Has your business's business insurance policy been collecting dust over the years? If so, now is a great time to review your coverage and make sure you're being properly protected. It's important to know that there are various types of business liability insurance for every type of business, each designed to protect your company, based on the type of business you do.
General Liability Insurance is the most basic of liability coverages. It's included in your overall business insurance policy, and depending on the type of business you operate, it may the only liability insurance you need.
Commercial Liability Insurance protects you in the event of a personal injury, or lawsuits filed by customers or employees who have gotten injured on the premises. Depending on the policy, it can also include Product Liability Insurance and liability for advertising injuries. It can also be combined with your property coverage that protects you from costs incurred by damage (fire, flood) to your premises. It also provides coverage for damages as a result of libel and slander lawsuits.
Professional Liability Insurance, or "Errors & Omissions Insurance" protects businesses that provide services to their clients (such as accounting firms, technology repair, consulting firms, architects, engineers, etc.) from malpractice, errors, omissions, and negligent lawsuits.
If you run any type of business that utilizes motor vehicles, it's critical to review your Auto Insurance Liability Insurance policy to confirm that you're covered in the event you or your employee gets into an accident.
Product Liability Insurance is designed for businesses that manufacture products. It protects against customer lawsuits in the event someone is injured by the product.
For businesses that need $1 million or more of liability protection, Commercial Liability Umbrella Insurance provides additional protection for when the limits of your underlying policy may be exceeded. Umbrella insurance doesn't cover settlement claims for a Professional Liability lawsuit, so it's important to work with your insurance agent to ensure you have enough coverage in this area.
No business wants to deal with a liability lawsuit or claim, but if you're adequately prepared and have right type of business liability insurance, you'll be taken care of - and you'll be able to jump back into your work!
For more information on general liability insurance or business insurance of any kind, contact us today! We're Access One, an independent insurance agency based in Port Jervis, New York.
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