Helpful Information About Business Liability Insurance

Helpful Information About Business Liability Insurance

All business owners know that they need insurance to protect their business and assets from possible lawsuits, but many do not know what liability insurance is! Here is some helpful information about business liability insurance to clear up any questions you may have.

Different types of business liability insurance:

  • General Liability Insurance: This policy is a way to protect your business from lawsuits for something your business did but should not have done or did not do and should have. This is mainly for occurrences that caused personal injury or property damage. When shopping these policies, keep in mind the nature of your business and the state you are operating in to determine the coverage you need.
  • Directors and Officers Liability Insurance: Many lawsuits can go after business directors and company officers not just businesses. This type of insurance protects management-level people in case of a lawsuit, which can be crucial when hiring someone for your company’s management team.
  • Errors and Omissions Insurance: This type of liability insurance helps if you cannot be everywhere at once, which is pretty normal. If an employee makes a mistake with client contracts and obligations, this insurance policy can help to keep your business covered in the case of a lawsuit.
  • Business Owner’s Policy (BOP): This is a package of different types of business insurance, usually at a discounted rate than separate policies. This all-in-one policy may be a good idea for your business to save some money and still be insured. Policies vary, so make sure you get the BOP that is right for your business.

What Business Liability Insurance Does Not Cover:

  • Liability Insurance is not in any way absolute. It does not protect you if you commit a criminal act or if you inflict personal injury or property damage intentionally.

Contact CorMarc Insurance Services for all your Murrieta, California business insurance needs. Now is the time to get yourself a policy and make sure your business is protected!