Liability Insurance for Businesses

Business liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract.

In general, damage caused intentionally as well as contractual liability are not covered under business liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured business. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial.

What Businesses need Liability Insurance?
Every business that can be held as negligent in a lawsuit.

What is the most common industry accident? Slips, Trips and Falls.
According to the Occupational Safety and Health Administration, the majority of general industry accidents are slips, trips and falls that can easily occur from such conditions as wet or slippery walking surfaces, improper or insufficient lighting, changes in elevation of walking surfaces, or environmental conditions such as ice or snow. read more

Professional Liability

General Liability covers your business for claims involving Bodily Injury and Property Damage.   However, if a client alleges your advice or service failed to deliver as promised, or the reliance of your advice caused financial harm, then Professional Liability, also known as Errors & Omissions, coverage will defend and if appropriate, pay for these damages.

Who needs a Professional Liability policy?
Any business that holds itself out as being an expert in their field.  Professional services such as Lawyers, Accountants, Doctors, Realtors, Insurance Agents, Medical professionals, etc.

Umbrella Liability

Umbrella Liability provides another layer of protection.

An Umbrella Liability policy is an additional amount of Liability coverage over your primary General Liability, Business Auto and other Commercial Liability policies should their limits be exhausted.  Limits are generally issued in $1mil increments.

Who needs an Umbrella Liability policy?
Everyone should consider an Umbrella policy.  It is an inexpensive way to provide higher limits for your business’ Liability protection.