Business liability refers to actual damages caused to third parties for which you are legally responsible to make reparations. There are two categories of business liability insurance:
Commercial General Liability Insurance
When you have CGLI, it means that you are accountable for the damages and losses sustained by others in the event that something unfortunate occurs on your company’s premises. You are required to purchase Commercial General liability insurance if you want to protect your company financially by purchasing insurance for it.
The most important type of coverage that should be included in your commercial insurance policy is liability insurance. This coverage defends you against a wide variety of claims, so make sure you have it.
Such include visitors getting hurt physically or having their property damaged, as well as legal action that may result from the activities of your company. Let’s go on to the next step and find out what exactly is covered by it.
It safeguards you against the financial responsibility of paying for the medical care of another person, such as a delivery boy or a fellow tenant in the building, who sustains an injury on your commercial property as a result of slipping or falling. After that point, you are the individual who is responsible for paying the wounded person’s medical expenditures and lost wages due to the accident.
This protection will provide financial assistance to you so that you can pay for it. It is responsible for all of the associated medical costs and will even pay for any litigation that may be brought by the injured person. As a result, it is essential for you to protect your company with commercial general liability insurance.
It offers you protection in the event that other people’s property is damaged while they are visiting your office. For instance, if there is a fire at your workplace, the other person’s belongings may also be destroyed, and that person may file a civil suit against you in order to seek compensation for the loss of his products or property.
This is covered under your liability insurance policy. In the event that a fire broke out on your property, it would also pay for any damages caused to your neighbors’ property. Therefore, the valuables of a guest, such as their phone and laptop, are protected under the terms of the commercial general liability insurance policy.
Copyright/Defamation Lawsuit Coverage
This protection helps you pay for claims that are brought against you by a competitor in the industry. This protection will pay for any legal fees incurred in the event that a rival company sues you on the grounds that your promotional and advertising materials are too similar to those used by them.
This protects you from any defamation lawsuits that may be brought against you as a result of your business operations.
Professional Liability Insurance
Client lawsuits that may be brought against you in the course of doing business are covered by professional liability insurance. These cases are related to the operations of your organization, and they accuse you of
- A error was made in the goods or service that you provided.
- Incompetent services provided to customers.
- Neither the timeline nor the budget for the project were met.
- Breaching an agreement or a contract by not adhering to its terms.
Please do not hesitate to get in touch with our business insurance specialists for advice if you have any questions regarding the specifics of Business Liability Insurance. In addition, you can acquire immediate online quotations by filling out a straightforward enquiry form.