MONDAY, MAY 3, 2021
Running a business in any industry means having general liability insurance. This insurance is crucial for covering liability risks for your business including:
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Bodily Injury Coverage: If someone is injured on your business’ property, bodily injury liability can help injured parties pay their medical bills. It might also provide supplementary income.
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Property Damage Protection: Property damage liability can help pay for damage to someone else’s belongings if damaged on the business’ property.
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Personal and Advertising Injury: Personal and advertising injury covers claims against your business regarding libel, slander, malicious persecution, theft of an advertising idea, copyright infringement and more.
These are important elements of protection. However, they are not the only types of liability insurance most businesses need. You might have to look elsewhere for more specialized coverage.
Expanding Your Business’ Liability Coverage
Thankfully, there are ways to fill in the gaps left by your general liability insurance policies. Common and important liability coverages to consider adding to your bundled insurance policy includes:
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Workers’ Compensation: Think of workers’ comp as liability protection against employee harm. Employees are not third parties. However, they still face liability risks in the business. Employees who get hurt on the job often have a right to supplementary income. Workers’ comp lets you repay them.
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Errors & Omissions (E&O) Protection: Professional service providers might make mistakes that lead to financial losses for clients. You can use this coverage to repay clients for losses.
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Directors & Officers Coverage: In the event that boards or high level executives make mistakes, this coverage extends to their actions.
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Umbrella Liability: Umbrella liability insurance helps fill the gaps left by your other liability coverages.
In some cases, you can add certain elements of coverage to your CGL policy. However, in others, the CGL will specifically exclude certain liabilities. Therefore, ask your insurance agent specifically what your policy does not cover. After they explain this, they can likely guide you in shoring up any loose ends that need protection. There are many types of hyper-specific liability coverage out there. Let your insurance agent tailor them to your industry needs.
Contact your insurance agent about adding liability coverages to your business owners policy.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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