As a business owner, you face various possible liabilities, which may result in legal claims brought against you. There are many kinds of liability insurance to protect your assets, depending on your unique risks and needs.
What Do Liability Policies Cover?
This type of coverage mitigates costs associated with events that cause property damage or bodily injuries. It protects people who may have lawsuits filed against them but does not cover criminal or intentional acts. This coverage protects both the insured and involved third parties.
What Are the Types of Coverage?
There are many kinds of liability policies to cover a wide array of potential risks. Some of the main types include:
- General liability: This policy covers costs stemming from injuries or property damages caused by a staff member while performing job duties. It may also cover libel, employment practices and other potential risks.
- Public liability:This kind of insurance protects owners against third-party losses while on the business premises.
- Workers’ compensation: The law requires businesses to have this coverage in the event of employee injuries or death.
- Directors and officer’s insurance:This policy protects the officers of companies from lawsuits arising from hiring and firing practices, investment dealings, unlawful acts and more.
Protect yourself from potential claims with adequate liability insurance to cover your legal costs and settlements. Consult with a knowledgeable agent to find the right coverage for you.