Liability insurance for commercial businesses is essential. This insurance will keep the business owner from suffering financial loss in the event he or she is found liable for property damage or personal injury caused by the services, operation, or employees. This type of commercial insurance covers non-professional negligence.
What Commercial Liability Insurance Covers
Under certain circumstances, a business could be legally liable for certain costs. These costs include medical expenses and legal expenses, as well as compensatory and punitive damages.
Commercial liability insurance usually covers the costs associated with any legal defense and, up to the limits of the coverage, it will pay damages in the event the business is found liable. A lawsuit can have a devastating impact on a company. Liability insurance is vital for any business.
Purchasing a Policy
A business owner can purchase commercial liability insurance as a stand-alone policy or as part of policy packages that are available. It is always advisable to consult with a professional insurance agent or broker. These people, based on in-depth experience, can advise the business of what type of cover it should have and how much. If the policy does not provide sufficient cover, it is well worth discussing an “excess” or umbrella policy that is designed to provide additional protection.
Additional Protection that should be Considered
Every business is different. Look closely at what is covered by the commercial liability policy and talk with your insurance professional.
In many cases, a company will add directors and officers liability coverage. This coverage protects company officer, from damages resulting from a wrongful act that they may have committed. The acts include such things as actual or alleged errors or misstatements, omission, or breach of duty.
Companies that make, sell, or serve intoxicating beverages will normally opt for liquor liability insurance coverage. Commercial liability insurance does not protect against any liquor-related claims. Visit Boardwalk Insurance Group, LLC for more info.