If you want to protect your business financially, then you need to consider getting liability insurance. With the right liability coverage, your business can avoid costly lawsuits and other financial woes that coincide with workplace accidents.
Importance of Liability Insurance
Although you do all you can to ensure the safety of your employees and customers, accidents can still happen. Liability insurance protects your business from injury, negligence, and in some cases, malpractice lawsuits.
Without a liability insurance policy in place, your business could be held responsible for any injuries that take place on your property or that are due to product malfunctions.
Liability insurance extends beyond personal injury to include vehicle and copyright claims as well.
With workplace accidents and customer slip and falls on the rise, protecting your business with liability insurance is of the utmost importance. Fortunately, there are a number of different liability insurance policies available.
General Liability Insurance
Also referred to as commercial liability insurance, this type of insurance protects your business from property damage, personal injury claims, and copyright claims. General liability insurance is a great all-inclusive insurance, but it may not cover specialty claims.
Contractor Liability Insurance
As the following article looks at, have you been wondering “What is contractor liability insurance?” Well, if your business uses contractors for major repairs, remodels, or general maintenance, then contractor liability insurance can protect your business if a contractor is injured on your property.
Most contractors find their own liability coverage, but that doesn’t mean they’re all insured. When choosing a contractor for your business, make sure they have liability insurance or your business could be financially responsible if an accident does take place.
Professional Business Liability Insurance
If your business provides its customers a professional service, then you need to consider professional business liability insurance. With this type of insurance, your business is protected from malpractice, negligence, errors, and omissions.
Professional liability coverage is a must in the medical industry, but a number of other service-based professionals benefit from this type of insurance including engineers, architects, and those in the real estate industry. If your business provides a professional service, you should strongly consider professional liability coverage.
Vehicle Liability Insurance
If your business uses fleet vehicles or company cars, vehicle liability insurance is a wise choice. This type of liability coverage protects your business if one of your employees is injured or injures someone else in a car accident involving a company car. Vehicle liability insurance also covers property damages.
Product Liability Insurance
Whether your business manufactures its own goods or sells products that are manufactured elsewhere, product liability coverage is a must. This type of coverage protects your business from customer injuries that are a direct result of the products you sell.
Faulty components and product malfunctions happen all the time. With product liability insurance, your business can avoid any lawsuits that result from these product malfunctions. This coverage is especially important for businesses that manufacture or sell a large quantity of products.
If you want to steer your business clear of lawsuits (including those filed by employees), then consider some of the liability insurance options above.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including business insurance and liability coverage.