Liability Insurance: Why do you need it?

You and your business face liabilities every day. In today's litigious society, even small mishaps can result in large lawsuits. This is why it is essential that businesses carry the right types of liability insurance that will protect the assets of a business when it is held liable for something it did, or did not do. Lawsuits can occur because someone can be hurt on your business property. A customer could be injured by falling on your property, or by a product you sell. Someone can make a claim against you alleging false advertising; the list goes on and on. This is why it is so vital to your continuing business success that you protect your business against this type risk.

Types of Liability Insurance

The most common form of liability insurance for most businesses is General Libility insurance. This coverage will pay for damages that the insured becomes legally obligated to pay due to bodily injury, property damage or personal and advertising injury arising from the insured’s premises, operations, completed operations and products. Here are some of the ways a General Liability policy could protect your business (coverage may vary depending on policy):

• Personal and Advertising Injury. Covers you for certain offenses you or your employees commit in the course of your business, such as libel, slander, disparagement, or copyright infringement in your advertisements.
• Defense Costs. Pays legal expenses for certain liability claims brought against your business regardless of who's at fault.
• Medical Expenses. Pays the applicable medical costs if someone is injured and needs medical treatment due to an accident on your premises.
• Premises and Operations Liability. Provides coverage for bodily injury and property damage sustained by others at your premises or as a result of your business' operations.
• Tenant's Liability. Protects your business against claims of damage due to fire or other covered losses caused by you to premises that you rent.

Other types of Liability Insurance

• Directors and Officers (D&O)
• Employment-Related Practices (EPL)
• Employee Benefits
• Liquor
• Professional / Errors and Omissions (E&O)
• Excess / Umbrella