WE TALK ABOUT HOW WE CAN SECURE YOUR BUSINESS AND PROPERTIES
Liability insurance is any insurance policy that protects an individual or business from the risk that they may be sued and held legally liable for something such as malpractice, injury or negligence.
Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies.
Liability insurance is critical for those who may be held legally liable for the injuries of others, especially medical practitioners and business owners. A product manufacturer may purchase product liability insurance to cover them if a product is faulty and causes damage to the purchasers or any other third party. Business owners may purchase liability insurance that covers them if an employee is injured during business operations.
Business owners are exposed to a range of liabilities, any of which can subject their assets to substantial claims. All business owners need to have in place an asset protection plan built around available liability insurance coverage.
Employer’s liability and workers› compensation is a type of mandatory coverage for employers, which protects the business against liabilities arising from injuries or the death of an employee.
Product liability insurance is for businesses that manufacture products for sale on the general market. Product liability against lawsuits arising from injury or death caused by their products.
Indemnity insurance protect a business against negligence claims due to financial harm resulting from mistakes or failure to perform.
Director and officer liability coverage is for a business that has a board of directors or officers, with the insurance covering them against liability if the company is sued. While a corporation by definition offers some amount of personal protection against liability to employees and directors, some companies choose to provide additional protection to those key members of the executive team.
An umbrella liability policy is a personal liability policy designed to protect against catastrophic losses. Generally, umbrella liability coverage kicks in when the liability limits of other insurance are reached.
Commercial liability insurance is a standard commercial general liability policy (also known as comprehensive general liability insurance) that provides insurance coverage for lawsuits arising from injury to employees and public, property damage caused by an employee and injuries suffered by the negligent action of employees. The policy may also cover infringement on intellectual property, slander, libel, contractual liability, tenant liability and employment practices liability.
