TUESDAY, MAY 17, 2022
Liability insurance is a type of coverage designed to protect businesses against lawsuits. Depending on your industry and other factors, you may face a range of different lawsuit risks concerning your business’ operation.
This insurance has a few different coverage options, such as providing compensation for injured parties as well as offering your business compensation in case of a lawsuit. Liability insurance can help your business with expenses such as legal costs, court fees, settlement expenses and more.
General Liability
General liability insurance covers claims regarding bodily injury, property damage and personal and advertising injury that are filed against the business. For example, if someone is injured in your retail store, general liability insurance can help pay for their medical expenses as well as cover the business for legal fees in case the victim decides to sue. 
Professional Liability
Professional liability insurance covers accidents regarding professional negligence. If a person offering specialized or professional services causes their client to lose money due to a mistake, professional liability insurance can help compensate the business.
Cyber Liability
Cyber liability insurance covers expenses related to a cyberattack, such as PR and data recovery. This insurance is especially useful as more and more information is stored electronically.
Directors and Officers
Directors and officers insurance (D&O insurance) covers the key directors and officers of a business in case they are sued directly regarding their actions while employed. This can include stock performance claims, overreaching, and human resource issues such as discrimination and sexual harassment. The latter coverage is generally known was employment practices liability and can be bought separately or as part of a directors and officers policy.
Product Liability
Product liability covers bodily injury and property damage caused by the business’ offered or produced products. If you manufacture and sell shampoo and someone complains about it causing their hair to fall out, for example, product liability insurance can help protect your business.
Liquor Liability
Liquor liability insurance covers damages and injuries one of your patrons may cause after purchasing or drinking alcohol from your establishment. This is especially useful for businesses that manufacture or sell alcohol such as restaurants, bars, gas stations, wineries, and breweries.
No matter what your industry or location, speak with an insurance agent about what type of liability insurance is best for your business so that you can operate knowing that you, your customers and your employees are protected.
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