GENERAL LIABILITY INSURANCE
If you have a personal umbrella liability policy, there's generally an exclusion for business-related liability. Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
There is a broad range of General Liability protection, including:
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy's limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business types
You never know when a hazardous event like a fire, severe storm, robbery or accident lawsuit will threaten your business, and you don’t want to face the prospect of having to pay for your recovery costs. Your small business insurance benefits can minimize these losses and get you back on your feet and operational in no time.
Among the benefits you’re likely to need for your small business are:
- Commercial property insurance: If something damages physical property—such as your building or possessions—then this coverage can help you repair or replace them.
- General liability insurance: This covers your business in the event it causes property damage or bodily injuries to another party, like a client or vendor.
- Business interruption insurance: This helps you pay bills if you must temporarily close after a damaging accident.
- Commercial auto insurance: If your small business owns vehicles, this coverage supplies the requisite physical damage, liability and other benefits to help you afford the costs of wrecks or other vehicle hazards.
- Workers’ compensation insurance: If an employee gets hurt on the job, they’re often eligible for workers' compensation. This supplies supplementary income during their recovery.
- Errors & omissions insurance: Professional advice or mistakes can cause your clients a financial loss. This coverage compensates them on behalf of your business.
- Surety bonds: If you’re contractually bound to certain clients, then bonds will guarantee them that you will repay them if you cannot meet your obligations.
Commercial Auto insurance provides coverages such as liability, collision, comprehensive, medical payments and uninsured motorist coverage. Any vehicle on the road must be insured, and any incidents that occur while a vehicle is being used for business purposes may not be covered by a personal auto policy. That's why it is so important to make sure you have Commercial Auto insurance for any vehicles owned by the business.
Workers compensation laws were created to ensure that employees who are injured on the job are provided with fixed monetary awards. This eliminates the need for litigation and creates an easier process for the employee. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer. Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, most states require that employers carry some form of Workers Compensation Insurance.
Life insurance provides a solid financial foundation and serves as a versatile tool for businesses of all sizes. Organizations can use life insurance as a valuable benefit to attract top talent and build loyalty by helping employees protect their loved ones. Business owners can use life insurance for additional purposes including protecting their company, family, partners and key employees from an unexpected death.