Business owners have a full plate. Dealing with clients, employees, and the overhead takes up a great deal of time. When it comes to reviewing your insurance package, often times it comes down to a simple question: “what does the price look like this year compared to last year?”

It certainly is tempting to be concerned with only the price. However, as times change, your insurance program needs to change, too. Business owners today are exposed to risks that didn’t necessarily exist when the business was started or those risks have evolved over time. A standard commercial package policy or business owners’ policy (BOP) may not provide the needed protection. Here are three examples of ways a detailed review of your coverage can help determine if you as a business owner are exposing yourself to risks that could take down your business.

Fiduciary Liability Coverage– Any business that offers employee benefits such as a 401(k) are subject to ERISA law. There are very strict guidelines that lay out an employer’s responsibilities and duty to act prudently. Fiduciaries (in this case, the owners of the business) can be held personally liable for any breach of their duties. Fiduciary liability insurance responds to claims made against employers, the plans, other employees who help administer the plan, and board members.

Social Engineering Fraud Coverage– You are a busy CFO. You get a hasty email from your CEO that he/she is at a meeting with a new vendor. The vendor has a product that your company just needs to have. You are instructed to move $15,000 to a different account. It turns out to be a fraudulent email and the criminals get away with the money. How often does a social engineering attack happen? Over 100,000 times per day. In the past year, 1 in 5 small businesses and 1 in 2 large businesses have been targeted.

Cyber Insurance– Many policies these days provide a basic level of cyber coverage. These basic limits, however, may not do the job of protecting your business’s financial responsibility in such a case. A thorough cyber plan will provide extended limits on a whole host of risk exposures from your company’s liability to expenses you will incur. Almost every business in existence today has at least some exposure to a cyber breach. Cyber insurance is a must.

Certainly, these types of policies will add a bit to the overall amount of money that is dedicated to insurance each year. But, the protection that these types of policies and others can provide can mean the difference between your business being able to move forward in the event of a claim or closing up shop.