What is business liability insurance? A brief overview

Business liability insurance is, generally, something you cannot do without. No matter how meticulous and careful you are when running a business, your company is subject to a law suit at any point. Business liability insurance protects you in the event your business is found legally responsible for an accident or other form of injury to a third party or damage to others property while on your premises. But, what exactly does business liability insurance protect against?

Business liability insurance coverge

Different businesses have unique insurance needs. The right type of business liability insurance coverage for your business is determined by your business’s commercial liability insurance requirements at different stages of the business.

Generally, however, most businesses take the following common commercial third-party liability insurance packages to protect themselves against claims caused by their business operations, products or accidents on their premises:

  • Premises loss or damage
  • Fire legal liability
  • Medical expenses liability
  • Employee benefits liability
  • Employer’s liability insurance
  • Employment-related practices liability, and
  • Personal injury liability, including libel and slander

Business liability insurance cost

Business liability cover assures you will receive funds to cover any damages assessed by a court of law or that you are required to compensate a third party. It also covers your legal defence costs and any settlement charges up to the limits of your liability policy limits.

To access your particular situation, contact an experienced and reliable insurance agent. Discuss with the agent your specific insurance needs so you know exactly how much your desired insurance cover might cost you.

A independent insurance agent will guide you in comparing quotes from multiple insurance providers and help you gain a better understanding of the options available to you. This can go a long way in helping you purchase the right cover for the right price.

Benefits of business liability insurance

Generally, business liability insurance is affordable and an effective strategy to protect yourself against liability claims in a court of law. It gives you peace of mind, knowing that the usually costly and time consuming legal defence costs you would be subject to in the event of a claim are covered, including any necessary settlement fees. This allows you to focus more on running your business than worrying about likely claims against your business.

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