Who Needs General Liability Insurance?
As a business owner, it is important to make sure that your company is protected.
General liability insurance, also known as commercial liability insurance, covers the general liability exposures of a business. There are several different general liability coverages available. While every business should have general liability insurance, some will need to have more coverage than others.
Employment Practices Liability Insurance (EPLI)
Any business that has employees should make sure to have employment practices liability insurance coverage.
According to the limits of your policy, general liability insurance will protect your business, as well as your employees, from claims involving personal injury and property damage. By adding EPLI coverage your business will be protected from other employment related liabilities, besides just on-the-job injuries.
For example, if your business gets sued for wrongful termination or discrimination, EPLI will have you covered. If you do not add the additional coverage, your business will then be responsible for claims like these.
Professional Liability Insurance (Errors & Omissions)
Errors and Omissions coverage is important for licensed professionals to have. It covers negligence that leads to client injuries, as well as omissions that cause damage to a third party’s data.
Accountants, attorneys, insurance agents, architects, engineers, and technology companies all should have E&O coverage. Accidents can happen, which is why you want to make sure that you are covered.
People like to find any little reason to sue. If you have the proper coverage, a lawsuit or claim against you or your company will not have as big of in impact. Your insurance provider will take care of everything for you so that you can continue with your daily workload. It is always better to be safe than sorry.
Directors and Officers Insurance (D&O)
The last form of additional coverage you can get for your business is Directors and Officers Insurance.
D&O protects a business’s directors and officers from lawsuits against the company caused by misleading statements. Within D&O, there are different forms of coverage. These coverages include corporate reimbursement, personal liability, and entity coverage.
As the director or officer of a company, it is important to make sure that you too are protected. Since you are high up in the company, you just happen to be a target for lawsuits. Corporate reimbursement protects directors and officers from lawsuits pertaining to shareholders or employees who feel as though the upper management has broken their fiduciary duty or any other relevant rules.
Personal liability coverage was created to protect your personal assets. If you want coverage for employment practices liability, D&O policies may be broadened.
It is important for every business to have General Liability Insurance. In the case of a lawsuit or a claim against your company, you will want to be protected. The amount of coverage your general liability insurance policy should have will depend on your business’s industry, as well as size.
If you have any questions about general liability insurance or are looking for a trusted insurance provider, contact ustoday. We want to discuss your business’s insurance options to ensure that your company is properly covered.