As a small business, it’s critical that you protect your assets and your interests with a wide array of business insurance options, including your business liability. Even if you operate as an LLC or are incorporated, you can still be liable, particularly if you have personally injured someone or have acted in an illegal or irresponsible manner.
Basically, business liability insurance protects your small business in the event of a lawsuit for personal injury and/or property damages. It will cover the damages from the lawsuit in addition to any legal costs involved. Business liability insurance protects your small business against four categories of events for which you could be held responsible: bodily injury; damage to others’ property; personal injury, including slander and libel; and false or misleading advertising.
There are a number of business liability insurance options that protect a business from significant losses. Some of the basic types include:
General Liability Insurance: General liability insurance is the main coverage that protects your business from injury claims, property damage, and advertising claims. It’s an all-encompassing policy for your business and might be the only thing you need, depending on your business.
Professional Liability Insurance: If you provide business services, professional liability insurance is likely what you need. It can protect your business against malpractice, errors, negligence, and omissions. Some types of companies may be legally required to have professional liability insurance. For instance, all doctors are required to carry malpractice insurance.
Product Liability Insurance: If you sell or manufacture products, product liability insurance will protect you if a customer is injured while using your products. The amount of coverage and the level of risk depends on your business type.
No matter what your business structure is, it’s probably a safe bet that you should have some type of liability insurance. While most of us are aware of the litigious nature of the society we live in, we often think “it can’t happen to me.” However, the chances of getting sued may be higher than you think.
If you have any questions about finding the right type of insurance for your business, please contact J.K. Olivieri Insurance Agency.
J.K. Olivieri Insurance Agency, Inc. is an independent insurance agency founded in 1979 which represents a number of major insurance companies. Our mission is to protect our clients’ financial future. We feel our role as an insurance agency is to assist our clients in selecting the best possible programs to fill their specific needs. In doing so, we shall research and present our clients with the best possible programs available at the best possible prices.