Business liability insurance safeguards companies' and business owners' financial interests in the event of lawsuits or third-party claims. The following are the three basic types of business liability insurance:
- General liability insurance. General liability insurance protects your company from bodily injury and property damage claims. It covers property damage, advertising injury, copyright infringement, bodily injury, and reputational harm. Such claims can arise in the course of typical corporate activities.
- Professional liability insurance. Professional liability insurance protects you and your business if you make a mistake while providing professional services. This coverage is also known as errors and omissions insurance (E&O) or professional indemnity insurance. Professional liability insurance helps cover claims of negligence, misrepresentation, and inaccurate information.
- Product liability insurance. Product liability insurance protects you from lawsuits arising from product flaws. If your firm manufactured or sold a defective product that caused injury or property damage, your company may be held liable.
The cost of business liability insurance is usually influenced by the level of risk that a company perceives. For example, a construction company that uses heavy machinery and potentially dangerous equipment will pay for insurance more than an analyst who works safely in an office.
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Findalowrate’s business liability coverage protects your business from unplanned accidents. Learn about different coverage policies for your business, contact us if you still have questions, and get your free quote today.
