of liability-related lawsuits are filed each year, costing businesses billions of dollars. With a median sticker price of over $50,000, each liability suit is like a ticking time-bomb. Though many may be settled outside of court, businesses around the country are crippled every year by the burden of paying legal fees, settlement costs, and more.
Cyber liability represents the fastest-growing form of liability law, and an area in which business are often completely unprotected and unprepared. Without appropriate measures in place, your business is begging to be the target of a cyber attack. Private information belonging to your organization as well as its clients can easily be leaked, often with no party to be held accountable but you. While implementing security measures to help prevent cyber attacks can aid in mitigating these liability suits, the attacks, and the associated legal action, will still come. Cyber liability insurance is a crucial component of managing these unfortunate yet inevitable costs as we move into 2016 and beyond.
In addition to cyber liability suits (usually filed by clients), lawsuits filed by disgruntled employees are perennially popular. Employee lawsuits are not only common, but expensive. The average suit costs a business over $250,000. Is your business prepared to pay out for that? Refined best practices for hiring and termination are crucial to reducing the frequency and validity of claims made in such a manner. But, as with cyber liability, they will still come. Employment practices liability insurance plays an essential role in controlling the inevitable and potentially significant costs associated with employee suits.
Learn more about these and other mounting liability threats to your business – click here.