A Fidelity Bond is an insurance product that protects your small business from any financial losses resulting from fraudulent or dishonest acts by employees. Where it's embezzlement, indentity theft or forgery, a Fidelity Bond will protect you from losses.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Payroll Services need insurance?
These establishments collect information and produce paychecks for their clients. Filing of taxes is another service they offer. Accounting and bookkeeping services are not included.
Given the nature of your business, you deal with your client's sensitive information and you can never be too careful. Any incorrect processing of payments or payroll taxes could lead to a costly lawsuit. And when that happens, your insurance will cover the defense and court costs. Without insurance, you're on your own; therefore it's vital that your business has insurance.
What risks do Payroll Services face?
Below are some of the common risks payroll services can face:
Your payroll services make a mistake in calculating the payroll of your client. This mistake causes your client to lose a great sum of money and they consequently sue your business.
You discover that one of your employees has been stealing money from your business. Although you've caught the employee, you discover that the employee has stolen a huge sum of money.
You get involved in a verbal fight with one of your clients and your client files a libel claim against your business.
How much does insurance for Payroll Services cost?
There is no fixed cost of insurance for payroll services as insurance carriers will often look at the size of the business, the number of employees you have, the location, and the coverage needed before they can give you a quote. If you want to get a quote fast, simply apply online and we'll send you your insurance quote in as little as five minutes.