When your payroll services make a costly mistake, you'd better have this insurance. Error & Omissions insurance will help your business by paying for the full cost of defending a claim for the mistake you made, negligent actions, and related claims.
General Liability insurance provides coverage to your business against claims of third-party property damage, bodily injuries, personal injuries, advertising mistakes, and related claims. The insurance covers the cost of defending the business including out-of-court settlements.
If you use a smartphone for business communication or use a computer at any point, your business is prone to cyber attacks. When your business encounters a cyber attack that leaks your customers' personal information or any other cyber attacks, this insurance will pay for the notification costs, credit monitoring, defense and court fees, and other covered expenses.
Has your employee carried out a fraudulent act? A fidelity bond will make sure that you recover your losses when your employee carries out dishonest or fraudulent activities. Cash thefts, acts of forgery, robbery, burglary, destruction of the business property, and illicit transfer of funds are covered by this 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.
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.
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.
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