Business liability insurance can help cover medical expenses, attorney fees and damages your business is legally responsible for. It can also offer protection against situations that you may not have even thought about.
The amount or level of liability insurance coverage a business may require relies on a few key factors: perceived risk and the state in which you operate.
- General Liability Insurance: It protects you against damages that can result from any of the day-to-day uncertainties that arise.
- Business Umbrella Liability Insurance: It protects your assets from being depleted when your liability exceeds the limits of your other insurance policies.
- Professional Liability Insurance: It protects your assets when your business is held accountable for presenting an opinion, making a recommendation, developing a solution, or providing a service.
- Cyber and Privacy Liability Insurance: It covers a business’ liability for a data breach where the firm’s customers’ personal information is stolen or exposed by a criminal or hacker who has gained access to the firm’s private network. The policies cover a variety of expenses associated with data breaches, such as notification costs, costs to defend claims by state regulators, credit monitoring for those affected, fines, penalties, and losses resulting from identity theft.
- Employee Practices Liability Insurance: It protects your business when employees make claims relating to lawsuits involving breach of employment contract. Types of coverage examples may include deprivation of career opportunity, discrimination, failure to employ or promote, negligent evaluation, sexual harassment, wrongful discipline, wrongful infliction of emotional distress, or wrongful termination.
- Other Casualty and Liability Insurance: Options are available relative to the special needs of your business and industry.
Please free to contact me to learn more about business liability insurance and see if there is a need for business liability insurance for your situation.