What is commercial liability insurance and what does it cover? Those are legitimate questions and ones frequently asked by new business owners. Here’s what you need to know about commercial liability and other key liability coverages for new businesses.
What is Liability Coverage?
As a whole, liability coverages protect your company against lawsuits. They offer payment towards your attorneys’ fees and damages for which you’re found liable. Some even make funds available to pay for items that can help you prevent damages. Here are some basic liability coverages what they provide.
• Commercial Liability – as seen on https://www.thayerinnes.com/, it protects against lawsuits from third parties who sustain injury or property damage because of your business.
• Professional Liability – protects you against lawsuits from third parties because of an error or failure to meet a contractual agreement.
• Employment Practices Liability – protects you against lawsuits from third parties because of what may have been deemed illegal workplace practices.
• Directors & Officers Liability – protects the assets of the directors and officers of your company in case a lawsuit is brought against them for actual or alleged wrongful acts.
• Pollution Liability – protects you against lawsuits from third parties who become ill or suffer property damage because of pollution from your business.
There are many other liability options available depending on your needs. Be sure to work with an experienced agent to craft a complete policy that’s perfect for you.