Different Types Of Liability Insurance Protection Your Business May Need
Liability insurance protects businesses from the legal fees of nuisance lawsuits, helps businesses cover the costs of judgment against them, and can be essential for saving your business from financial ruin over legal actions against you. Buying liability insurance can be a tricky process. You don't want to buy more insurance than you need. On the other hand, you don't want to find out, after the fact, that you don't have critical liability insurance protection.
General Liability Insurance for Businesses
This is the insurance most people think of when it comes to liability insurance. It is essential to protect against slips, trips, falls, and other accidents on business property, property damage caused by your business or employees, and other general liability needs. But it is only the beginning of your liability protection requirements. Liability coverage is something no business can afford to operate without.
Professional Liability Insurance
Sometimes referred to as errors and omissions insurance, this is essential protection for any business that provides a service. You'd be surprised by the types of businesses that truly need this insurance including the following businesses:
- Hair salons
- Insurance professionals
- Real estate professionals
- Tech firms
- Medical practitioners
- Wedding planners
- Financial services providers
A trusted insurance agent can help you determine if your business needs to invest in professional liability insurance to protect you from potential damages related to negligence or errors your business makes.
Cyber Liability Insurance
More and more small and mid-sized businesses are falling victim to cyber crimes. The truth is that when customers trust you with their private and financial information, you have a legal obligation to protect that information. Cyber crimes against your business that expose their information can lead to far more serious consequences than the mere loss of trust and faith from your clients. If you don't have appropriate cyber liability insurance protection, it can lead to harsh financial penalties for your business.
Employment Practices Liability Insurance
If your business has employees, you need this type of insurance. No matter how hard you try to avoid even the appearance of preferential treatment in your business, you never really know how others feel. Employment practices liability insurance helps to protect your business against claims of sexual harassment, discrimination, wrongful termination, and a wide range of other claims against your business related to the hiring and firing of employees.
It isn't always easy to know which liability insurance products you need for your business. That is why working with seasoned insurance professionals is so important.