Any type of business that requires contact with customers requires some form of liability insurance. A business liability insurance policy covers injuries to customers and employees. The policy also pays for legal fees in the event a business is sued for injuries sustained on the premises. Business liability insurance comes in many types, depending on the type of business.
- A general liability policy is the main type of policy that is required for virtually any type of business. This type of policy protects a business against many types of losses. These include injury, advertising claims as well as damage done to property. If a business offers a service or product, a general liability policy protects against injury that is suffered by a customer.
- A business that provides a service requires professional liability insurance for the type of work provided. Professional liability insurance comes in the form of Errors and Omissions coverage. This type of policy protects a business in the event it's sued for negligence as well as mistakes that are made in the course of doing work. Coverage is typically provided for employees, as well as independent contractors.
- A business that sells or manufactures any type of product to a consumer may be required to have product liability insurance. This type of insurance is typically added as a coverage to a general liability or commercial package policy. Product liability insurance is available if a company or business is sued for injury when a consumer is injured using the product.
- This type of insurance is provided to protect businesses against the actions of an employer. This can include being sued by employees or former employees for the actions of management or other employees of the business. The most common type of actions include sexual harassment, wrongful termination and various forms of discrimination.
- When shopping for various types of business liability insurance, a business owner or company must determine the amount of coverage needed. The next step is to compare coverages and costs from different insurance companies. Some insurance policies may also contain exclusions that must be considered.
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