Business Liability Insurance
No matter how well your business is organized you are not guaranteed to run it without mistake. You may become legally liable in case you or your employees damage or injury other people or their property. You will have to pay damage according to the degree of harm. The trial may be needed; you will lose a lot of time on legal procedure and then end up with paying huge amounts, which may lead you to bankruptcy.
Business liability insurance is to protect you against any legal lawsuits. Sometimes business liability insurance is mandatory by the law regulations of the states.
Business liability insurance usually covers:
Bodily injuries to customers, visitors or employees occurred on you premises
Injuries or damages to property occurred through your negligence or the negligence of your employee
Business liability insurance will cover all your expenses against the lawsuits and ensure your business continue operating.
There are several types of business liability insurance:
General Business Liability insurance
General business liability insurance is the main type of business liability insurance as it provides basic protection that includes injury, advertising claims and damage to property. General business liability insurance may also include libel and infringement on intellectual property. Sometimes general business liability insurance is included into the package of insurance in addition to more specified protection.
Professional Business Liability Insurance
Professional business liability insurance deals with claims against malpractice and errors in business. Professional business liability is also called Errors and Omissions business insurance. This type of business liability insurance is mandatory for people of certain protection. Doctors are required to have Malpractice business insurance, while attorneys, financial advisors, accountants, etc carry Errors and Omissions business insurance.
Product Business Liability Insurance
Product business liability insurance is for companies that produce or sell any goods or products. Product business liability insurance may be included into the general business liability packages. Product liability insurance protects your business in case somebody gets injuries after using your products.
Employment Practices Liability Insurance
The increasing number of claims against sexual harassment, discrimination and wrongful termination makes employment practices liability insurance necessary. Employees often file lawsuits against employers and if you the employer want to be protected you should carry employment practices business liability insurance.
