Business Liability Insurance
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Overview As a business owner, it is critical to protect
against the liability you have relative to the products
and services you sell and the vehicles you use.
Liability insurance is the easiest way to ensure you
have the needed protection for your business. Liability
insurance can be designed to provide specific coverage
for specific exposures a company might face. This coverage
can be provided at reasonable rates in today's insurance
marketplace, and at a fraction of the cost of what it
might cost should you be sued.
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General Liability
General liability insurance
Commercial general liability coverage insures a business
against accidents and injury that might happen on its
premises, as well as exposures related to its products.
It will protect you from payments for bodily injury or
property damage to a third party, for medical expenses
accruing to the underlying incident, for the cost of defending
lawsuits including investigations and settlements, and
for any bonds or judgments required during an appeal procedure.
No matter how diligently you remove all possible hazards
from your business, you could be sued successfully for
accidents resulting from something as simple as the carelessness
of a customer. General liability insurance is your last
line of defense against devastating claims for things
over which you may have little or no control.
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Professional Liability
Professional liability insurance
Professional liability insurance protects against claims
arising from your acts, errors or omissions in rendering
services of a professional nature. Businesses involved
in everything from advertising to engineering should consider
this coverage. In fact, users of services such as those
provided by lawyers and accountants often require that
the insurance be in place before contracting with the
professional.
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Additional Coverage
Other types of insurance
If you find you need excess liability coverage, above
and beyond that of primary policies, you may want to consider
umbrella liability insurance, which takes over where your
general policies may fall short.
In addition, you may need a liability policy to cover
specific concern. For example, many consultants purchase
?errors and omissions liability,? which protects them
in case they are sued for damages resulting from a mistake
in their work. Companies with a board of directors may
also want to consider directors and officers? liability
(D&O). This type of insurance protects top executives
against personal financial responsibility due to actions
taken by the company.
Commercial auto insurance serves as protection against
liability for bodily injury and property damage relative
to your ownership, maintenance, or use of vehicles involved
in doing business, and product liability insurance covers
products that you manufacture or sell.
Liability
