Understanding the Different Types of Liability Insurance for Businesses
Business owners can be found liable for a variety of claims, including third-party injuries and property damages, product liabilities, and much more. Luckily, there are different types of liability insurance to make sure business owners have the comprehensive coverage they need for protecting themselves and their business.
Here are five types of liability insurance your business might need.
- Commercial General Liability (CGL) Insurance: Widely considered the most essential form of insurance almost every business needs, commercial general liability insurance offers critical protection. If you’re sued or found liable for third-party injuries or property damage, CGL insurance can cover legal fees, medical bills, and more.
- Directors and Officers liability insurance: The directors and officers that work for your business are opened up to a variety of risks, including claims made by other employees, clients and customers, suppliers, shareholders and stakeholders, regulators, and more.
- Product Liability Insurance: If your business sells products and services, this coverage is very important. If claims arise related to your products or services, this insurance can help cover legal fees and other costs associated with the claim.
- Cyber Risk Insurance: If your business stores any information electronically, this coverage is critical. If you fall victim to a cyber attack, breach, or hack of any sort, this insurance can help cover the cost of informing clients and other costs associated with handling the situation.
- Errors and Omissions Insurance: Errors and omissions insurance might also be referred to as professional indemnity insurance, but they are essentially the same thing. This insurance applies to business owners who offer advice and similar professional services to clients. Accountants are a great example of one type of professional who benefits from this coverage.
Are you curious about other forms of liability insurance for your business and exactly what kind of coverage would be right for you? Get in touch with Rueter Insurance today so we can help you get all the answers you need!