Shield Insurance Blog | Business Liability Insurance | Call or Text to 616-896-4600
As a business owner, you know that running a successful company requires a lot of hard work and dedication. However, no matter how careful you are, accidents can happen, and mistakes can be made. That’s why it’s essential to have business liability insurance to protect your company from potential lawsuits and financial losses.
What Does Business Liability Insurance Protect?
Business liability insurance, also known as commercial liability insurance, is designed to protect your company from financial losses resulting from lawsuits or claims made against your business. This type of insurance covers a wide range of risks, including bodily injury, property damage, and advertising injury.
For example, if a customer slips and falls in your store, your business liability insurance would cover the medical expenses and any legal fees associated with the incident. Similarly, if a product you sell causes harm to a customer, your insurance would cover the costs of any resulting lawsuits.
What are the Types of Business Liability Insurance?
There are several types of business liability insurance, each designed to protect your company from different types of risks. The most common types of business liability insurance include:
General Liability Insurance: This type of insurance covers bodily injury, property damage, and advertising injury claims made against your business.
Professional Liability Insurance: Also known as errors and omissions insurance, this type of insurance protects your business from claims of negligence or mistakes made by your company or employees.
Product Liability Insurance: This type of insurance covers claims made against your business for injuries or damages caused by products you sell.
Employment Practices Liability Insurance: This type of insurance protects your business from claims of discrimination, harassment, or wrongful termination made by employees.
What are Common Questions About Business Liability Insurance?
As a business owner, you may have several questions about business liability insurance. Here are some of the most common questions:
Do I need business liability insurance if I have a small business?
Yes, even small businesses need liability insurance. Accidents can happen to anyone, and without insurance, your business could be at risk of financial ruin.
How much does business liability insurance cost?
The cost of business liability insurance varies depending on several factors, including the size of your business, the type of industry you’re in, and the level of coverage you need. However, Shield Insurance Agency represents over 40 insurance companies and can help you find an affordable policy that meets your needs.
What Type of Companies Need Business Liability Insurance?
Any company that interacts with customers or clients should have business liability insurance. This includes businesses in industries such as retail, hospitality, healthcare, and professional services.
What Are the Key Takeaways?
In summary, business liability insurance is essential for protecting your company from potential lawsuits and financial losses. There are several types of business liability insurance, each designed to protect your business from different types of risks. Even small businesses need liability insurance, and Shield Insurance Agency can help you find an affordable policy that meets your needs.
Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Don’t wait until it’s too late – protect your business with liability insurance today.
