General Liability Insurance
General Liability Insurance Information
Business Liability Insurance
Building a company takes hard work. Protecting your business and assets from loss is undoubtedly one of your highest priorities, particularly with regard to liability risks which can be some of the most expensive business claims.
How do you begin to assess your needs and find the right business liability insurance for your enterprise? One of the best ways to find the right liability coverage for your company is to work with an Insurance Station agent. We specialize in commercial insurance and can help to assess your liability risks and recommend the appropriate coverage to protect your company from those hazards.
Types of Business Liability Insurance
You may be wondering what type of business liability insurance to buy. The nature of your business as well as the kind of services you provide will help determine your needs. Learn more about the most common types below:
• General Liability: Covers claims due to injuries, accidents and negligence. A general liability policy can protect you against costs that result from bodily injury, property damage, medical expenses, legal costs, judgments, and personal injury claims such as libel and slander. If you rent or lease your space, commercial general liability, or CGL insurance, may also provide coverage for damage to that workplace. Depending upon your situation, you may need premises liability insurance.
• Excess (Umbrella) Liability: An umbrella policy kicks in when you exhaust the limits of your business liability coverage. Many small to mid-size business owners and professionals rely on a commercial umbrella policy to pay the high costs associated with business liability lawsuits. Instead of paying medical payments, funeral costs and legal fees out of your profits, you might consider an umbrella policy for extra coverage
• Pollution Liability: Manages the costs associated with pollution clean-up, as well as to cover liability claims for pollution-related injuries, illnesses or deaths. Policies cover any type of small-scale pollution that causes contamination of soil, groundwater or property. They also provide coverage for air-borne contaminates like smoke and emissions. Many policies will even cover pollution that occurred in the past before the harmful effects of waste-products was known. For larger, more extensive pollution incidents, an environmental impact liability insurance policy may be needed.
• Cyber Liability: Covers liability arising from website media content, as well as property exposures from business interruption, data loss/destruction, computer fraud, funds transfer loss, and cyber extortion.
• Directors & Officers Liability: Covers directors and officers for claims made against them while serving on a board of directors and/or as an officer. D&O liability insurance can be written to cover the directors and officers of for-profit businesses, privately held firms, not-for-profit organizations, and educational institutions. In effect, the policies function as "management errors and omissions liability insurance," covering claims resulting from managerial decisions that have adverse financial consequences.
• Employee Benefits Liability: Covers liability of an employer for an error or omission in the administration of an employee benefit program, such as failure to advise employees of benefit programs. Coverage of this exposure is usually provided by endorsement to the general liability policy but may also be provided by a fiduciary liability policy.
• Employment Practices Liability: Designed to protect employers from lawsuits brought on by employees from wrongful termination, harassment, discrimination, breach of contract, emotional distress and/or other violations.
• Liquor Liability: Coverage for the costs of liquor-related injuries, assaults, or accidents that occur on and (in some cases) off their premise. Breweries and distilleries, wineries, alcohol distributors, bars, taverns, restaurants, grocery stores, convenience stores, liquor stores –any business that makes money selling alcoholic beverages (including beer and wine) requires this special coverage.
• Special Events Liability: Specifically tailored for unique situations to cover injuries and/or property damage for special events such as weddings, fairs, trade shows, sporting events and concerts .
• Professional (E & O) Liability: Also known as errors and omissions insurance, "E & O" or malpractice, this coverage is available for business owners who need protection against a range of claims including errors and negligence. Certain professions, such as physicians and chiropractors, are required to purchase malpractice insurance in order to practice in their state.
• Product Liability: This coverage is necessary for companies that make, distribute, or sell a product since they’re often liable for its safety. This type of insurance helps prevent a financial loss if the product is defective and causes injury or harm to the consumer. The amount of product liability coverage you need varies by the severity of your company’s risks.
Choose the Best Business Liability Insurance for You
To choose the right coverage for your specific business risks, you’ll first want to evaluate the various liability risks your company faces. Then you can evaluate the appropriate combination of commercial liability policies, such as general liability insurance, professional liability and product liability. Since no two businesses are alike, it is important to get advice on the right coverage and liability limits that will best protect your specific commercial operation.
To get the help you need to choose the best liability coverage for your business, contact an Insurance Station agent. We represent multiple top insurance companies, providing you with a broad spectrum of options to meet your needs. We can provide a range of business liability insurance quotes and help you make an informed choice.