Business Risk Mitigation
Don’t let non-compliance push you into fines & lawsuits
Limit your Liabilities with a Compliance First Approach
It takes years for companies to build a reputation in the market and just a single click for it to be destroyed. Your organization faces hundreds of threats each day without you knowing it. One of the most lethal ones that can result in massive penalties, lawsuits and more is compliance.
If you’re thinking compliance is not for your organization, you might want to reconsider. Almost every business in the country needs to comply with a certain set of rules and regulations by the HIPAA, PCI-DSS and GDPR, state and local cyber incident reporting, and client contractual requirements. Complying with these regulations can help you improve operational safety and save you from huge fines.
The first step to forming a compliant organization is to get your current state assessed and meet the minimum regulatory requirement to protect your business from fines. This will also help you to meet liability insurance requirements and further improve your compliance levels.
What After Obtaining Liability Insurance?
You might think having liability insurance would save you from all the fines and lawsuits to come due to non-compliance. False. The fact is, there is a big chance your insurance company will deny your liability insurance claim due to a single non-compliant solution. You will no longer receive liability coverage for the same and would have to bear the massive cost of non-compliance.
Some of the reasons why insurance companies may invalidate your liability claims: