What is Business Liability Insurance

Operating even just a small business definitely comes with big accountability and responsibility.

Even though you operate it with utmost care as well as provide customers with the best quality of products and services, some clients may see you did them no good.

This is where business liability insurance is needed. You may need to protect your business with the liability insurance.

What is Business Liability Insurance and Who needs It?

For many owners of small business, ownerships like partnerships, sole proprietorship, etc can put the business as well as personal liabilities at great risk. Having business liability insurance helps you protect your business as well as personal life from the financial ruin.

The business liability insurance helps you protect your business in events of law suits for property damages or personal injuries. This will covers the damages from the lawsuits along with its legal costs. Depending on the needs of your business, the liability insurance can be bought in many forms or types.

The general liability insurance is an insurance that covers to protect your owned business from property damages, injury claims, and advertising claims. This is also called as CGL of commercial general liability. This may be the type of liability insurance that your business may need.

The professional liability insurance however protects the business against errors, malpractice, negligence, as well as omissions. For instance, doctors need coverage to practice medicine in certain states while the technology consultants require coverage for independent contractors.

The last is the product liability insurance. Small business that sells and manufactures products must be protected in situations when a person who used the product accidentally injured his or herself.

The coverage amount and the risk level depend on the type of your business. For instance, a scrap book retailer will have less risks of injury than the builder of wood stove.


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