The importance of business liability insurance cannot be disputed. Any business, whether it be large or small, should have some form of liability insurance. The main purpose of this form of insurance is to safeguard your business from any financial hardship due to insurance claims made against your company. Business liability protects you from legal costs, court fees, and claims regarding negligence or harm so that in the event that someone does get hurt after slipping on your premises, your corporation can continue to operate without the threat of financial burden.
When deciding which type of business liability insurance is right for you, consider the differences between the three major types. They are General Business Liability, Professional Business Liability, and Product Business Liability. General Business liability covers injury claims, property damage and advertising claims. General Business Liability is also known as Commercial General Liability, so don’t get confused, should an agent refer to one or the other. Professional Business liability goes into a bit more depth with coverage. It covers matters that deal with malpractice, errors, negligence, and omissions. This type of insurance is often required for doctors and lawyers. The last of the major insurance types is Product Business Liability Insurance, which protects your company should someone be injured while using a product you’ve developed. It’s highly recommended for small business owners to use this form of insurance.
Keep in mind when selecting your insurance type, that each business might have specific needs. Not all policies are created equal, so if your business needs something in particular, don’t hesitate to contact one our professional insurance agents, who can help tailor a Business Liability Policy to fit your needs.