Commercial liability insurance coverage is a necessity if your own your own business or plan to do so in the future. It will cover your business against the most common of claims, whether real or fraudulent. You need to protect the vulnerability of your business as best you can.
As your business is vulnerable to lawsuits every minute of every day, this type of insurance will insure against damage to your property and physical harm. And you will be able to continue to run your business all the time that your claim is being defended or settled. It can even cover negligence on your part, injury to another persons property, and your business should be able to keep its assets.
The four categories covered by this insurance type are personal injury (including slander), advertising injury (including copyright infringement), bodily injury and property damage. It will pay to defend your business, as well as to settle the claim. It should even cover damage caused by your employees. Legal expenses, as well as medical costs should also be covered, but every state is different, so you will want to check with yours to make sure of your coverage, as there may be other limitations and restrictions, as well.
You should always examine what is covered on your policy carefully, as it may vary by state, and it may have exclusions and limitations, among other conditions. Also be sure to look into a professional liability policy in addition to your commercial policy. This is also called errors and omissions coverage.
The general liability, along with the property package is the very basic policy. You will have coverage at your place of business, as well as your customers premise. It should also include coverage of the theft or damage to computer software and hardware, office furniture, and other equipment and items.
As it is always better to be over-insured, as opposed to under-insured, you might look into other types of policies as well, such as life and disability, in addition to your commercial liability insurance coverage. Consult with a business insurance professional to see what types of coverage your business requires.
With general commercial liability insurance your company gets basic protection. It may need other specialized coverage such as a small business product liability insurance policy depending on what industry you are in.
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