No matter the size of your business, you need protection. Without protection against the unknown, your business can suffer immense consequences.
Using Business Liability Insurance To Protect Your Business
To keep your business and its assets safe from major costs and other consequences, look to business liability insurance.
What is Business Liability Insurance?
Business liability insurance protects your business against events that you could be help responsible for. Business liability insurance protects against four major categories, including:
- Bodily Injury
- Damage to Other’s Property
- Personal Injury
- False or Misleading Advertising
Who Needs Business Liability Insurance?
Although there is no law that requires any business to have business liability insurance, it is strongly recommended for all service-based businesses. Because of the litigious nature of our own society, it makes sense to protect your business and yourself from any possible legal threat using business liability insurance.
How To Get Business Liability Insurance
There are many different business liability insurance options that your business can choose from. Some of the most common types of business liability insurance are:
Commercial General Liability
This type of business liability insurance covers claims of bodily injuries, other physical injuries, or property damage. This is the most common type of business liability insurance policies as it covers three types of legal damages, including non-monetary losses, compensatory damages, and punitive damages.
Professional Liability Insurance
This type of business liability insurance provides coverage for errors or malpractice. This will help your business stay protected in the case that your client feels as if there was an error in their services with your business.
Product Liability Insurance
This type of business liability insurance protects your business in the case that the products you produce cause harm, accidents, or injuries to consumers.
Employment Practices Liability Insurance
This type of business liability insurance protects you, your directors, and officers from lawsuits by former or current employees.
Cyber Liability Insurance
Cyber Liability addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Liability Insurance coverage offers cutting edge protection for exposures arising out of Internet communications.
The concept of Cyber Liability takes into account first- and third-party risks. The risk category includes privacy issues, the infringement of intellectual property, virus transmission, or any other serious trouble that may be passed from first to third parties via the Web.
If you are unsure of the best form of liability insurance for your business, a local insurance agent will be able to help you find the right type for your exact needs.
Getting Started With Business Liability Insurance
When you are ready to implement business liability insurance into your business plan, here’s what you can expect. When you meet with an experienced insurance agent in your area, he or she will assess the level of risk that your business occurs on a day to day basis.
This process is called underwriting. In this process, they will review your business’s application and determine which type of business liability insurance is best for you. They will also determine whether your policy will provide all or a portion of the coverage being requested.
No matter if you are a seasoned business owner or a startup, you should consider business liability insurance. Because there are many factors that go into finding the right policy for your business, confiding in the help of an insurance agent can help you get the most out of your coverage. Keep your business protected from the many uncertainties of business by getting started with business liability insurance.