Business liability insurance protects you and your assets by helping shoulder medical expenses and protecting you from personal injury and advertising claims, theft or damage made to your property, malpractice claims, errors and omission claims, and complaints made against your products.
If you own or run a business or enterprise, you might have heard about business liability insurance. Going into the playing field of business exposes you, your money and your properties to some uncertainties and risks. Liability insurance offers protection and financial aid to the insured business from these risks. Insurance companies usually generate insurance leads in order to reach out to business owners and entrepreneurs who might be in need of liability insurance. Businessmen and managers, in turn, should at least have an idea of what they can expect from this type of insurance so they can decide later on if they want to have it. Here are some examples of the protection offered by the different types of business liability insurance companies:
Help shoulder medical expenses
Some unforeseen circumstances, like injury or accidents, might occur on the premises of your company or office. You might be made liable for paying for medical bills of the people who suffered these accidents, and the insurance company helps shoulder the medical expenses required of you.
Protection from personal injury and advertising claims
There might be some cases where your employees might have committed something that offended someone outside the business. These offenses might include libel, slander or dispraise. Or your business might have violated certain copyright laws. General liability protects you and your business from claims that might be made against you for these offenses.
Protection from theft or damage made to your property
General liability insurance also provides help in circumstances concerning theft or if damages are made to the equipment, furniture and other properties of your company.
Protection against malpractice claims
Some countries require their professionals to have a professional liability insurance policy. This type of liability insurance offers protection for doctors, consultants and other professionals working in a skill based and technical field. The policy serves as a shield against lawsuits filed by clients who claim that the professional was not able to render his or her duties, neglects the responsibilities required of him or her or commits damages to their patients.
Protection against errors and omission claims
Any error or mistake can happen in any transaction or business deal. Business liability insurance also aims to provide protection from lawsuits filed on the basis of these mistakes, errors or omissions. This type of insurance is called an errors and omissions insurance and is especially helpful to real estate and insurance agents, architects or professionals working on a highly-technical field of work.
Protection from complaints made against your products
Another type of business liability insurance is the product liability type which specifically aids manufacturers and distributors of a particular product. If you operate a manufacturing firm or distribute and sell products, you are actually liable to your customers or the people who buy and use your product. Product liability insurance seeks to protect and help shoulder the compensation costs that might arise when your product causes damage or injury to another person or their property.
Having business liability insurance is an essential decision when running a business. It offers the necessary buffer and protection in unforeseen events and problems that might happen in the future.