- Business Liability Insurance Is Available in Many Different Forms
- Commercial General Liability, which is also called CGL, is a very broad insurance product. It covers claims from accidents, injuries, or negligence when the business is at fault. Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.
- Product Liability insurance covers legal fees for litigation involving a faulty product. It also covers any personal or property damage charges caused by the defective product.
- Professional Liability coverage pays for damages caused by services. It is also called “errors and omissions” coverage. This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.
- An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers, against harassment, wrongful termination, breach of employment contract, discrimination, invasion of privacy, compensation issues, and employee benefits administration.
There are other types of insurance designed for specialty businesses. The nature of the business determines what type of coverage is necessary.
Enhance Your Policy With Some of These Options:
- Employment Practices Liability can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
- Life Insurance for Business Owners can help you plan for business succession, survive the loss of a key employee or partner and retain/reward your top people.
- Umbrella can shield your business from potentially ruinous lawsuits with additional liability coverage.
- Transportation and Cargo to cover against goods that are damaged or lost when transported by one of your vehicles or common contract carriers.
- Spoilage for perishable goods when they spoil due to a mechanical breakdown or power outage.
- Delivery/Catering Non-Owned Auto if an employee is involved in an auto accident while driving a personal automobile on company business, such as in a delivery or catering service