General liability insurance is crucial for many types of companies. This coverage is especially important if your business is open to the public, rents or owns commercial real estate, works close to clients or customers, or manages clients' property. Most new business owners buy general liability insurance right away. However, this is not the only business insurance you are likely to need.
What is covered by general liability insurance?
Most companies have some exposure to liability. General liability insurance can help protect your business from third-party litigation, property damage or advertising damage, such as libel or libel. It can also protect against product liability litigation, where a consumer claims to have been harmed by a product. A general liability policy can cover the cost of your legal defense and any settlements or judgments if a third party sues you.
What additional coverages may be needed?
Other types of insurance coverage can also be crucial to the future of your business. Our knowledgeable agent can work with you to design an affordable business insurance package that provides the protection you need. New business owners usually buy the following types of insurance.
General liability insurance covers claims from third parties, not employees. Employers in most states are required to have workers' compensation. This coverage pays for medical expenses and lost wages if an employee is injured at work. It also helps protect entrepreneurs from employee lawsuits based on work-related illnesses or injuries.
Errors and omissions (E&O)
All companies that provide a service or offer advice need E&O insurance. This includes, but is not limited to:
- Insurance Agents
- Real Estate Agents
- Financial Advisors
- IT Companies
Also known as malpractice insurance, fault and omission protection helps protect your business from liability that a third party claims was caused by something you said or did, or did not say or did.
General Liability Insurance does not cover damage to your company property caused by fire, explosions, theft, vandalism or natural disasters such as hailstorms or hurricanes. For these risks, you need commercial property insurance. This type of policy usually covers your building and everything in it, including computers, furniture, equipment, documents and fixtures, except for exterior signs, fences and landscaping. It can also pay for damage to someone else's property caused by a covered hazard.
Internship Liability Insurance (EPLI)
If your company has employees, you probably need liability insurance. Lawsuits between employees are more common than ever today. This insurance can help you cover your legal defense and any settlements or judgments if you are sued by an applicant, employee or former employee who accuses your company of discrimination or harassment.
In general, personal car insurance policies do not cover accidents that occur when a vehicle is used for business purposes. If your company has company-owned vehicles, or if it uses personally owned vehicles to conduct business, you need a commercial car insurance.