Business liability insurance protects business owners and companies from any potential third-party claims or legal suits. These policies typically cover any actual direct financial losses suffered, and any other legal defense costs. The costs typically include: court fees, legal fees, and damage settlements. While you may not always need to use this coverage, it's important for your business to have this policy to protect its assets and the assets of its owner(s).
A business liability insurance policy covers legal defense costs. When a business or company faces legal claims or suits, the owners and/or owners usually hire an attorney to fight these cases in court. Without legal defense, a business may find itself financially ruined, losing key clients and partners. An adequate business liability insurance policy can help protect against the potentially devastating consequences of even the smallest legal claims or lawsuits.
General liability insurance protects against any third-party claim for direct damages that occur as a result of operations performed within the business or commercial structure. Examples of those that are commonly included in a commercial general liability insurance policy are: advertising expenses, property damage, and workers' compensation claims. While these claims generally occur on a fairly regular basis, businesses still want to be covered in the event they're not properly insured. For example, if a business is sued for allegedly causing damage to a neighbor's grass, without insurance, the owner may end up financially damaged without insurance, unable to pay any damages.
umbrella insurance is a relatively new type of business liability insurance that protects companies against a number of different risks. These risks are generally divided into two categories: risks of loss and risks of damage. While most liability insurance covers the risks of liability (that is, damage or injury), umbrella insurance covers the risks of loss, which include negligence, explosions, and litigation claims.
Business liability insurance policies will typically offer two main types of coverage: per-occurrence coverage and total coverage. With per-occurrence coverage, your company is protected in the event it is sued for a specific incident. Usually this means your company is protected against claims arising from negligence or wrongful activity, but it could also mean protection against claims stemming from damage or theft. With total coverage, a business is covered regardless of whether or not it is sued for damages, regardless of who is at fault in the event of an accident, and even in the event that the claim is ruled in your favor. This policy may also cover your company in the event you are found to have violated some local laws, such as those regarding minimum wage or workplace safety regulations. However, it is important to note that these coverage limits may vary from state to state and dependent upon the nature of your specific commercial enterprise.
When you do decide to purchase commercial liability coverage, you will find there are many providers to choose from. One of the easiest ways to sort through them is to ask a business owner for recommendations. Most often a trusted colleague, a client, or a friend can provide good insight into the types of coverage you may need, the best bop deals, and other important information that may help you make an informed decision. With so many options available, there's no reason not to have it.
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