First, imagine that someone suffers damage at your place of business. This could mean any number of things: a fractured wrist; a broken piece of equipment; harm to reputation; or even copyright infringement. When things like this happen, you can expect that the harmed person might consider filing a lawsuit. And if attorneys catch wind of such an intention, that lawsuit might get costly in a hurry. What do you do? Beat them to the punch. Commercial liability insurance is your safety blanket. Also known as business liability insurance, this kind of policy covers you against financial loss in the event someone claims you, your employees, or the business setting were responsible for injury or damage.
An Overview to Commercial Liability Insurance
There is no definite set of injuries/damages that a commercial liability insurance policy covers. As with almost any kind of insurance, it's important to familiarize yourself with state laws, and also to carefully review any policy for exclusions, limitations, and terms and conditions. Doing your research is the best way to ensure you're getting the right policy for your business. It's best to compare different companies and different policies and to get at least three Business Insurance Quotes. However, if you search enough, you can probably find coverage for the following:
- Automatic Additional Insured: If coverage is required by a contract, agreement, or permit, it will be issued automatically.
- Personal and Advertising Injury: This is for offenses committed in the course of business operations, and includes disparagement, slander, libel, and copyright infringement in your advertisements.
- Employment Practices Liability: Covers employment-related lawsuits, from employees and possibly from job applicants (though there usually is a limit on the latter).
- Defense Costs: If someone files a liability claim against your business, this coverage will pay your legal expenseseven if the claim is fraudulent.
- Medical Expenses: When someone has an accident on the site of your business, this covers the medical costs related to that accident.
- Premises and Operations Liability: Covers bodily injury and property damage to others, either on premises or sustained in the course of business operations.
- Tenant's Liability: If you rent the premises of your business, you need this coverage against damages to the premises by your business; this will usually cover specific losses, such as those caused by fire.
Why You Need Commercial Liability Insurance
Commercial liability insurance is the most basic type of business policy, designed for the most common claims. It casts a wide net so that a claim won't cause you to lose your assets. Still, this kind of policy does not cover every claim. If someone alleges that your professional services included negligence, errors, or omissions, you'll need a professional liability policy to cover such claims. But you can cover most common losses. Many business owners opt for a combined policy of commercial liability insurance and property insurance to cover damage or theft of business assets. Such a package often saves money on both types of coverage, and provides a solid defense against common business dangers. You can also save by comparing rates for commercial liability insurance. NetQuote.com will quickly handle the comparisons without charging you any money. It's the kind of safe and efficient choice that would make any business owner proud.
See how much you could save today on your insurance. Get your free business insurance quotes today!